The US dollar edged higher yesterday, pushing the GBP/USD interbank rate towards the lower end of the pair’s recent trading range as the pair dropped below 1.31 and moved towards the current support level of 1.30. US dollar exchange rates were buoyed after progress was made between the US and China in the ongoing trade talks that have been watched closely for some time now
|Currency Pair||% Change (3 month)||Difference on £200,000|
USD will be looking for some positive signs regarding the US economy, as the tone surrounding the US economy has changed recently after the Federal Reserve Bank (Fed) chose to reign in its aggressive monetary policy outlook for the year. After four interest rate hikes last year and an expected two hikes this year, the Fed is now planning to keep rates unchanged this year. Some market commentators expect there to potentially be interest rate cuts this year from the Fed. US dollar exchange rates dipped due to the new outlook but they now appear to be bullish once again with trade talks between the US and China being one of the key reasons. Reports yesterday from the Wall Street Journal reported that the White House may announce plans for a summit between President Trump and China President Xi Jinping, which could signal that talks are nearing their conclusion.
Aside from the political influences on the greenback, there are also some economic updates to be aware of especially for those of our readers planning on making a transfer shortly. Yesterday afternoon Jobless Claims beat expectations, as during March there were only 202k claims whereas the market expectation was for 216k. Later today there will be a release of Non-farm Payrolls along with the Unemployment Rate during March so once again the US labour market will be in focus. Non-farm payrolls cover the amount of new jobs outside of the agricultural sector, and the expectation for today’s figure is 180k after a big drop last month down to 20k. If you wish to plan around this event do feel free to register your interest, and the sooner the better as the data will be released at 13.30.
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