GBP/USD exchange rate back below $1.53

Good afternoon,

Last night's rate announcement from the U.S. Federal Reserve did not spring any major surprises but that didn't stop the dollar gaining against most of the other majors.

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When the news broke that the Fed were not raising interest rates this month you might have thought the market would have remained relatively flat. That was not the case though as the dollar strengthened across the board, pushing GBP/USD down almost a cent to a low of $1.5244.

The announcement left the currency pair at its lowest level since the 13th October and meant the GBP/USD cross had fallen 1.5% in just over week.

So why did the dollar strengthen?

Although the Fed kept rates on hold there was a positive tone to the announcement. In a statement the Federal Open Market Committee (FOMC) said they will continue to watch the global economy and the U.S. labour market for signs of improvement.

The vote showed that only one of the committee members voted in favour of raising the benchmark rate, Jeffery Lacker. While the remaining nine, which included chair women Janet Yellen voted to keep rates on hold.

Despite no action being taken last night the door is still open for the committee to act in six weeks' time when they meet in December. However, time is running out for the central bank to meet expectations of a rate rise this year.

Need to buy or sell dollars?

If you have an upcoming requirement to buy or sell dollars in the coming weeks it is important to know what tools are available to help you make the most from your transfer. Not only can I help you achieve a rate of exchange up to 5% better than those offered by the high-street banks, I can also help you get the timing right on your transfer to maximise your return.

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GBP/USD exchange rates fall after poor GDP reading

Good afternoon,

The pound lost ground against the dollar during today's session following a weaker than forecast UK Gross Domestic Product (GDP) reading.

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The UK's economy slowed during the third quarter of this year following disappointing results in the manufacturing and construction sectors. Figures released by the Office for National Statistics (ONS) showed growth in the UK had fallen to 0.5%, down from 0.7% in Q2. 

The reading was worse than predicted by analysts who had anticipated the GDP figure coming in at 0.6%. It meant the pound started to lose ground against the U.S. dollar, with the mid-market price settling around $1.53 by the session close.

Could the Federal Reserve take action?

Tomorrow evening the U.S. Federal Reserve will announce their latest interest rate decision. Many within the market had expected the central bank to raise their benchmark rate six weeks ago but following the events in China the Federal Open Market Committee (FOMC) decided against acting in September.

Since then the economic numbers coming out of the U.S. have not been great and it would seem the market has priced in a rate hike coming in December. I think it is unlikely the FOMC will take any action tomorrow as the U.S economy has slowed in recent weeks.

However if the Federal Reserve hint towards a rate rise by the end of the year we can expect some volatility as it is likely we will see the dollar strengthen across the board.

Are you looking to buy or sell dollars?

If you have an upcoming requirement to buy or sell dollars in the coming weeks it is important to know what tools are available to help you make the most from your transfer. Not only can I help you achieve a rate of exchange up to 5% better than those offered by the high-street banks, I can also help you get the timing right on your transfer to maximise your return.

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GBP/USD falls to its lowest level since April

Good afternoon,

The pound continued to lose ground against the dollar today with currency pair falling to its lowest level since 23rd April. GBP/USD slipped to a low of $1.5110 this afternoon meaning the cross has dropped by around 3.3% in the last two weeks.

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Job numbers help boost the dollar.

One of the main factors behind the dollar's rise today was the release of the latest private-sector jobs data. The data release showed that private employers in the U.S added 200,000 jobs in September, beating the forecast of 192,000.

The dollar immediately strengthened on the back of the news as investors increased their bets on the U.S. Federal Reserve increasing interest rates before the turn of the year.

All eyes will now turn to Janet Yellen when she speaks this evening at the Federal Reserve's annual community banking conference and the U.S. Non-farm payroll numbers on Friday afternoon.

If Chair Janet Yellen is hawkish in her speech this evening and we see a positive jobs reading on Friday it is highly likely we will see the dollar continue to gain momentum. With GBP/USD declining so much over the past couple of weeks it is possible we could see the currency pair drop below $1.50 before the weeks is out.

Do you have a requirement to buy or sell dollars?

If you are looking to buy or sell dollars in the coming weeks it is important to know what options are available to help you make the most from your transfer. As a specialist currency broker I can help you target a rate, reduce your exposure and protect you from adverse market movements.

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Will they or won't they? cruch time for the Federal Reserve.

Good afternoon,

It has been a relatively quiet day for the GBP/USD cross with the currency pair finishing the day around half a cent off its opening price. With little to write home about in regards to eco-stats, all eyes are firmly fixed on the U.S Federal Reserve and their two day meeting which starts on Wednesday.

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Come Thursday evening we will finally know if the FOMC plan to raise interest rates for the first time since 2006. However, with more disappointing coming from China this morning the chances of the Federal Reserve taking any action now seem slim.

Concerns over an economic slowdown in China have seen bets trimmed on the Federal Reserve hiking rates this month. In fact U.S. interest rates futures are now suggesting traders see around a 1 in 4 chance the Fed will raise interest rates on Thursday evening.

So if the Fed keep rates on hold will GBP/USD go up?

Not necessarily, even if the Fed choose not to act this month they could still drop so clues as to when the rate rise might occur. All the talk has been that if it doesn't happen this month then it could happen in December.

If that is case and the FOMC confirms a rate hike is likely to happen towards the end of the year we could still see the dollar strengthen.

