Jerome Powell sunk the dollar this week. The Federal Reserve chairman commented on Wednesday evening that interest rates would not need to go above 5% and since then the greenback has lost some 1 to 2% against most major rivals.
The data front this week has been mixed, but positives have included GDP rising by 2.9% in the year to end of Q3 and personal income rising by 0.7% in the past month. Negatives include ISM Manufacturing PMI unexpectedly negative at 49 and a softening of the jobs market with just 127,000 new jobs against a forecast of 200,000.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 3918 7255 or your Private Client trader on 020 7898 0541.
USD/GBP past year
