Sterling exchange rates against the dollar have been just above and just below the 1.30 mark for a few weeks now, and it seems that the pairing is finding it hard to break out of this range.
Politics in the UK does appear to be holding the pound back from making any vast improvements, however for those that have a currency exchange to carry out in the coming weeks it is important to be aware that should there be a breakthrough the pound could be in for a sharp increase in value.
With the pending European elections in my view both Prime Minister May and her Conservative party along with Jeremy Corby and the Labour party will most likely want to do everything they can to make some progress to aim to avoid entering the European elections, where both are likely to suffer a fairly sizeable defeat.
Trumps run in with the Federal Reserve
Over in the States there is still a focus on various trade wars and Donald Trump and earlier this week news came that the Federal Reserve had decided to keep interest rates on hold and that they were likely to for some time.
Donald Trump had suggested he would like to see a rate cut this year but currently the Federal Reserve are standing their ground. This is not a great surprise considering that GDP figures for the US posted at 3.2% which was slightly better than analysts had expected.
Nonfarm payroll data today
One final and fairly significant data release for today is US Nonfarm Payroll data which is due out this afternoon. The data carries importance as it will post the change in the number of people in non-agricultural employment over in the states and the figure released can be quite different to analysts predictions so the market then has to correct itself fairly rapidly.
This data can impact all major currencies as it impacts global attitude to risk, so if you have a transaction to carry out involving the dollar, any currency pegged to the dollar or any major currency then it is well worth contacting us here at Pound Sterling Forecast and we will be more than happy to help you.
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