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Sterling set to gain on the US dollar?

30th July 2012

The pound could be about to make some significant gains on the US dollar, as the North American country is set to release its latest gross domestic product (GDP) figures today (July 27th).

Forex trading markets will be incredibly interesting this afternoon, as many economists believe the US economy shrank in the second quarter of the year.

Indeed, experts think the statistics will highlight a 0.4 per cent downturn on the previous quarter, with the country's GDP being measured at 1.5 per cent between April and June 2012.

This should support the pound against the greenback and Reuters reports that sterling has been trading at $1.5679 versus the dollar. A rise above the $1.5738 mark would represent the currency's strongest performance in five weeks.

The value of the pound took a hit earlier this week, when the UK's own GDP figures were announced. They made for bleak reading, as the economy contracted by 0.7 per cent in the second quarter, which was far worse than most traders were expecting.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.