020 7898 0500The dollar has been trading around $1.29 and below this week. However, the GBP and USD pair finally broke out of their daily consolidative range to reach $1.2960 and above yesterday. Investors will be keen to see if this bullish move continues pre-election results today.
Should the key psychological level of $1.30 be breached, we could then see the dollar weaken even further against a basket of currencies.
Yesterday saw the release of crude oil inventories data from the US which came in at 3.3 million. This had little impact on the dollar against other currencies. Later today we have unemployment claims released in the US.
