The Pound Sterling to US Dollar (GBP/USD) exchange rate has advanced slightly today ahead of an impending glut of US data releases.
Pound Sterling to US Dollar Exchange Rate News: GBP/USD Sees Overall Rise despite Shortfall in UK Construction Results
The Pound Sterling (GBP) has risen by 0.2% against the US Dollar (GBP/USD) today, in the lull before a number of key US economic figures are released. Elsewhere, the Pound has risen by over 0.4% against the Thai Baht (GBP/THB), the Singapore Dollar (GBP/SGD) and the Turkish Lira (GBP/TRY). On the opposite side of the equation, the Pound has fallen by more than -0.3% against the Israeli New Shekel (GBP/ILS) and the Indian Rupee (GBP/INR).
The Pound’s gains today come from the UK June monthly and yearly Construction Output figures, which showed a 0.9% and 2.6% increase respectively. Despite these signs of positive growth, however, both results fell below forecasts.
US Dollar to Pound Sterling (USD/GBP) Exchange Rate Dips despite Optimistic Forecast for US Confidence, Production Data
The US Dollar (USD) has slid by -0.2% against the Pound Sterling (USD/GBP) today, and the ‘Greenback’ has seen greater losses elsewhere. This comes after a balance of economic results came yesterday for the US; the Advance Retail Sales figure for July met with the expected 0.6% increase, but Jobless and Continuing Claims data for the first two weeks of August posted significant increases in both fields.
The US Dollar’s losses today include an over -0.4% decline against the Indian Rupee (USD/INR) and the Norwegian Krone (USD/NOK); elsewhere, the ‘Greenback’ has trended in a narrow range against the Polish Zloty (USD/PLN) and the South African Rand (USD/ZAR).
Pound Sterling to US Dollar (GBP/USD) Exchange Rate Forecast: Majority Optimism in US Results may override Eurozone Interference
The UK has no further data releases today, so the Pound Sterling’s (GBP) performance in the GBP/USD pairing will be determined by the imminent US results. The most important of these are the University of Michigan Confidence survey for August and the Industrial and Manufacturing Production figures for July. Forecasts for all three have been optimistic, but as always, any major shortfalls are sure to impact heavily on the US Dollar’s (USD) performance.
The ‘Greenback’ also faces competition from the Eurozone; the Greek bailout deal is scheduled to be completed today and any signs of prolonged stability for the Euro (EUR) are sure to reduce demand for (and the value of) US currency.
Current GBP, USD Exchange Rates
The Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.5636 and the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.6395 today.
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