This weeks currency round up from Swift FX
We have seen a roller coaster ride for the pound posting a high/low range against the US dollar of 1.2061/1.1810 – a 2% swing in a matter of days.
The week’s big move came following Wednesday’s sentiment from the Federal Reserve Chairman Jerome Powell – suggesting the Fed had not finished in their recent hawkish stance on interest rates. As a result the market has priced in future interest rate hikes in the US lending support to the US dollar.
This hawkish stance had a knock on effect for the GBP/EUR rate with a big drive away from sterling causing GBP/EUR to post weekly lows of 1.1190. We have seen positive sentiment this morning however with UK GDP figures exceeding expectation and coming in at 0.3% against the 0.1% forecast. This positive sentiment has pushed GBP/EUR to 1.1280 and cable (GBP/USD) to 1.1950.
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