The race for the White house officially begins with Trump bringing VP Mike Pence to the table. With both Trump and Clinton at each others throats, how will this impact GBPUSD over the next few months?
This week Donald Trump was officially announced as the Republican nomination for The White House. Yesterday, Indiana Governor Mike Pence was announced as the Vice President, although their relationship is less than smooth sailing. Pence opposes many of Trump’s extreme views such as abortion.
This could be pivotal in the run up to the Presidential Election. Trump’s appointment of Pence is believed by many to be a ploy or unite the republican camp, which is divided on many issues. Recent television appearances (although limited) have shown a slight tension between the two delegates, will this relationship show cracks further down the line?
Today sees a host of economic data for the US. Key economic data; unemployment data and housing price index. This week, new building projects in the US came out better than expected, will the housing price index reflect this? The number of people unemployed in the US will be released tomorrow alongside this and is expected to show a slight increase, which could weigh on the dollar’s value.
On Friday, Manufacturing PMI, which stands for the Purchasers Managers Index will be released and is a key measure to the health of the US economy the result is set to increase 0.3 from 51.3 to 51.6 and if this happens, the Dollar could strengthen further against Sterling which could see rates dip below 1.30 once more.
Finally, expectations for a rate hike this year are creeping up following better than expected inflation data. If the data releases this week continue to impress – we may get a hint as to when the US will next raise rates. It would be a wise idea for any clients buying dollars to speak to their account manager to work out a plan of action.
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