Pound Sterling to US Dollar (GBP/USD) Exchange Rate Trending within Narrow Range on Quiet Markets
The Pound Sterling to US Dollar (GBP/USD) exchange rate is trending within a narrow range on Monday afternoon. This is due to the combination of a particularly sparse economic docket and quiet trading during the holiday period. With a distinct lack of data to provoke movement, both the Pound and the US Dollar have been subject to fluctuations in the currency market.
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The Pound Sterling to US Dollar exchange rate is currently trending in the region of 1.5551.
Pound Sterling (GBP) Exchange Rate Sluggish on Quiet Trading
As explained above, the Pound has been subject to fluctuation is the currency market thanks to a lack of domestic data to drive changes. Movement is generally sluggish during quiet trading whilst traders relax before year-end celebrations. ‘We expect limited activity in the FX (forex) markets,’ Commercial Bank of Africa said in its daily market report.
The Pound Sterling to US Dollar exchange rate tumbled to a low today of 1.5531.
US Dollar (USD) Exchange Rate Holding Steady on Lack of Data
Alike it’s British competitor, the US Dollar is fluctuating according to changes in the currency market rather than by domestic means. The Dallas Federal Reserve Manufacturing Activity publication, due later on Monday afternoon, is unlikely to have a significant impact during the quiet holiday period. However, the Dollar is still holding in a high position against its currency rivals as rate hawks speculate towards a near-future rate revision.
‘Rates will be rising in the U.S. in 2015,’ Peter Fisher, the former Fed official and undersecretary for domestic finance at the U.S. Treasury, said in a Dec. 22 interview. ‘Globally, there will be divergence in monetary policy and growth across a number of countries,’ said Fisher, senior director at the BlackRock Investment Institute and the former head of fixed income at New York-based BlackRock Inc.
Pound Sterling to US Dollar (GBP/USD) Exchange Rate Forecast to Hold Steady
Given that the markets are quiet and there isn’t much by way of domestic data to provoke changes, the Pound Sterling to US Dollar exchange rate is unlikely to undergo any significant volatility.
The Pound Sterling to US Dollar exchange rate advanced to a high today of 1.5586.