With all the volatility we have seen over the past few weeks I think the markets are looking for a little bit of reassurance. If the Fed's comments mirror those of the Bank of England last week, we could easily see investor flows into the dollar increase which in turn could push GBP/USD back towards the $1.52 mark we witnessed a few weeks ago.

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GBP/USD climbs to two week high.

Good afternoon,

The pound rose by 0.85% against the dollar during today's session as comments following the Bank of England interest rate decision kept investors on their toes.

Most investors had been expecting a dovish tone to the Bank of England minutes following the current global uncertainty, which has stemmed from China's economic slowdown.

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However, the minutes showed that recent developments around the globe did not yet appear sufficient to alter the central banks outlook on monetary policy, and meant the Monetary Policy Committee rate vote remained at 8-1 for the second consecutive month.

The news pushed the GBP/USD cross from $1.5340 to a high of $1.5473, the highest we have seen the currency pair since the 27th August.

All eyes on the Federal Reserve.

Now that we have heard from the Bank of England all eyes will now shift to the U.S. Federal Reserve meeting next week. The FED's policymakers are due to meet on the 16th and 17th with the prime focus on interest rates.

For months September had been the date in everyone's diary the FED would finally increase its benchmark rate. However with events in China dominating the headlines it looked as though any decision would be pushed back until at least December.

There is still an outside chance the FED could take action next week, especially if they are thinking along the same lines as the Bank of England.

A rate hike next week will see investors flock to the U.S and the flows into the country will certainly mean the dollar strengthens. How much is anyone's guess but as I have said before I wouldn't be surprised if GBP/USD ended up back towards $1.50.

If you have a requirement to buy or sell dollars in the coming weeks and want to make sure you are making the most from your transfer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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GBP/USD rate remains flat ahead of BoE decision

Good afternoon,

After all the recent turmoil which has surrounded the currency markets over the past month, today has been relatively low key with the GBP/USD cross trading in a half cent range.

The currency pair spent the day sitting between $1.5350 and $1.54 as you can see from the graph below, however that could all change tomorrow as the markets turn their attention to the Bank of England monetary meeting.

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Only weeks ago Bank of England Governor Mark Carney hinted that a rate rise in the UK was on the horizon, which was then backed up in Augusts MPC meeting when one member voted in favour of an immediate rate hike.

I don't think anyone is expecting the Bank of England to raise their benchmark anytime soon, concerns over global growth and an economic slowdown in China have put pay to that. The pound could come under pressure if the MPC rate vote reverts back to 9-0 after only one month.

If that were to happen we could easily see the pound lose some of the ground it has made against the dollar in the last few days and I wanted be surprised if we see GBP/USD drop back towards $1.52 mark.

I will keep you posted of the developments tomorrow but in the meantime if you have a requirement to buy or sell dollars in the coming weeks and want to make sure you are making the most from your transfer, use the link below to complete the contact form all call me directly on 0044 (0) 1442 892 065.

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Could GBP/USD fall back below $1.50?

Good afternoon,

Since the stock market crash two weeks ago the GBP/USD cross has come under an increased amount of pressure with the currency pair falling almost 4%.

Since the 25th August GBP/USD has slipped from $1.58 to a $1.5169 this morning, before gaining over a cent throughout today's session as you can see from the graph below.

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Not even Friday's weaker than forecast U.S. jobs reading could help the pound claw back some of the ground it has lost in the past two weeks. The number of jobs created last month came in at 173K compared to the predicted level of 215K but did little to dampen the dollar's gains.

It was a report the U.S. Federal Reserve members would have been watching closely as they are due to meet on 16th to discuss the countries future monetary policy. Recent events around the globe have led to speculation the Fed would push back their interest rate decision into early 2016, however, a speech from Richmond Fed President Jeffrey Lacker on Friday has left the door open for the U.S. central bank to take action in nine day's time.

His speech titled, 'The case against further delay' outlined his views as to why the Fed should take action sooner rather than later and stated "it was time to align our monetary policy with the significant progress we have made."

Mr Lacker's comments went some way to shake off the disappointment of the jobs reading and has left investors and markets players eagerly waiting for the Federal Reserve's interest rate decision.

If the Fed do decide that now is the time to hike their benchmark rate we face the possibility of GBP/USD dropping back below $1.50 for the first time since April, great news for those of you looking to sell dollars.

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GBP/USD drops a cent

Good afternoon,

The dollar rebounded today to claw back some of the ground it lost during yesterday's turbulent session. The GBP/USD cross fell sharply after the Peoples Bank of China (PBOC) announced they would cut their one year benchmark lending rate by 25 basis points to 4.6%, giving a boost to risker assets.

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After briefly breaking through $1.58 this morning GBP/USD ended the day back below $1.57  following the announcement from China's central bank. The dollar was hit hard yesterday as stocks crashed and has left investors with little hope the U.S. Federal Reserve will increase interest rates next month.

Many within the market had bet on Janet Yellen and FOMC raising rates in September following a run of positive data for the U.S. economy. A rate hike from the Federal Reserve would have given the dollar a major boost by driving investment flows into the U.S.

However, with a rate hike now seemingly off the cards the volatility for GBP/USD is set continue. Forecasts are now suggesting the Fed will look to push back their rate hike until early 2016 while the Bank of England may not act until the third quarter of next year.

Until we hear something concrete from the UK and U.S. central banks the pound and dollar will continue to come under pressure from safe-haven currencies such as the euro and yen.

