Euro to usd dollar exchange rate: Pound Euro, US dollar Exchange Rates in Tight Range as Politics Unfold; GBP/RUB

One economic reading which may provide some interest given the lack of data elsewhere is the Chicago Fed’s National Activity Index. This print is designed as a measure of broad economic activity, which includes accounting for inflationary pressures. Although consensus forecasts offer little of concern here, some outliers suggest the number could fall sharply, down to lows not seen in over five years. That would heap pressure on the Fed to deliver a rate cut next week, so combining this with the fact that rising oil prices often correlate with a falling Greenback and the Pound US Dollar exchange rate (GBP/USD) may have the potential to find some support in the short-term. Sustaining that through the seemingly inevitable bout of political uncertainty the UK will be exposed to later in the week may prove rather more difficult.

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