Yesterday’s high: $1.3358
Yesterday’s low: $1.3225
Sterling Struggled on Gloomy OECD Forecast
The Pound fell against the US Dollar yesterday, recording a -0.7% drop during the afternoon.
This was caused by the OECD downgrading its growth forecasts for 2018 and 2019 while warning about the economic damage that Brexit could cause.
In the US, traders paid close attention to comments from Chair of the Federal Reserve, Jerome Powell. While he indicated that he intends to follow the course laid out by Janet Yellen, he also indicated that policy could be loosened again if necessary.
USD Outlook: Positive Revision to US GDP Would Boost USD
This afternoon will bring a US GDP announcement along with a trio of Fed speeches.
US Q3 GDP is expected to be revised up, which could give the US Dollar a boost.
The US Dollar would be additionally supported if Fed policymakers forecast higher US inflation in 2018 as this would give rise to speculation that more rate hikes are on the way.
09:30 UK Bank of England (BoE) Consumer Credit
13:30 US GDP Growth Rate (Q3)
13:30 US Fed Dudley Speech
15:00 US Fed Yellen Speech
18:50 US Fed Williams Speech
If you need to make a USD transfer but don’t have an account with us, click here to get started.
Senior Currency Broker
T: 01442 892 065