Markets Await UK GDP Figures – GBP Exchange Rates
This morning the latest Gross Domestic Product (GDP) figures are due for release for the UK and are expected to show a strong end to 2014. The official figures will be the first announcement of quarter 4 of 2014 and will also show 2013’s overall growth figure, although it will still be revised over the course of 2014. Predictions coming out this morning are that 2013’s growth will be as strong as the figures back in 2007 before the financial crisis took place which would be great news for the UK and Sterling exchange rates. This mornings announcement could be yet another data set that brings GBP strength following rising house prices and falling unemployment and could therefore paint a very positive picture of the UK economy. As a result if the figures today come out in line with expectation we could see Sterling strengthen slightly however if the figures are better than expected we may see Sterling push back up to the highs we saw just over a week ago which was the highest levels for over a year so if you need to buy Euros, Dollars or any other of the major currencies then today may throw up some excellent opportunities so make sure you stay in close contact with one of our experienced currency brokers here at Foreign Currency Direct plc
USD Exchange Rates
There are a couple of key economic data releases for the States over the next two days which could have a big impact on the US Dollar. Firstly, today we have Durable goods order which will give an indication of the amount of durable goods, in other words goods that are designed to last for more than 3 years, and so gives a good insight into the US manufacturing sector. Then tomorrow is the latest Fed interest rate decision which is highly likely to confirm that US interest rates are to stay on hold at the record low of 0.25% but could announce more tapering of their bond buying scheme which may result in a lot of USD volatility. So, if you need to buy or sell USD then the next two days could be crucial.
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