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Pound to US Dollar (GBP/USD) Exchange Rate Rise Triggered by Signs of Upcoming BoE Interest Rate Hike
Published: 21 Jun at 4 PM Tags: Pound Sterling, Dollar Exchange Rate, Currency Exchange, Euro Crisis, Exchange Rates, Pound Dollar Exchange Rate,
GBP/USD Exchange Rate Near Best Weekly Exchange Rate after BoE Vote
After a nearly week-long wait, Pound Sterling (GBP) traders have finally been rewarded today with economic news that has caused a significant advance against the US Dollar (USD).
The earlier Bank of England (BoE) interest rate decision brought no change to interest rates, but was still enough to push the GBP/USD exchange rate up by 0.7%.
Currency traders were most interested in the makeup of voting BoE members. Andy Haldane, a previous opponent of higher interest rates, bucked the trend and backed a rate hike to make the split 3-6.
While this still leaves a majority of policymakers against higher interest rates, Mr Haldane’s apparent change of heart has raised hopes for a BoE rate hike as soon as August.
There might be additional GBP/USD exchange rate gains before the end of the week, should Friday morning’s Bank of England (BoE) bulletin appear optimistic.
If the document backs the trader assumption that higher interest rates could be on the way, the GBP/USD exchange rate could rise further.
US Dollar to Pound (USD/GBP) Exchange Rate Declines after Manufacturing Sector Slowdown
The US Dollar (USD) has failed to match up to the Pound (GBP) today, with the USD/GBP exchange rate falling by -0.7%.
As well as concerns about economic turbulence from trade wars weakening the USD, the US currency has also been devalued by recent manufacturing data.
The Philadelphia Fed manufacturing index has shown a slowdown in activity during June, with a slump from 34.4 points to 19.9.
Maintaining a cautious outlook, Pantheon Macroeconomics Chief Economist Ian Shepherdson said:
‘It’s hard to see sustainable upside from here.’
The US Dollar might turn turbulent against the Pound in the near-future, as tonight’s Fed stress test data will be followed by PMI readings on Friday afternoon.
The Fed stress test could boost the US Dollar if all banks pass, but a slowdown in the US composite and services PMIs tomorrow might push the USD/GBP exchange rate down before the weekend.
After a nearly week-long wait, Pound Sterling (GBP) traders have finally been rewarded today with economic news that has caused a significant advance against the US Dollar (USD).
The earlier Bank of England (BoE) interest rate decision brought no change to interest rates, but was still enough to push the GBP/USD exchange rate up by 0.7%.
Currency traders were most interested in the makeup of voting BoE members. Andy Haldane, a previous opponent of higher interest rates, bucked the trend and backed a rate hike to make the split 3-6.
While this still leaves a majority of policymakers against higher interest rates, Mr Haldane’s apparent change of heart has raised hopes for a BoE rate hike as soon as August.
There might be additional GBP/USD exchange rate gains before the end of the week, should Friday morning’s Bank of England (BoE) bulletin appear optimistic.
If the document backs the trader assumption that higher interest rates could be on the way, the GBP/USD exchange rate could rise further.
US Dollar to Pound (USD/GBP) Exchange Rate Declines after Manufacturing Sector Slowdown
The US Dollar (USD) has failed to match up to the Pound (GBP) today, with the USD/GBP exchange rate falling by -0.7%.
As well as concerns about economic turbulence from trade wars weakening the USD, the US currency has also been devalued by recent manufacturing data.
The Philadelphia Fed manufacturing index has shown a slowdown in activity during June, with a slump from 34.4 points to 19.9.
Maintaining a cautious outlook, Pantheon Macroeconomics Chief Economist Ian Shepherdson said:
‘It’s hard to see sustainable upside from here.’
The US Dollar might turn turbulent against the Pound in the near-future, as tonight’s Fed stress test data will be followed by PMI readings on Friday afternoon.
The Fed stress test could boost the US Dollar if all banks pass, but a slowdown in the US composite and services PMIs tomorrow might push the USD/GBP exchange rate down before the weekend.
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Source: moneytransfer.co.uk