Friday’s high: $1.3108
Friday’s low: $1.3042
Pound Remains near Worst Levels Vs ‘Greenback’
After plunging on Thursday in reaction to November’s Bank of England (BoE) policy decision, the Pound to US Dollar exchange rate continued to trend near its worst levels heading into the weekend.
Demand for the US Dollar remained sturdy enough to keep the Pound down, despite the latest US Non-Farm Payrolls report coming in slightly short of expectations.
October’s US participation rate unexpectedly dropped from 63.1% to 62.7% and the change in payrolls came in at 261k, below the forecast 310k. However, figures for September and August were positively revised and the headline unemployment rate declined.
USD Outlook: Quieter Eco-Calendar Ahead
Economic data is unlikely to have a massive impact on the Pound to US Dollar outlook in the coming days, so the pairing could spend the week trending in a fairly narrow range as long as there are no Brexit surprises.
The only data of note will be next Friday’s UK trade data and production stats, as well as jobless data and Michigan consumer sentiment from the US.
13:30 US Jobless Claims
15:00 US Wholesale Inventories
09:30 UK Balance of Trade
09:30 UK Manufacturing and Industrial Production
09:30 UK Construction Output
15:00 US Michigan Consumer Sentiment
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