So if you have an upcoming requirement to buy or sell dollars in the coming months and want to ensure you are making the most from your transfer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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GBP/USD exchange rates push towards $1.58

Good afternoon,

Sterling suffered across the board today following a huge plunge in global stocks extinguished hope the Bank of England will look to raise interest rates anytime soon. The pound fell against most of its major counterparts, losing around 1.5% against the euro during today's session.

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However, it wasn't all doom and gloom for those of you looking to purchase U.S. dollars. With stocks falling any chance of a rate hike by the U.S. Federal Reserve next month all but disappeared and resulted in GBP/USD actually rising.

The currency pair rose from $1.5631 and got within touching distance of $1.58 for the first time since June, reaching a high of $1.5798.

Uncertainty sparks sell-off!

With concerns rising over the state of China's economy and the recent devaluing of the yuan investors have been selling off commodity based currencies such as the Australian and New Zealand dollars and returning to safer alternatives.

The main beneficiary of today's sell off was actually the euro, which gained over 3% against the dollar today. With all the turmoil the euro has faced this year it is hard to believe the euro is now being seen a safe-haven but just goes to show how quickly things can change in the currency markets.

Interest rate hike.....what hike?

Following today's events it seems unlikely we will see any action taken by the UK or U.S. central banks anytime soon which makes predicting the future of GBP/USD even more difficult. A couple of weeks ago everyone thought the Fed would raise rates in September which could have forced GBP/USD back towards $1.50 but now there is every chance we could see the pair rise towards $1.60 in the coming weeks.

If you have an upcoming requirement to buy or sell dollars in the coming weeks and want to ensure you are making the most from your transfer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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GBP/USD exchange rates rise to seven week high

Good afternoon,

Following this mornings positive UK inflation reading the pound was able to break through $1.57 barrier for the first time since June. The gains made by the U.S. dollar during yesterdays session were quickly swept away as the GBP/USD cross rose from $1.5564 to $1.5714 after UK inflation rose to 0.1% in July.

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The pound rose across the board as the stronger than forecast inflation data broke, it had been predicted the inflation reading would remain at 0%, having turned negative back in April.

So with this mornings positive CPI reading, plus core inflation rising to a five month high the pound was able to shake off the dollars recent gains, unfortunately it didn't last for long.

The dollar managed to claw back some of the ground as data showed U.S. housing starts rose to a near eight-year high last month. The housing starts report, along with the positive retail, industrial and job numbers we have seen over the past few weeks suggests the U.S. economy could sustain a rate hike from the Federal Reserve next month.

As I have mentioned before, a rate hike next month could have a huge impact on the GBP/USD cross. I think it is unlikely we will see the Bank of England act this year so it certainly leaves the door open for the dollar.

If the Fed decided raise rates next month we could easily see GBP/USD fall back towards $1.50, not the best news if you are looking to purchase dollars in the next few months.

If you have a requirement to buy dollars in the coming weeks it is vital to know what options are available to help you make the most from your transfer. A number of my clients are taking advantage of a Forward Contract which enables you to secure a rate of exchange for up to two years into the future.

A Forward contract is a great budgeting tool and a great way of reducing your exposure to the ever changing FX market. For more information on Forward Contracts or to find out what rate of exchange I can offer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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GBP/USD continues to fall

Good afternoon,

A brief spike this morning saw GBP/USD climb to $1.5686, however the pound was unable to sustain the gains as the U.S dollar strengthened for the third consecutive day. The currency pair dropped over a cent during today's session, falling to a low of $1.5580 as traders continue to focus on a Federal Reserve rate hike.

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Why is the dollar strengthening?

After the People's Bank of China (PBOC) unexpectedly devalued its currency last week, the dollar dropped across the board amid concerns over a potential currency war. The move by the PBOC dampened expectations the Federal Reserve would raise its benchmark rate next month.

However, today saw China's central bank set the yuan above its fixing rate last Friday which cooled fears the PBOC would continue to reduce the yuan's value. Coupled with a positive report from the National Association of Home Builders this afternoon, it seems a rate hike by the Federal Reserve in September is back on the cards.

What to look out for this week.

Investors will be now switch their attention to Wednesday's U.S. inflation reading and the minutes from the latest Federal Reserve policy meeting. Both will be monitored closely as they could provide an insight to when the Fed is likely to act.

Tomorrow will see the UK's latest inflation reading which could also have a bearing on the GBP/USD cross. The forecast is for the inflation to remain a 0% but any deviation from the expected reading is likely to impact the value of the pound.

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GBP/USD exchange rate slips on the back of postive news from China

Good afternoon,

The dollar strengthened across the board during today's session as fears over China devaluing its currency further started to ease. The dollar was also given a boost after retail figures in the U.S recovered after last months slump. The news meant GBP/USD slipped from a day high of $1.5640 back to $1.5580 before finding its feet around $1.56.

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After falling on Wednesday the dollar has managed to recover against most of the other major currencies as the yuan's decline slowed throughout today.

There had been concerns that the Peoples Bank of China (PBOC) had deliberately devalued its currency in an attempt to help exporters, but following an announcement from China's central bank that there was no basis for further yuan depreciation, the dollar was able to recover the lost ground.

Attention will now turn back to the Federal Reserve and the potential interest rate hike in September. Today's positive retail figures, which were in line with economists' forecasts will certainly boost expectations the Fed will raise their benchmark rate next month.

Despite Vice Chairman Fischer's dovish comments on Tuesday it seems investors and market players still believe the Fed will raise interest rates for the first time in nearly a decade.

