What is happening to Sterling? (Tom Holian)

Pound to Dollar Rate Supported by UK GDP Data

Today for GBPEUR exchange rates appear to have moved very little during today’s trading session and possibly by the smallest range during 2013. UK Mortgage approvals out this morning showed that although they picked up compared to last month they were marginally down compared to expectations. Therefore, the news did little to impact Sterling Euro. Since the beginning of this morning’s trading session the currency pair has moved by 0.3% from the high to the low. Later in the afternoon a European Consumer Confidence survey was released which was an improvement on the consensus figure but again the marginal difference did little to move exchange rates.

Sterling USD rates have also remained very quiet today in light of little data out as we come towards the end of the month. However, Sterling does continue to creep up against the US Dollar and a resistance level of 1.55 is possibly the next targeted range for Cable. Tomorrow morning sees a whole host of data sets released in Europe and in the afternoon a number of announcements from the US so if you’re thinking about making a currency transfer and want to avoid the uncertainty of what may happen then feel to contact me directly Tom Holian [email protected]

Thursday is the real date to be concerned about if you have a currency requirement involving Sterling as UK GDP figures are released for the second quarter. With expectations for growth of 0.6% we could see some volatility which is likely to impact the next Bank of England’s decision as to whether to look at further Quantitative Easing during their next meeting due to be held in early August.

Sterling AUD exchange rates have remained between 1.65-1.66 this week as the market holds its breath for UK GDP figures. If the figures are positive then expect Sterling to next target a figure of 1.67 vs the Aussie Dollar.

If you would like a free quote or would like to compare us against your current fx provider email me directly Tom Holian [email protected]