GBP/USD exchange rates have fallen almost a cent and a half this afternoon as news broke that the U.S. government shutdown is about to come to an end. There was also more positive news that a temporary increase to the U.S. debt ceiling has been agreed until early February, wiping out any chance the States will default on their repayments.
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The day had started in a positive fashion for Sterling as UK unemployment figures released at 09:30 (BST) showed the number of people out of work had fallen by 18,000 compared to the previous month. The data had an immediate impact on exchange rates with the GBP/USD cross pushing up to $1.6045, however, the gains were extremely short-lived as the news of the breakthrough over in the States meant the dollar quickly gained momentum causing exchange rates to plummet back down to $1.5896.
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At the time of writing this post we are still waiting for the official report but if the deal between the Democrats and Republications is confirmed we could well see rates fall even further. If what is being said is true I would not be surprised to see rates fall back below $1.57 by tomorrow morning.
I will give you an update in the morning, as soon as I have all the relevant information but in the meantime if you would like to discuss the different options available to help make the most from your currency transaction please use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065 for a free, no-obligation consultation.
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