As I have mentioned before a rate hike in September, coupled with the Bank of England seemingly pushing back a rate rise of their own could easily see GBP/USD lose some ground. In my opinion a rate hike from the Fed next month could push GBP/USD back towards the $1.50 mark a level we have not seen since April.

If you have a requirement to buy dollars in the coming weeks it is vital to know what options are available to help you make the most from your transfer. A number of my clients are taking advantage of a Forward Contract which enables you to secure a rate of exchange for up to two years into the future.

A Forward contract is a great budgeting tool and a great way of reducing your exposure to the ever changing FX market. For more information on Forward Contracts or to find out what rate of exchange I can offer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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Sterling recovers some lost ground

Good afternoon,

The GBP/USD cross has remained relatively flat throughout today's trading session with the currency pair spending most of its time between $1.5570 and $1.5600.

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The week started reasonably well for the pound as comments from Federal Reserve Vice Chairman Stanley Fischer dampened expectations we could see the U.S central bank raise interest rates in September.

Following Friday's positive jobs report the dollar's value surged as investment flows increased into the U.S in preparation for a September hike. The gains made by the dollar on the back of the jobs numbers were short lived though, as Vice Chairman Fischer spoke on Bloomberg TV yesterday.

During an interview on Monday morning Vice Chairman Fischer indicated the current global deflationary trend was a concern but was quick to highlight that it is one of many factors the central bank are currently looking at.

As a result of the comments GBP/USD rose nearly a cent and a half over the course of yesterday, with the mid-market price climbing from $1.5463 to $1.5593.

Who will act first?

With so much uncertainty still surrounding a rate hike in the U.S. the next few weeks are going to be key for the short to medium term future of the GBP/USD cross.

If we the Fed fail to act in September we could see the dollar lose some ground, especially as the Bank of England are hot on their heels. Also, with Greece making headway with the creditors over a potential bailout package the dollar could come under pressure as investors turn their attention to riskier assets.

As a specialist currency broker I am often asked where the rate will be in the future. Although it is impossible to predict which way the FX markets will move there is a simple answer to that question at the moment.

If the Fed raise interest rates in September we will probably see the GBP/USD rate fall and if the rate decision is pushed back then GBP/USD will probably rise.

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GBP/USD exchange rate continues to slide

Good afternoon,

It has not been the best 48 hours for the GBP/USD cross with the pound losing around two cents against dollar. Since my last post the currency pair has slipped from $1.5633 to $1.5434 following the dovish Bank of England interest rate vote on Thursday and another strong job report from the U.S. this afternoon.

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The pounds demise started yesterday after only one of the nine Monetary Policy Committee members voted in favour of increasing their benchmark rate. It was a move that surprised almost everyone, as many within the markets had been expecting at least two of the MPC to vote for a rate hike.

Despite BoE Governor Mark Carney suggesting last month that a rate rise was on the horizon, yesterday's announcement shows the central bank are in no hurry to act and as a result the wind was well and truly taken from the pounds sails.

With the U.S. Federal Reserve on the brink of increasing their rate in September, the pound could be set for further losses against a resurgent dollar.

Sterling then lost more ground this afternoon after the U.S released their latest job numbers. As news broke that the U.S had added over 200,000 jobs last month the dollar rose across the board and pushed GBP/USD back to its lowest levels since early July.

Today's positive job report will increase the chances of the Federal Reserve increasing interest rates next month and if they do, I wouldn't be surprised to see GBP/USD fall back towards the $1.50 mark.

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GBP/USD exchange rates continue to bounce

Good afternoon,

It has been a choppy twenty-four hours for GBP/USD, with the currency pair moving between $1.5647 and $1.5526 as the graph below shows.

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The dollar received another boost on Tuesday evening as Atlanta Federal Reserve chief Dennis Lockhart indicated the U.S. central bank could look to raise interest rates in September.

Speculation has been mounting in recent weeks as to when the FED will increase its benchmark rate, with investors caught between a potential September or December rate hike.

Yesterdays comments from Mr Lockhart seem to have given investors the confidence that we will see the FED take action sooner rather than later and as a result the dollar strengthened across the board.

On the back of the announcement GBP/USD slipped over a cent with the mid-market price falling from $1.5631 to $1.5526. However, the dollars gains were short-lived as the pound managed to claw back the ground during today's session.

Big day for the Bank of England

Tomorrow is being dubbed 'Super Thursday' with the Bank of England set to change the way it delivers its inflation forecasts and stance on monetary policy.

From tomorrow the UK's central bank will announce its latest interest rate decision and inflation report along with the latest meeting minutes. We usually have to wait two weeks for the BoE to publish the minutes, which also show how the nine MPC members voted in regards to interest rates.

With all the information coming tomorrow everyone is keeping an eye on the votes to see if there is any change to the 9-0 result we have seen since the turn of the year.

Forecasts are suggesting we will see a split vote of 7-2, which last happened in December and it is the potential split vote that caused Sterling to recover the lost ground today.

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GBP/USD rate update

Good afternoon,

Firstly apologies for the lack of posts over the past few weeks, a technical issue has prevented any updates.

So lets take a moment and look at what has happened to GBP/USD exchange rates over the past couple of weeks. In my last post I mentioned that the GBP/USD had broken through $1.59 following dovish comments from the Federal Reserve.

Since then the currency pair has been slowly falling away as events around the globe have seen the dollar start to strengthen, which has left the current mid-market price at $1.5555.

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With Greece still in negotiations with their credits over a fresh €86bn bailout package, investors and market players have been keen to take advantage of the dollars safe-haven status.

