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US Dollar Strength Fades

Yesterday’s high: $1.3220

Yesterday’s low: $1.3145

Pound Climbs against US Dollar Despite Poor UK Trade Data

After recording gains recently, the US Dollar declined ahead of Wednesday’s Federal Open Market Committee (FOMC) meeting minutes report.

As a result, the Pound has been able to continue its recovery against the US Dollar.

This was despite some underwhelming UK ecostats, such as Britain’s August trade deficit update, which came in much worse than forecast at £-5.63b.

Sterling may have been supported slightly by August’s UK manufacturing and industrial production results, which beat expectations in yearly prints.

USD Outlook: Fed Minutes in Focus Today

This evening, the Fed’s latest meeting minutes report will be published and could give markets the next big signals of whether or not to expect a US interest rate hike before 2018.

Bets of a December Fed rate hike are already above 85%, but more hawkish signals from the Fed would definitely help the US Dollar to hold its ground.

The US Dollar could drive GBP/USD for the rest of the week unless UK political news surprises investors, as key US inflation and retail data will be published on Friday.

Key Events

11th October

19:00 US FOMC Minutes

12th October

14:00 UK BoE Haldane Speech

13th October

13:30 US Inflation Rate

13:30 US Retail Sales

15:00 US Michigan Consumer Sentiment

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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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