The Dollar exchange rate continues moving higher because of the release of robust data which has augmented the probabilities of the Federal Reserve growing interest rates in December to above 69.5%, based on market-based calculations. The US Dollar index continues to trade near nine month high as the implied likelihood of a December interest rate hike continues to move higher.
USD to GBP conversion rate advances following a surge in existing home sales data and surge in leading economic indicators has provided a great strength to the USD converter rate. In addition, the positive momentum in these indicators is pointing towards adequate momentum for the Fed to validate an interest rate increase.
Monday’s speeches from the Fed’s Dudley, Bullard, Powell, and Evans – traders will be observing at clues to validate their call for an interest rate hike as accurate. If they received any indication of rate hike, the US Dollar currency conversion could extend advanced.
It was somewhat of a mixed week for the British Pound exchange rate with the CBI industrial trends orders index unpredictably waning from -5 to -17 this month.
However, on the other hand, CBI industrial trends orders index was contrasted by a noteworthy surge in the business optimism index for the final quarter this year. It is expected that Brexit-based concerns could lift the USD to Pound Sterling exchange rate this week, mainly as the newest UK growth data is likely to point towards softness.
The Pound to US Dollar exchange rate has by now vanished over 25 cents in value since British chosen to leave the European Union, but recent US Dollar currency conversion rate bullishness could extend GBP to USD currency rate softness in the coming months.