The Federal Reserve minutes published this week which covered the recent interest rate decision confirmed that they will be reducing the pace of interest rate hikes during the course of this year. A significant number of the panel also suggested that the Fed will not need to raise rates with inflation slowing down in the world’s leading economy as well as a slowdown in global growth which has been evident in both China and the Eurozone.
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Yesterday afternoon the US announced a slowdown in manufacturing data for February, which although positive at 53.7 it was still lower than the month before and lower than the expectation of 54.7.
The pound made gains vs the US dollar during yesterday’s trading session and the interbank rate remains above 1.30 as it appears to be finding support at this level which is positive for anyone looking to buy US dollar at the moment.
Existing home sales also saw a fall as the monthly report showed that existing home sales fell by 1.2% in January compared to the 0.8% expectation.
With the Fed making claims that interest rates may not be going up as quickly as previously expected, and evidence of a slowdown we have seen the dollar weaken marginally against sterling since the start of this year.
If you’re thinking about buying US dollars it may be worth considering these recent spikes with GBPUSD exchange rates, with the interbank rate currently at the best level to buy US dollars with Pounds in over two months.
According to some reports the world’s two largest economies may be finally coming to a truce over tariffs between the two nations. With 1st March deadline getting ever closer this will mean an increase of 25% of Chinese goods coming into the country so clearly they are keen to avoid the risk of this coming in to play.
The other option could be to delay the March 1st deadline in order to get a deal agreed. If this is the case the dollar could start to strengthen again so if you have a US dollar requirement make sure you keep a close eye out on any breaking news surrounding the subject.
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