On Monday evening, US president Donald Trump stated in his latest press conference that he had total power to lift the current coronavirus lockdown. In what was quite a feisty press conference, Mr Trump confirmed that his administration was working on plans to reopen the US economy with the 1st May as a possible date for the restrictions to begin to be lifted. The US currently has the highest number of cases of COVID-19 with New York particularly heavily hit from the virus. As a result of President Trump’s comments, coupled with the positive news of UK prime minister Boris Johnson’s release from hospital saw the GBPUSD exchange rates move as the pound appreciated against the dollar.
The pound has softened slightly during this morning’s trading session, however we continue to remain close to the highest levels we have seen for buying US dollars with pounds for the last month. In a similar fashion to the UK and other countries Donald Trump holds a daily coronavirus briefing. It will be interesting to hear what he has to say today following the fall out of his comments yesterday.
US Economic Data Release Due
Later today we have a number of US data sets are due for release including the import and export price index, all of which are expected to show a decline. The prediction is that this is unlikely to have a significant impact on the GBPUSD exchange rate. However, tomorrow sees the announcement of several key economic data releases including US retail sales, industrial production figures and the Federal Reserve’s Beige Book. All of these, particularly the Beige Book, could not only have an impact on the US dollar but may also provide an insight into how COVID-19 is impacting the US economy and what the forecast for the economy is for the coming months.
If you have a requirement to buy or sell US dollars, keeping informed of the latest economic data releases and the impact they may have on exchange rates is key. By completing the contact form one of our experienced Account Managers can provide you with live information and help you make an informed decision about when to make your currency transfer.