Tuesday, 1 November 2016

GBP/USD exchange rate rises over one per cent

Since my post yesterday morning, the pound has been making steady progress against the dollar, with the GBP/USD cross rising over one per cent in the past twenty-four hours.

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After falling to a low of $1.2145 early yesterday afternoon, the pound rose to $1.2277 against the dollar this morning, leaving the currency pair at its highest level since the 20th October.

GBP/USD graph.

Why has the pound risen?

As I mentioned yesterday the markets were reacting to media reports that Bank of England Governor Mark Carney could be on the brink of resigning. However, it has now emerged that Mr Carney will step down in 2019, and means he will serve one more than the five years he initially committed to.

This is great news for investors and traders as it means Mr Carney will continue his leadership of the UK's central bank throughout the upcoming Brexit negotiations, and removes some of uncertainty that had been building over the past few days.

The news helped cement the gains the pound has made overnight and there was more good news this morning after another positive UK Manufacturing PMI reading.

Figures published by Markit confirmed the UK's manufacturing sector grew for the month of October with the reading coming in at 54.3 (a reading over 50.0 indicates growth), with the weaker pound boosting the country's exports.

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