Outlook For Pound US Dollar Exchange Rate: Light UK Data Week
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The Pound to US Dollar (GBP/USD) exchange rate plummeted last week amid strong US data and hawkish central bank commentary. The US Dollar (USD) saw a volatile week of trade amid mixed data releases and a shifting market mood, though ultimately firmed following optimistic jobs data. The Bank of England delivered a continued hold on UK interest rates, keeping them at a sixteen-year high of 5.25%, which had been widely expected by markets. Looking forward, the latest US ISM service PMI is due for release on Monday. A speech later that day from Federal Reserve policymaker Raphael Bostic may then drive further USD movement. A data-light week for the UK could see GBP trade on risk sentiment, as well as market reactions to last week’s dovish hold on interest rates.
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