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GBP Forex Rates Forecast for October 10

GBP Forex Rates Forecast for October 10

On Wednesday evening the GBP jumped against the dollar from 1.6042 up to 1.6175 and on Thursday remained high and climbed to 1.6192. The jump came after the minutes from the Federal Reserve’s most recent policy meeting eased concerns over an early rate hike. The minutes also showed that the US central bank cut its growth outlook due to the higher dollar and concerns over global weakness. It seems the Federal Reserve want to prevent the dollar gaining too much strength so the pair is likely to remain fairly stable over the next day.

However, the GBP has been falling against the EUR. From a high of 1.2755 on Wednesday by Thursday it had fallen to 1.2675. The GBP was also down against the AUD falling from 1.8374 on Wednesday to 1.8210 on Thursday. Not much data is expected out of the UK before the weekend so it seems likely that GBP will end the week on a low.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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