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Interbank Market rate - GBP/USD

Bid Ask
1.4497 / 1.4501
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24h 1.4461 - 1.4611
Week 1.4461 - 1.4767
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Daily Commentary

Wednesday, 04 May 2016

Dean Weller

United States Dollar: The USD was able to claw back some of its previous losses following last week’s policy decisions. Data was thin for the greenback yesterday and it would appear safe haven demand is the only factor driving the dollar at the moment. A surprise rate cut from Australia, poor data kicking out of china and the decline in Oil prices have helped spur the dollar on. Gains are still being met with caution though as we head towards the non-farms at the end of the week. The 1st run of UK PMIs for the week wasn’t pleasant reading and was certainly a surprise given the Pounds recent gains. A modest uptick to 51.2 was to be expected but the index fell to 49.2. Any figure below 50 shows contraction and it was the lowest level it has been since February 2013. It highlighted that manufacturing production is now falling at a quarterly pace of around 1%, and will likely act as a drag on the economy again during the second quarter whilst also putting greater pressure on the service sector to sustain GDP growth. The downturn was blamed on the recent decline in the oil and gas industry and the uncertainty over the EU referendum. On the back of the announcement cable dropped almost 1% from its 4 ... read more

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