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GBP/USD Exchange Rate

GBP 1.00 = USD Mid-Rate       /
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Popular GBP Mid-Rates & Charts (30 days & 3 years) :

Wednesday, 20 August 2014 - Market Commentary
Daily currency news provided by UkForex

: GBP/USD slumped to 1.6602 overnight, this following the release of weaker than expected UK CPI inflation data yesterday morning. The index dropped from 1.9% to 1.6% y/y. A slight fall to 1.8% was expected so this bigger than expected move has seen the pound sold off with GBP/USD dropping around 60 pips in the immediate aftermath. Falls in clothing prices provided the largest contribution to the move. The accompanying Producer Price Input and Retail Price Index also fell short of market expectations. With dovish comments from BoE Governor Mark Carney at last week’s Quarterly Inflation Report this fall in inflation will provide the MPC with even more reason to wait until Q1 2015 before tightening monetary policy. We may learn more today about the intended timeframe for a rate hike when the minutes of the latest MPC meeting are released. U.S. CPI was also released yesterday and printed in line with market expectations at 0.1%. The core data was a little weaker than expected and compounded the sell-off in cable. Meanwhile US Housing Starts printed stronger than market forecasts yesterday which in turn supported bids in the USD. `
We expect a range today in the GBP/USD rate of 1.6600 to 1.6690
: EUR/USD has fallen again over the last 24 hours. It opens this morning at close to a one year low at 1.3295. The strong US housing data supported the move, whilst the relatively soft inflation data was shrugged off. Weaker European current account data also contributed whilst the sell-off in GBP/USD dragged on the pair too. All eyes for EUR/USD traders now turn to the FOMC minutes, due tonight at 7pm. Any signal that the Fed are closer to raising interest rates will certainly be a boost for the dollar although the likelihood of this actually happening is slim given recent comments from Fed Chair Yellen and her bemoaning of labour market conditions, or at least the slowness in its improvement. Meanwhile GBP/EUR has recovered to open this morning at 1.2505.
We expect a range today in the GBP/EUR rate of 1.2450 to 1.2525
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: RBA Governor Glenn Stevens testified before the House of Representatives’ Standing Committee on Economics last night. He didn’t say anything that took the FX market too much by surprise but nonetheless the currency fell. He said that the RBA would allow time for the effects to be felt from recent monetary policy measures. With regards to the currency Stevens said that the central bank had not considered intervention useful and that the risk of a fall in the AUD is underappreciated. AUD/USD has fallen from .9342 to a low of .9275 overnight. NZD/USD has also fallen overnight - although to a lesser extent – as the USD has strengthened across the board. It trades at .8406 this morning.
We expect a range today in the GBP/AUD rate of 1.7800 to 1.7980
We expect a range today in the GBP/NZD rate of 1.9690 to 1.9860
⇒ view full report
The U.S Dollar rally found new support amidst the Federal Reserve’s Open Market Committee (FOMC) meeting minutes for July. The minutes indicated policy makers may look to raise interest rates, tightening monetary policy sooner than anticipated.  The key macroeconomic event marks an apparent shift in Fed stance from dovish to hawkish bias as officials acknowledge a string of stronger data sets. The Greenback rally saw EUR/USD driven lower dipping below 1.33 while USD/JPY jumped above 103.00 for the first time since April. Attentions now turn to key French and German Manufacturing Data as the headline events on today’s economic docket. 
Data releases
CB Leading Index m/m
NZD: No data today
No data today
GBP: Retails Sales m/m, Public Net Borrowing
⇒ view full report Charts : USD/EUR EUR/USD USD/JPY

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