Sterling reached another fresh high this afternoon as U.S. growth figures failed to impress. When trading opened this morning the currency pair was hovering just above $1.68 but following the weak U.S. figures the dollar's value once again started to fall, pushing GBP/USD to a high of $1.6897.
For a free currency consultation click here.
The dollar had a real chance to claw back some ground against Sterling today after the UK GDP figures missed target yesterday. With UK GDP coming in 0.1% below the predicted figure, a positive reading for the U.S. today could have easily seen the cross drop back below $1.68. Unfortunately for anyone looking to sell dollars that was not the case as U.S. economic growth for Q1 came in at only 0.1% against a forecast of 1.2%.
This figure has come as a massive surprise, I think most people were expecting a drop from Q4 2013 due to the adverse weather conditions that have swept through the States over the past couple of months but to miss by such a distance could have some knock on effects for the dollar. With the U.S. Federal Reserve due to make an announcement this evening regarding monetary policy, todays poor figures could see another round of tapering put on hold and could weaken the dollar further.
I will let you know tomorrow what the Fed have said and the impact it had on exchange rates but in the meantime, if you want to know how to make the most from you currency transfer or what rates of exchange I can offer please do not hesitate to contact me.
You can call me directly on 0044 (0) 1442 892 065 or use the link below to complete the contact form for a free, no-obligation currency consultation.
Click here to complete the contact form.
