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Pound-To-Dollar Forecast for The Coming Week

Started by PocketOption, Oct 10, 2022, 01:32 pm

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PocketOption

Pound-To-Dollar Forecast for The Coming Week

dollar and pound

Pound-To-Dollar Forecast for The Coming Week


The Pound to Dollar rate has drawn a line under its late September losses and could now look to consolidate its grip on the recently recovered 1.10 level this week. Still, it will be sensitive along the way to the Renminbi’s trajectory and a series of important economic data releases from the U.K. and U.S.


Sterling climbed significantly against numerous currencies in the first half of last week, allowing GBP/USD to recover to nearly 1.15 on Tuesday only to ebb lower as the U.S. Dollar staged a comeback ahead of the weekend. Dollars were widely sold early last week but were bought ahead of the weekend, with demand likely buoyed by better-than-expected U.S. data, including the Institute for Supply Management Services PMI on Wednesday and the September non-farm payrolls report on Friday.


Recent data have continued to paint the United States job market and overall economy in a positive light while doing nothing to dissuade Federal Reserve (Fed) policymakers from maintaining the more hawkish interest rate stance adopted in September, which has been a major source of support for the Dollar in recent weeks.


This has also been a drag for the Pound, and it may limit its capacity to rebound further in the coming days if this week’s data, especially Thursday’s release of September inflation figures, vindicates the bank for its increasingly aggressive campaign to reduce U.S. inflation.


The centerpiece of the U.S. calendar this week is Thursday’s inflation statistics. Still, the market will eagerly watch the minutes from the September Fed meeting and the September retail sales figures released on Friday.


Although the Renminbi’s trajectory may impact various currencies when China’s financial markets reopen following the Golden Week holiday, U.S. economic data will be essential in deciding market appetite for the Dollar and the Pound.


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