In the last week there have also been further developments about when the U.S. Federal Reserve will look to increase their benchmark rate. It now seems the central bank will look at a rate hike this year, though there are still question marks over when it will actually happen.

The general consensus is that we will see the FED take action in September, however, if the U.S. economy tails off between now and September we could see the decision pushed back towards December.

What does this mean for GBP/USD?

If the FED do indeed raise interest rates in September we could easily see GBP/USD exchange rates continue to slide. Investors will look for a higher return on their investments and I wouldn't be surprised if we saw the rate dip back towards the $1.50 mark.

But what if the rate hike is pushed back?

If the FED fail to act in September then it will become a two horse race between the FED and Bank of England. Comments from BoE Governor Mark Carney last week indicated that a rate hike in the UK was on the horizon and that we could see an increase towards the end of the year.

I think it is highly unlikely the Bank of England will act before the FED but if they do we could see GBP/USD test the $1.60 barrier for the first time this year.

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GBP/USD exchange rates break $1.59

Good morning,

Following the dovish comments from Fed Chair Janet Yellen last night, this morning has seen GBP/USD exchange rates climb to their highest level since November. In my last post I mentioned that the currency pair had climbed to a fresh one month high but this morning's move completely eclipses yesterday's rise.

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Speculation had been mounting that last night's FOMC meeting would provide us with a clear picture of when the Federal Reserve would raise interest rates. Ms Yellen said that the central bank could look to raise interest rates this year but it was the comments that followed that really impacted the value of the dollar.

It appears the central bank want further improvement in the labour market and are looking for inflation to return closer to the banks 2% target before increasing their benchmark rate. By not giving a definitive answer the dollar lost ground across the board, a move that has seen GBP/USD break through $1.59 this morning.

This latest move is excellent news for those of you looking to purchase dollars, converting £200,000 will see you receive over $8000.00 compared to the same trade last week.

I would say that the U.S is still in pole position to raise interest rates first but if the UK can tackle its inflation issue and the U.S. economic recovery starts to falter, the next few months could be very interesting for the GBP/USD cross.

If you have a requirement to buy or sell dollars in the coming months and want to ensure you are making the most from your transfer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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GBP/USD exchange rates climb to one month high

Good afternoon,

The pound received a massive lift this morning after figures revealed UK unemployment had fallen again, while wage growth had risen to its highest level in nearly four years.

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The unexpected news saw Sterling rise across the board and pushed GBP/USD to its highest level since 15th May. When markets opened this morning GBP/USD was sitting at 1.5632 but after a gaining three quarters of a per cent the currency pair reached the dizzy heights of $1.5752.

The latest move has now seen pound gain around 2.3% against the dollar in the last eight days, climbing from $1.5394 last Wednesday.

 

Good news for the UK economy

This morning's numbers showed the number of people out work had fallen by 43,000 between February and April, keeping the jobless rate at 5.5%. With wage growth climbing 2.7%, the biggest rise we have seen since August 2008 there is finally some positive news for what seemed to be a flagging economy.

What today's data releases have done is also bring the Bank of England back to the table in terms of interest rates. With wage growth rising and unemployment falling the only thing preventing the central bank from increasing their benchmark rate is the current UK inflation level.

It will be interesting to see if Bank of England Governor Mark Carneys drops any hints about interest rates when he speaks this evening, especially after what should be seen as a positive step for the UK economy.

Watch out for the FED.

After a two day meeting the U.S. Federal Reserve will deliver their eagerly anticipated economic projections and statement this evening.

If you are looking to buy or sell dollars it is worth keeping an eye on the announcements as they have the ability to sway the FX markets. While no one is predicting a rate rise this evening there is every chance Janet Yellen could give a definitive timeframe as to when the FOMC could start to act.

Any positive comments could easily wipe away the gains the pound has made during today's session which will be great news for those of you looking to sell dollars.

If you have an upcoming requirement and want to ensure you are making the most from your transfer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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GBP/USD exchange rates push towards $1.56

Good afternoon,

Some weaker than forecast U.S Industrial Production numbers helped push GBP/USD rates up today with the currency pair climbing from $1.5488 to 1.5569. The move leaves the cross at its highest level since the 22nd May and means the pound has clawed back almost four cents since the start of the month.

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With talks between Greece and its creditors breaking down after only 45 minutes on Sunday the pound initially dropped against the dollar during the early part of today's session. As we have seen on a number of occasions over the last few months negative news from the troubled Greeks often causes investors to seek the safety of the greenback and this morning was no different.

As markets reacted to the news GBP/USD fell nearly half a cent but with the U.S industrial figures coming in at -0.2% against a predicted level of 0.2% the dollar weakened over the course of the afternoon.

Despite the very brief spike over $1.58 back in May GBP/USD rates are very close to the best we have seen all year. The move we have seen in the last two weeks makes a huge difference to those of you looking to purchase dollars, $200,000 will now cost £3100 less than at the start of the month.

Will GBP/USD continue to rise?

As we have seen in the past month or so things can change very quickly when it comes to the currency markets. This week could see further volatility for the GBP/USD cross as we await the result of the latest Federal Reserve meeting.

Speculation is mounting that Fed Chair Janet Yellen could give a definitive time frame on when the central bank will look to raise interest rates.

Any positive comments from the Fed on Wednesday could see the dollar gain momentum and the gains made by the pound will be quickly wiped away. Some forecasts are suggesting that GBP/USD will be back in the 1.40's during Q3 and this will be based on the Fed starting to raise their benchmark rate in September.

