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GBP USD Exchange Rate Gives up Previous Gains
Published: 27 Oct at 3 PM Tags: Pound Sterling, Dollar Exchange Rate, Currency Exchange, Forex, Euro Crisis, UK, Exchange Rates,
Wild Fluctuations in Pound Exchange Rates Demonstrates Current Sensitivity of GBP Traders
Movement in the Pound US Dollar exchange rate has been largely negative today. While Sterling was able to record a few brief gains against the ‘Buck’, it has since dropped off.
Initial gains for the Pound were triggered by the Q3 preliminary GDP growth rate results for the UK, which showed an unexpected rise annually and a smaller-than-expected slowdown on the year.
Investors were quick to sell off the Pound when it rose on this news, which quickly brought it back down into a negative range against the US Dollar.
The Pound then rose again when news emerged that Nissan would be staying in the UK to manufacture cars under unspecified ‘assurances’ from the government. Since then, Sterling has dropped on another round of profit-taking among investors and speculation about what the assurances might have been.
Among the theories currently circulating is that the UK government has agreed to pay any tariffs incurred by Nissan through the EU, which would effectively counteract the supposed economic benefits of leaving the multi-currency union.
Looking ahead, the coming Thursday will bring the Bank of England (BoE) interest rate decision for November, which isn’t expected to see rates change from 0.25%. .
US Dollar Unsettled as Falling Jobless Claims Contrast with Goods Orders Drop-off
For the US Dollar, trading seems set to close on a mixed note owing to the afternoon’s jobless claims and orders results balancing each other out.
The earlier durable goods orders figure for September fell on the month from 0.3% to -0.1%; a significant gain to 1.2% had been predicted.
Later in the afternoon, the initial jobless claims result up to October 22nd fell from 261k to 258k, which resulted in a few gains for the US Dollar against its peers, including the Pound.
An ongoing influence on the US Dollar has been the odds that the Fed will raise the US interest rate in December; at present, the rate has hovered around 71% for a number of days.
Closing off US Dollar movement this week will be tomorrow afternoon’s employment cost index result for Q2, as well as the Q3 GDP growth rate result.
In the latter case, a US Dollar rally could take place if the growth rate rises from 1.4% to 2.5% as predicted.
Movement in the Pound US Dollar exchange rate has been largely negative today. While Sterling was able to record a few brief gains against the ‘Buck’, it has since dropped off.
Initial gains for the Pound were triggered by the Q3 preliminary GDP growth rate results for the UK, which showed an unexpected rise annually and a smaller-than-expected slowdown on the year.
Investors were quick to sell off the Pound when it rose on this news, which quickly brought it back down into a negative range against the US Dollar.
The Pound then rose again when news emerged that Nissan would be staying in the UK to manufacture cars under unspecified ‘assurances’ from the government. Since then, Sterling has dropped on another round of profit-taking among investors and speculation about what the assurances might have been.
Among the theories currently circulating is that the UK government has agreed to pay any tariffs incurred by Nissan through the EU, which would effectively counteract the supposed economic benefits of leaving the multi-currency union.
Looking ahead, the coming Thursday will bring the Bank of England (BoE) interest rate decision for November, which isn’t expected to see rates change from 0.25%. .
US Dollar Unsettled as Falling Jobless Claims Contrast with Goods Orders Drop-off
For the US Dollar, trading seems set to close on a mixed note owing to the afternoon’s jobless claims and orders results balancing each other out.
The earlier durable goods orders figure for September fell on the month from 0.3% to -0.1%; a significant gain to 1.2% had been predicted.
Later in the afternoon, the initial jobless claims result up to October 22nd fell from 261k to 258k, which resulted in a few gains for the US Dollar against its peers, including the Pound.
An ongoing influence on the US Dollar has been the odds that the Fed will raise the US interest rate in December; at present, the rate has hovered around 71% for a number of days.
Closing off US Dollar movement this week will be tomorrow afternoon’s employment cost index result for Q2, as well as the Q3 GDP growth rate result.
In the latter case, a US Dollar rally could take place if the growth rate rises from 1.4% to 2.5% as predicted.
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Source: moneytransfer.co.uk