Nigel Farage in the early hours of Thursday morning entered the fray of the US Election. Much like Barrack Obama’s attempt to influence for the Remain camp in the Referendum, Farage brought the underdog spirit that Trump supporters thrive on. Farage in true fashion called upon the American people who wanted change to get out there and start campaigning. He suggested just like in the UK Referendum the vote will be decided by decent people standing up to the establishment.
The US Federal Reserve Bank Chairlady Janet Yellen will speak this afternoon, potentially providing an insight into the interest rate decision on the 21st September. There has of late been several criticisms of the FED with regards to their decision to not hike rates sooner. Yellen and her committee are expected to respond to internal and external factors and stay away from the political landscape. The US domestically has performed particularly well of late based on the major performance indicators, however the FED have been accused of holding off because of the Presidential election. If they continue to hold off on a hike the conditions may decrease and the opportunity could be missed. In my opinion Yellen could potentially cause a surprise and indicate a hike is on the cards, however this would be a major change of stance.
This morning there will be US data that will provide an indication into consumer spending and the changes cost of goods. The release can have a major effect on the currency as a good reading will help towards the interest rate decision which would strengthen the dollar. The Gross Domestic Product release will only come one and a half hours before Yellen speaks, however if it’s better than expected the market will hope its reflected in her speech.
If you’re are looking to purchase US Dollars I believe you should consider getting in contact with your broker this morning. I think there is potential that the GBP/USD rate could start to fall back towards the 1.30 level before the end of the day.
There could be further movements for GBPUSD exchange rates with the all important GDP figures today, getting in touch with our brokers today could help you make an informed currency transfer. Call us on 01494 725 353.
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