Do you want the best exchange rate?

If you have a requirement to buy or sell dollars in the coming weeks or months and want to ensure you are making the most from your transfer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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GBP/USD exchange rates rise two cents

Good morning,

This morning has seen the pound gain around two cents against the dollar following comments from the Bank of Japan Governor Haruhiko Kuroda. GBP/USD exchange rates have climbed from $1.5275 to $1.5469 to give the pound some much needed breathing space.

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Since the 14th May the pound had been on a downward trend against the dollar with exchange rates falling from $1.5802 to $1.5195, a drop of over 3.75%.

As regular readers will know the U.S. dollar is seen as a safe-haven for investors and with the troubles surrounding Greece, the UK economy underperforming and talk of the U.S. Federal Reserve raising interest rates, the dollar has been able to take full advantage against most of its major counterparts.

So why did the dollar weaken this morning?

The Bank of Japan (BoJ) have been undertaking a huge quantitative easing programme in order to tackle the countries deflation issue which in turn has weakened the Yen. At a meeting last night BoJ Governor Kuroda essentially said enough is enough, the Yen is already very weak.

The announcement caught investors by surprise and prompted a massive dollar sell off, weakening the greenback across the board.

Volatile Markets

With Greece still dominating the headlines the volatility in the FX market is bound to continue in the coming weeks.

If the Greek government can reach an agreement with its creditors we could see investors return to riskier assets such as the euro which in turn could see GBP/USD push back towards the $1.58 level we witnessed last month.

On the other hand, if an agreement cannot be reached and talk of a Greek default resurfaces then the dollar could easily claw back the ground it has lost this morning.

Best GBP/USD exchange rates

If you have a requirement to buy or sell dollars in the coming weeks or months and want to ensure you are getting the best possible rate of exchange, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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GBP/USD exchange rates drop again.

Good afternoon,

Sterling slipped to a fresh three week low against the dollar today with GBP/USD exchange rates falling to $1.5173. The currency pair lost around a cent during the day's session and the move has now seen all of gains made by the pound since the UK Election result completely wiped away.

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Since the 15th May GBP/USD has dropped over 4% following a run of weaker than forecast data releases and unfortunately for the UK economy today was no exception.

Figures posted this morning showed the UK manufacturing sector expanded at a slower pace than predicted in May and is another blow following last week's GDP result.

The poor manufacturing number has added to investor belief that the Bank of England will keep interest rates at the current level for longer.

With expectations of a rate hike from the Bank of England dwindling the long term forecast for the pound has been dragged down, leaving the dollar in a position to take full advantage.

Despite a run of awful economic numbers coming from the U.S over the past few months there are still calls for the Federal Reserve to raise interest rates. Bets are still being taken on the central bank raising rates in September and if events continue on their current path GBP/USD could potentially fall even further.

A few weeks ago I thought we could see GBP/USD push towards or even break through $1.60. With the way the UK economy has been performing and events in Greece still helping the dollar I think GBP/USD will be lucky to hold above $1.50 in the coming month.

If you have requirement to buy or sell dollars in the coming weeks or months and want to ensure you are making the most from you transfer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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GBP/USD exchange rate drop to three-week low.

Good afternoon,

GBP/USD exchange rates slipped to a three-week low during today's session as figures this morning confirmed the UK economy only grew 0.3% during the first quarter.

The GBP/USD cross fell from $1.5381 to $1.5264 on the back of the announcement, the lowest we have seen the currency pair since the 7th May.

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Since the UK Election results the pound had been performing reasonably well, however, today's growth figure seems to have removed some of the confidence surrounding the future of the UK economy.

The revised Gross Domestic Product (GDP) figure of 0.3% was largely down to a rise in UK imports and further damages the UK's net trade position.

The UK's trade deficit increased by £3.6bn in the first quarter, which the Office of National Statistics said wiped off 0.9% from the GDP rate.

If exports do not pick up it could continue to effect economic growth, which in turn may hinder the Bank of England raising interest rates anytime soon.

With U.S. Federal Reserve pulling further ahead in the race to raise interest rates the pound could come under increased pressure in the coming months, so if you have an upcoming requirement to buy dollars it is more important than ever to understand what options are available.

Contact me today.

If you want the best rate of exchange and want to ensure you are making the most from your transfer contact me today using the link below or call me directly on 0044 (0) 1442 892 065.

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GBP/USD exchange rates fall after poor inflation reading

Good afternoon,

After briefly breaking through $1.58 last week the pound has suffered against the U.S. dollar with GBP/USD exchange rates dropping to $1.5452 during today's session.

The pound fell across the board this morning following the latest UK CPI reading with figures showing that UK inflation has now fallen into a negative state for the first time since 1960.

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However, it is not all doom and gloom for the UK as Bank of England governor Mark Carney still expects the inflation figure to improve and push towards the central bank's target of 2% over the course of the year.

With the current inflation level still seen as only a temporary dip, it shouldn't have much of an impact on investor confidence and if we see some positive numbers from other sectors within the UK, we could easily see the pound recover the ground it has lost over the past few days.

Despite the recent drop for GBP/USD the pound has recovered remarkably well in the last month with rates climbing from $1.45 in April.

In recent weeks most of the gains can be put down to dollar weakness, if the U.S. economy continues to underperform, which in turn pushes back the chances of the Federal Reserve raising interest rates this year I still believe we could see GBP/USD climb back towards the $1.60 mark.

