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Pound US Dollar Exchange Rate Rallies after UK?s Grand Industrial Strategy is Unveiled
Published: 23 Jan at 5 PM Tags: Pound Sterling, Dollar Exchange Rate, Forex, UK,
Strong Pound Gains Follow PM’s Industrial Announcement, despite Trident Controversy
The Pound has managed to triumph against the US Dollar on the first day under President Trump, partly because of this news but also because of some optimism-inspiring UK announcements.
In the latter case, the Pound has been boosted by 0.9% against the US Dollar by a 10-point industrial strategy plan by the UK government, which has featured wide-reaching plans to boost UK economic growth.
As well as raising the UK’s profile as a force for global trading, the plan also touches on improving education practices to ensure the right skills get ingrained into learners throughout their educational careers.
Less helpfully in UK news, Prime Minister Theresa May has come under scrutiny regarding her prior knowledge of a Trident missile misfire, which crucially came before the PM successfully advocated its costly renewal in the House of Commons.
Looking ahead this week, further Pound shifts are likely to be caused by Tuesday morning’s Government borrowing results, which are due to show a sizable deficit reduction in December.
Other major UK news will consist of Thursday morning’s Q4 preliminary GDP stats, which are expected to show worrying declines on the year and the quarter.
US Dollar Heavily Devalued after Trump’s First Presidential Actions Turn Petty
While investors in the US Dollar didn’t see any dramatic drops in value when Donald Trump was inaugurated last week, the current week has started on a sour note for the US Dollar.
This follows an alarmingly early media spat by Trump’s press team, who contested media reports that Trump’s inauguration had less turnout than Obama’s. Amid wild claims about fake news and the now infamous phrase ‘alternative facts’, demand for the US Dollar plummeted, given that the Trump administration was getting embroiled in controversy within hours of getting off the ground.
US economic news expected on Tuesday will include existing home sales for December, as well as January’s manufacturing PMI flash.
Manufacturing is expected to rise marginally, while a slowdown in home sales has been forecast.
Closing US news on Friday will be the Q4 GDP growth rate figures, which are anticipated to show a slowdown from 3.5% to 2.2%.
Outside of this news, any Trump announcements are likely to cause high volatility, with the likelihood only being increased by Trump calling this week a ‘busy’ one.
The Pound has managed to triumph against the US Dollar on the first day under President Trump, partly because of this news but also because of some optimism-inspiring UK announcements.
In the latter case, the Pound has been boosted by 0.9% against the US Dollar by a 10-point industrial strategy plan by the UK government, which has featured wide-reaching plans to boost UK economic growth.
As well as raising the UK’s profile as a force for global trading, the plan also touches on improving education practices to ensure the right skills get ingrained into learners throughout their educational careers.
Less helpfully in UK news, Prime Minister Theresa May has come under scrutiny regarding her prior knowledge of a Trident missile misfire, which crucially came before the PM successfully advocated its costly renewal in the House of Commons.
Looking ahead this week, further Pound shifts are likely to be caused by Tuesday morning’s Government borrowing results, which are due to show a sizable deficit reduction in December.
Other major UK news will consist of Thursday morning’s Q4 preliminary GDP stats, which are expected to show worrying declines on the year and the quarter.
US Dollar Heavily Devalued after Trump’s First Presidential Actions Turn Petty
While investors in the US Dollar didn’t see any dramatic drops in value when Donald Trump was inaugurated last week, the current week has started on a sour note for the US Dollar.
This follows an alarmingly early media spat by Trump’s press team, who contested media reports that Trump’s inauguration had less turnout than Obama’s. Amid wild claims about fake news and the now infamous phrase ‘alternative facts’, demand for the US Dollar plummeted, given that the Trump administration was getting embroiled in controversy within hours of getting off the ground.
US economic news expected on Tuesday will include existing home sales for December, as well as January’s manufacturing PMI flash.
Manufacturing is expected to rise marginally, while a slowdown in home sales has been forecast.
Closing US news on Friday will be the Q4 GDP growth rate figures, which are anticipated to show a slowdown from 3.5% to 2.2%.
Outside of this news, any Trump announcements are likely to cause high volatility, with the likelihood only being increased by Trump calling this week a ‘busy’ one.
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Source: moneytransfer.co.uk