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US Dollar Strengthens vs. Pound

Yesterday’s high: $1.3448

Yesterday’s low: $1.3368

US Dollar Continues Climbing on Domestic Data

Following a comparatively hawkish speech from Federal Reserve Chairwoman Janet Yellen on Tuesday evening, Wednesday’s US data has helped keep the US Dollar appealing, leaving the GBP/USD exchange rate weaker.

The pair hit its lowest levels in almost two weeks on Wednesday, with the ‘Greenback’ boosted by the latest US durable goods orders report. Due to Brexit uncertainties, the Pound was unable to hold its ground.

August’s US durable goods orders were forecast to come in at 1% month-on-month, but instead improved from -6.8% to 1.7%.

USD Outlook: US Growth Stats on Thursday

Thursday could be big for the Pound to US Dollar exchange rate.

US Dollar investors may continue to react to US President Donald Trump’s tax speech, while Pound trade could be influenced by a speech from Bank of England (BoE) Governor Mark Carney.

If Carney continues hinting that the BoE is likely to hike UK interest rates in the coming months, the Pound’s losses may be limited.

Key US Gross Domestic Product (GDP) data from Q2 will be published this afternoon and could also have an impact on USD.

Key Events

28th September

09:15 UK BoE Gov Carney Speech

13:30 US Growth Rate

15:00 US Fed Fischer Speech

29th September

09:30 UK Growth Rate

09:30 UK Business Investment

13:30 US PCE Price Index

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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