The dollar was up against both the pound after a series of positive data for the US. Manufacturing PMI data came in better-than-expected at 51.5 compared to 51.1 the previous month. Services PMI also edged up to 51 in October 2019 from 50.9 in the previous month and was in line with market expectations.
Despite the positive figures, Donald Trump once again tweeted to push for more interest rate cuts from the Federal Reserve. Policy makers will meet next week to announce their stance on interest rates. The markets are expecting a 25 basis points cut.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 7898 0500 or your Private Client trader on 020 7898 0541.
