Sterling recovered against the U.S. dollar today following better than expected retail sales figures for December. GBP/USD exchange rates were hovering just over $1.63 this morning but after the numbers were released at 9.30 (GMT) the pounds value quickly increased and pushed rates above $1.6450, the highest we have seen the cross since Monday morning.
For a free currency consultation click here.
Todays retail numbers came just at the right time for the pound, earlier this week I mentioned the pound had lost a bit of ground as investor appetite for Sterling had dampened. but this mornings numbers will have gone a long way to boost investor confidence that the UK recovery is firmly on track.
Decembers retail numbers came in over 2% higher than the projected figure. It had been forecast we would see a rise of 0.5% from November but the actual figure came in much higher and showed a rise of 2.6%.
Want to know when your preferred rate is available? Click here.
The news had an immediate impact on exchange rates and caused the GBP/USD cross to rise from $1.6312 to a high of $1.6456.
This week has once again shown just how volatile the FX markets can be, we have seen over a 1% swing in exchange rates over the last five days which can make a massive difference when you are looking to make an overseas payment.
If you are looking to buy or sell dollars in the coming months it is important to know what tools are available to help you make the most from your currency transfer.
To find out more about how I can help use the link below to complete the contact form or call me directly on 01442 892 065 for a free, no-obligation consultation.
Click here to complete the contact form.
