Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
GBP/USD hits 15-month maximum on firm UK data
On Wednesday, the British pound re-approached recent 15-month maximum versus the greenback, underpinned by sturdy British retail sales data. Meanwhile, caution ahead of the Fed’s approaching policy verdict maintained downward pressure on the US currency.
The currency pair GBP/USD ascended 0.64% being worth 1.3589, re-approaching Monday's 15-month maximum of 1.3620.
The UK currency leapt after on Wednesday the UK Office for National Statistics announced that August retail sales surpassed forecasts, adding 1%.
The British pound had been suppressed after BoE Governor Mark Carney told on Monday that Brexit will affect overseas trade and breaking up with the EU was already restricting the potential size of the British economy.
Carney also added that interest rates will probably leap in the nearer months, repeating what was told at the BoE's latest policy gathering and had already underpinned the UK pound.
Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
Last week was super intense! Geopolitical turbulence made the Russian ruble the most volatile currency. Gold rose and fell by more than 8000 points each time.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.