Home Forex The Dollar Slips While the Pound Gains On Rate Hike Uncertainty and...

The Dollar Slips While the Pound Gains On Rate Hike Uncertainty and UK Data

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The dollar slid against other major currencies on Wednesday, as investors wrote off the possibility of a rate hike in the near future. The pound reached a session high against the greenback after new data from the U.K. showed industrial output increased at the fastest pace in four years in April.

Immediately after the data was released, GBP/USD reached a high of 1.4579 before settling at 1.4531.

Sentiment on the dollar waned after Fed Chair Janet Yellen indicated that the central bank would not raise rates until uncertainties in the economic outlook were resolved. Yellen maintains that she expects the economy to continue its recovery, but offered no timetable for the next rate hike. Yellen’s remarks combined with the dismal jobs report released on Friday have diminished speculation of a near-term rate hike.

The euro advanced 0.11% against the dollar, at 1.13708. The dollar was weaker against the Swiss franc, with USD/CHF falling 0.23% to 0.9632.

A report from the Office for National Statistics showed a 2% increase in industrial production in April, the largest increase since July 2012.

Manufacturing output was also up 2.5%, up from a 0.1% increase in March.

The pharmaceuticals sector saw major gains, with an 8.6% increase.

The pound’s gains were limited, as ongoing concerns over a potential Brexit put a ceiling on the currency’s advancement.

Elsewhere, the Australian dollar was lower against the dollar, with AUD/USD at 0.7443. The New Zealand Dollar advanced against the greenback, with NZA/US at 0.6989.

The dollar was weak against the Canadian dollar, with USD/CAD at 1.2714, its lowest level since May 4. The commodity-supported loonie benefited from rising oil prices. Oil is up for the third consecutive day as investors await inventory data. Supply data is speculated to show a bigger-than-expected dip in U.S. crude inventories.

The U.S. dollar index was down 0.11% on Wednesday to 93.75, its lowest point since May 5.

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Jacob Maslow
Online Marketing Consultant at Consultwebs
 Jacob Maslow offers clients effective digital marketing insights that enhance website visibility and improve SEO as an online marketing consultant at Consultwebs. His approach marries creativity to numbers to show significant ROI for marketing efforts. This Brooklyn native has spent years helping skilled professionals, including medical and legal professionals rank for relevant search terms.
Clients attain their marketing objectives with Maslow. He has helped boutique law practices in crowded markets rank No. 1 in Google ranking. His efforts doubled the revenue for Allergy Be Gone's non-Amazon sales to $4 million annually. SEO ranking and revenue growth are prioritized when Maslow consults with prospects and long-term clients. Maslow has over a decade of experience implementing SEO practices and running successful marketing campaigns.
In addition to working with clients in various fields, but often with those in legal, financial and medical areas, he is an author, offering his expertise to those seeking to improve their engagement with online audiences. Read what Maslow has to share with eager audiences on business.com and business2community.com, including recent articles: "4 Mistakes You Can Correct Today to Be a Social Media Superstar" and "6 Things SEO Can't Do for Your Business."
Maslow puts his connections to work for clients. He founded many news sites including: Forex Binary News; eThailand; Key Investing; Rapid News Network and StreetWise Journal. Jacob Maslow stays busy as owner of Legal Scoops, Daily Forex Report, Investing Alerts and bestportablechargerz. Feel free to seek his advice on Facebook, Quora and Slideshare or contact Jacob Maslow directly.
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 Jacob Maslow offers clients effective digital marketing insights that enhance website visibility and improve SEO as an online marketing consultant at Consultwebs. His approach marries creativity to numbers to show significant ROI for marketing efforts. This Brooklyn native has spent years helping skilled professionals, including medical and legal professionals rank for relevant search terms. Clients attain their marketing objectives with Maslow. He has helped boutique law practices in crowded markets rank No. 1 in Google ranking. His efforts doubled the revenue for Allergy Be Gone's non-Amazon sales to $4 million annually. SEO ranking and revenue growth are prioritized when Maslow consults with prospects and long-term clients. Maslow has over a decade of experience implementing SEO practices and running successful marketing campaigns. In addition to working with clients in various fields, but often with those in legal, financial and medical areas, he is an author, offering his expertise to those seeking to improve their engagement with online audiences. Read what Maslow has to share with eager audiences on business.com and business2community.com, including recent articles: "4 Mistakes You Can Correct Today to Be a Social Media Superstar" and "6 Things SEO Can't Do for Your Business." Maslow puts his connections to work for clients. He founded many news sites including: Forex Binary News; eThailand; Key Investing; Rapid News Network and StreetWise Journal. Jacob Maslow stays busy as owner of Legal Scoops, Daily Forex Report, Investing Alerts and bestportablechargerz. Feel free to seek his advice on Facebook, Quora and Slideshare or contact Jacob Maslow directly.

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