Thursday, 10 November 2016

Pound/dollar exchange rate climbs over a per cent.

Since my post this morning the pound has rising against a basket of currencies with the GBP/USD cross climbing over one per cent this afternoon.

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Over the past few hours the pound has been fighting back against the U.S. dollar, with the currency pair breaking the $1.25 barrier a short time ago.

So far today we have seen the GBP/USD cross jump from $1.2380 to its current level of $1.2520, and leaves the pound within touching distance of its highest level against the dollar since 6th October.

GBP/USD graph.


Why is the pounds value increasing?

As I mentioned earlier, the economic concerns over Trump becoming the next President of the United States could be a positive thing for the UK and the pound.

Trumps election could divert attention away from Britain and its upcoming exit from the European Union. With concerns now mounting over a potential shift towards further populist voting across Europe, it would seem investors have already started to turn back towards risker assets, and could be why the pound has surged this afternoon.

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