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Upcoming Fed Speech to Drive GBP/USD

Yesterday’s high: $1.3127

Yesterday’s low: $1.3057

Pound Recovers from Worst Levels

Having plunged against the US Dollar last week, the Pound managed to stage a small recovery yesterday thanks to Brexit news.

The GBP/USD rate fell to around $1.3050 after last week’s Bank of England (BoE) event, but clawed its way back to $1.3111 on Monday thanks to government reassurances to UK businesses about its Brexit plans.

Speaking at an event for businesses, PM Theresa May stated that there would be challenges ahead, but that the UK could ‘thrive with the right economic foundations’.

Meanwhile, the US Dollar fluctuated yesterday in response to concerns surrounding Donald Trump’s tour of Asia.

The President claimed that the US economy was superior to Japans when speaking to the Japanese Prime Minister.

Trump also blamed Japan for maintaining a disadvantageous trade deal.

USD Outlook: Fed Speech Ahead

This evening will bring a speech from Federal Reserve Chair Janet Yellen.

The US Dollar will be supported if Yellen keeps the odds of a December interest rate hike above 90%, but any notes of caution are liable to undermine USD exchange rates.

Key Events

7th November

20:00 US Speech from Federal Reserve Chair Janet Yellen

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To keep up to date with the US Dollar, visit the USD blog in our Currency News section.

Arron Morris

Senior Currency Broker
T: 01442 892 065

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