Contact me today.

If you have a requirement to buy or sell dollars in the coming weeks and want to ensure you are making the most from your transfer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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GBP/USD exchange rates break $1.57

Good afternoon,

Following Fridays surge the pound has continued to rise against the dollar this week with GBP/USD exchange rates breaking through the $1.57 barrier for the first time this year.

Last week's surprise UK Election result is still helping Sterling across the board and with the dollar's value dropping this morning after German Bund yields rose 22 basis points, demand for European currencies seems to be rising.

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GBP/USD exchange rate forecast.

During today's session alone the pound has risen nearly a cent and a half, with GBP/USD climbing from $1.5561 to a high of $1.5707.

We have not seen the currency pair at this level since December 2014 and the turnaround we have seen in the past few weeks has been nothing short of amazing.

Since the 13th April (when GBP/USD was sitting at $1.4577) the pound has gained 7.75% against the dollar and the move looks even more impressive when put into monetary terms.

Converting £200,000 into dollars will now see you receive over $22,600 more compared to the same trade last month and highlights just how important timing can be when it comes to moving money overseas.

A couple of weeks ago I said we would see rates push back above $1.55 and with that rate now in the bag I think there is potential for GBP/USD to go even higher.

If the U.S. economy continues to underperform and talk of a September rate hike is shelved I think there is every chance we could see GBP/USD challenge the $1.60 in the coming weeks.

Contact me today.

If you have a requirement to buy or sell dollars in the coming months and want to ensure you are getting the best rate of exchange, contact me today using the link below or call me directly on 0044 (0) 1442 892 065.

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Election results send the pound soaring

Good morning,

This morning's surprise election result, which has left the Conservatives on the cusp of a majority win, has given the pound a much needed boost following a week of uncertainty.

Prior to this morning's shock announcement GBP/USD exchange rates had slipped over 2.5% since the middle of last week, with the currency pair falling from just shy of $1.55 to 1.5099 on Monday.

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The news that David Cameron would resume his role as Prime Minister for a second term seems to have given investors renewed confidence and pushed the pound up across the board. In a matter of minutes the pound had gained around three cents against the dollar with GBP/USD climbing to a high of $1.5520 in the early hours of this morning.

I am sure we will see some movement over the course of the day as the markets continue to react but as it stands the pound and UK is in a much better position than 24 hours ago.

Shift if focus.

As the dust settles in the UK and the Tories start to celebrate, focus will now return to the U.S and the matter of interest rates.

Over the past few weeks I have mentioned on numerous occasions that the U.S. has been on an awful run in terms of economic data releases. This afternoon all eyes will be on the States again as the U.S release their latest job numbers.

As my regular readers will know the non-farm payroll numbers have the ability to impact the value of the dollar massively. Analysts are predicting that 228K were created last month but as we have seen before this actual figure could be well wide of the mark.

If the jobs reading misses the forecast level the dollar will come under pressure again and I wouldn't be surprised to see GBP/USD back over $1.56 later today.

A weaker jobs number would add to the States recent woes and could dent any chance of rate hike by the Federal Reserve in September, which in turn may weaken the dollar even more.

 

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GBP/USD exchange rates start to recover

Good afternoon,

After weaker than forecast UK manufacturing and construction figures dented Sterling's recent recovery, GBP/USD exchange rates were able to bounce back today after the latest U.S. trade balance figures impacted the value of the dollar.

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What a difference a week makes.

Last week saw the GBP/USD cross sitting just shy of $1.55 but after a run of poor economic data releases from the UK the pound tumbled across the board.

This morning saw GBP/USD exchange rates back down at $1.5093 but after the U.S. trade balance figures showed the trade deficit had risen by 43.1% to $51.4 billion (its highest level since October 2008) the dollar weakened and pushed GBP/USD back towards $1.52.

It seems as though the strong dollar has started to weigh heavily on the U.S. economy and will once again raise questions as to when the Federal Reserve will raise interest rates. With expectations of a rate hike pushed back to September, the next few months will be closely monitored and if the U.S. economy continues to suffer then there is every chance a rate rise will be pushed back even further.

Rocky road ahead for the pound.

With the UK election only days away and no clear winner in sight we could see the pound come under some extra pressure this week. If we are left with a hung parliament, the uncertainty surrounding a potential coalition could see the pounds value severely affected.

If you have an upcoming requirement to buy or sell dollars and want to ensure you are making the most from your transfer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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GBP/USD exchange rate push past $1.54

Good afternoon,

The pound was able to make further gains against the dollar today following another poor economic data release from the U.S.

This time round it was the U.S. Gross Domestic Product (GDP) figure that caused the dollar's value to drop, with figures showing the  U.S. economy only grew 0.2% in quarter one against an estimate of 1%.

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The poor GDP reading helped push the GBP/USD cross above $1.54 with the currency pair reaching a high of $1.5481 this afternoon, and if the Federal Reserve statement has a negative tone this evening GBP/USD could easily break through the $1.55 barrier.

Over the past couple of weeks the dollar has been in free-fall and today's events have completed an amazing turnaround for the pound.

GBP/USD has now gained over 6% since the 13th April, which makes a huge difference to your money transfer.

Put into monetary terms, a £200,000 transfer will now see you receive over $18,000 more compared to the same trade two weeks ago.

Will GBP/USD rates continue to climb?

I mentioned yesterday that I thought rates would climb above $1.55 and I stand by those comments. The way the U.S. economy is currently performing and the upcoming UK election having little impact on the FX market, I believe the GBP/USD will break through $1.55 mark in the next couple of days.

