We could be in for a very busy next 24 hours for GBPUSD exchange rates as the House of Commons begin their second day of debating the EU Withdrawal Bill as well as the latest interest rate decision by the US Federal Reserve later on this evening.
The debate in the House of Commons has already caused one minister to hand in their resignation and so far we have seen a 26 majority to reject an amendment made by the House of Lords at their previous meeting.
The result was seen as a positive but there is still a long day ahead and the uncertainty is causing the Pound to struggle particularly vs the US Dollar.
It is almost a certainty that the US Federal Reserve will increase interest rates tonight which will be the second time this year and the seventh time since December 2015.
We have seen GBPUSD rates hit 1.33 during the course of the week and a further rate hike, although fully expected, could see GBPUSD rates fall below these levels so make sure you’re well prepared to take advantage of these rates if you’re looking to sell US Dollars to buy Pounds or even Euros.
Ultimately though I think the EU Withdrawal Bill will be the biggest market mover so depending on the outcome this is likely to result in a lot of movement overnight for US Dollar exchange rates.
Tomorrow morning once the dust has settled we could see further problems ahead for the UK with the latest UK Retail Sales data.
We have already seen a number of high street stores close recently and with jobs cuts ahead I think this sector could show real problems resulting in Sterling weakness.
If you have a currency transfer to make involving US Dollars or any other major currency pair then feel free to contact me and I look forward to hearing from you.
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