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Rising UK Factory Orders Push Pound Sterling to US Dollar Exchange Rate (GBP/USD) Up 0.3%.
Published: 20 Jun at 5 PM Tags: Pound Sterling, Dollar Exchange Rate, Currency Exchange, Forex, Euro Crisis, UK, Exchange Rates, Economy, Pound Dollar Exchange Rate,
Pound Sterling to US Dollar (GBP/USD) Exchange Rate Rises on Strong UK Industrial Data
The Pound (GBP) has made a minor advance against the US Dollar (USD) today, thanks to better-than-expected UK industrial orders figures.
Confederation of British Industry (CBI) stats for June have shown growth during the month, from a prior -3 point decline to expansion at 13 points.
Higher figures mean a greater quantity of manufacturing orders from UK factories, so this has been seen as good news for the sector during the month.
Taking a balanced view on the data, Ineos Group Director and CBI Manufacturing Council Chair Tom Crotty said:
‘Improvements in order books and strong output growth are good news for UK manufacturers, particularly after the slowdown that we had seen since the beginning of the year.
‘But uncertainty remains elevated, from both Brexit and anti-global trade rhetoric. It is becoming increasingly important for the Government to provide more clarity to UK businesses so that they can better compete at home and globally.’
There may be greater GBP/USD exchange rate gains on the horizon, when the Bank of England (BoE) holds its monetary policy meeting at noon on Thursday.
The BoE’s minutes from the meeting could point to a UK interest rate hike coming later in the year, which might be enough to boost GBP/USD trading.
US Dollar to Pound (USD/GBP) Exchange Rate Losses Triggered by Trade War Worries
On the other side of the currency pairing, the US Dollar (USD) has slipped against the Pound (GBP) and other peers due to concerns about the future state of the US economy.
The ongoing trade war with China (and to a lesser extent the EU) is the main concern for USD traders, who are worried that tariffs will start to damage US businesses.
Although there was initial optimism that higher domestic prices could lead to more Federal Reserve interest rate hikes, these hopes have since given way to longer-term considerations.
Looking at some of the effects of tariffs against the US, Time’s Justin Worland says:
‘Look no further than washing machines and solar panels. The price of laundry equipment has spiked 17% in the last three months after years of decline, according to Bureau of Labor Statistics data.
‘And more than $2.5bn in U.S. solar projects have been scrapped thanks to the tariffs, according to a Reuters analysis.’
There could be further USD/GBP exchange rate losses in the near-term, if Thursday’s Philadelphia manufacturing index shows a slowdown as expected.
The Pound (GBP) has made a minor advance against the US Dollar (USD) today, thanks to better-than-expected UK industrial orders figures.
Confederation of British Industry (CBI) stats for June have shown growth during the month, from a prior -3 point decline to expansion at 13 points.
Higher figures mean a greater quantity of manufacturing orders from UK factories, so this has been seen as good news for the sector during the month.
Taking a balanced view on the data, Ineos Group Director and CBI Manufacturing Council Chair Tom Crotty said:
‘Improvements in order books and strong output growth are good news for UK manufacturers, particularly after the slowdown that we had seen since the beginning of the year.
‘But uncertainty remains elevated, from both Brexit and anti-global trade rhetoric. It is becoming increasingly important for the Government to provide more clarity to UK businesses so that they can better compete at home and globally.’
There may be greater GBP/USD exchange rate gains on the horizon, when the Bank of England (BoE) holds its monetary policy meeting at noon on Thursday.
The BoE’s minutes from the meeting could point to a UK interest rate hike coming later in the year, which might be enough to boost GBP/USD trading.
US Dollar to Pound (USD/GBP) Exchange Rate Losses Triggered by Trade War Worries
On the other side of the currency pairing, the US Dollar (USD) has slipped against the Pound (GBP) and other peers due to concerns about the future state of the US economy.
The ongoing trade war with China (and to a lesser extent the EU) is the main concern for USD traders, who are worried that tariffs will start to damage US businesses.
Although there was initial optimism that higher domestic prices could lead to more Federal Reserve interest rate hikes, these hopes have since given way to longer-term considerations.
Looking at some of the effects of tariffs against the US, Time’s Justin Worland says:
‘Look no further than washing machines and solar panels. The price of laundry equipment has spiked 17% in the last three months after years of decline, according to Bureau of Labor Statistics data.
‘And more than $2.5bn in U.S. solar projects have been scrapped thanks to the tariffs, according to a Reuters analysis.’
There could be further USD/GBP exchange rate losses in the near-term, if Thursday’s Philadelphia manufacturing index shows a slowdown as expected.
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Source: moneytransfer.co.uk