I also think that Greece will come to an agreement with their creditors in the next few weeks. The European Central Bank and IMF have put far too much time and money into the Greece just to let them default and walk away. If an agreement can be reached I can see the dollar losing even more ground, which in turn will push GBP/USD even higher.

Contact me today

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GBP/USD exchange rates break through $1.53

Good afternoon,

Sterling continued its march against the dollar with GBP/USD exchange rates climbing nearly a cent and a half during today's trading session, despite a weaker than forecast UK GDP reading earlier today.

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This morning saw the release of the UK's quarter one GDP reading, which showed growth in the UK had slowed with the economy only rising 0.3% against a predicted level of 0.5%.

On the back of the GDP release GBP/USD exchange rates slipped around three quarters of a cent to $1.5175 but quickly recovered, as once again the dollar suffered from another weak data release.

A weaker than forecast U.S. consumer confidence report heaped further misery on the dollar and with investors becoming ever more cautious ahead of the Federal Reserve statement tomorrow, the pound was able to break through the $1.53 barrier to reach a high of $1.5333.

All eyes on the FED

Tomorrow evening will see the Federal Reserve announce their latest interest decision and after the recent poor run of economic data releases, no one is expecting any surprises from Chairwoman Janet Yellen.

As I mentioned yesterday there had been a number of bets on the FED raising rates as early as June. However, that now seems increasingly unlikely and tomorrow's statement will be closely monitored for any clues about when a rate hike might take place.

If it looks as though a rate hike will be pushed back towards the latter part of the year we can expect the dollar to weaken further tomorrow, which could see GBP/USD push towards the $1.55 mark.

 

Do you want the best rate of exchange?

If you have a requirement to buy or sell dollars in the coming weeks or months and want to ensure you are making the most from you transfer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

As a specialist currency broker I can help you achieve a rate of exchange up to 5% better than those offered by the high-street banks, so to find out what rate I can offer contact me today.

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GBP/USD exchange rates rise again!

Good afternoon,

It has been another positive day for GBP/USD with the currency pair climbing to its highest level since 5th March. With the U.S economy coming under increasing pressure following a run of poor economic data releases and uncertainty surrounding the upcoming UK election seemingly fading, the pound has been able to take full advantage against the safe-haven dollar.

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During today's trading session GBP/USD rose to $1.5259 and coupled with sterling's strong performance last week, the pound has now gained over 4.5% against the dollar since the 13th April when the cross was sitting at 1.4577, its lowest level since June 2010.

Will the pound continue to rise against the dollar?

As we all know the currency markets are almost impossible to predict, but in my opinion there is every chance we will see the pound continue its recent trend and claw back some of the ground it has lost since last summer.

As I have already mentioned the U.S. economy has underperformed in recent weeks and the chances of the Federal Reserve raising interest rates in June now seems unlikely.

There had been growing speculation the FED could raise rates in the coming months but with the strong dollar starting to impact economic growth in the US, we might not see a rate hike until the latter part of this year.

This has led investors and market players to look at other alternatives such as the pound and euro, sparking a dollar selloff and reducing the greenbacks value.

So if the U.S economy continues to underperform, the pound continues to be unaffected by the UK election and Greece can come to an agreement with its creditors then I believe there is every chance we will see GBP/USD back towards $1.55 in the not so distant future.

Best rates of exchange.

If you have an upcoming requirement to buy or sell U.S dollars and want to make sure you are getting the best possible rate of exchange, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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GBP/USD exchange rates continue to rise.

Good afternoon,

Despite some weaker than forecast retail figures from the UK this morning the pound was able to continue its resurgence against the dollar, with the GBP/USD cross climbing to a high of $1.5057 during todays session.

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The pound got off to a bad start this morning following the release of the latest UK retail figures. The sector had been expected to grow by 0.4% in March but with sales dropping by 0.5% the pound lost ground across the board.

The news wiped out most of the gains Sterling had made against the dollar yesterday pushing exchange rates back below $1.50, however it turned out to be a temporary slump with GBP/USD back towards a fresh one month high by mid-afternoon.

So why did the GBP/USD cross rise?

The rise for Sterling/dollar this afternoon was down to events in the Eurozone. The dollar has benefitted hugely in recent months as the talk of a Greek exit and the European Central Banks Quantitative Easing programme has seen investors flock to the safe-haven dollar.

However, the dollar lost ground against a basket of currencies today as the euro gained momentum following some positive comments from German Chancellor Angela Merkel.

It was rumoured that Chancellor Merkel would tell the Greek Prime Minister today that she wanted to keep them in the Eurozone and avoid the troubled country defaulting on its payments.

These comments have given investors a glimmer of hope ahead Greece's crunch meeting tomorrow, where the Greek government will attempt to satisfy its creditors with its list of reforms which they hope will unlock their next bailout payment.

If Greece can come to some kind of arrangement with their creditors then we could see the dollar lose even more ground in the comings days and cement the pounds current position above $1.50.

GBP/USD best exchange rates

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GBP/USD exchange rates at highest level since Mid-March

Good morning.

I mentioned yesterday afternoon that GBP/USD exchange rates were pushing towards $1.50 and after the release of the Bank of England meeting minutes this morning, the currency pair has finally broken back through the $1.50 barrier.

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The move so far this morning has seen the pound gain around a cent against the U.S dollar with the GBP/USD cross climbing from $1.4936 to $1.5046.

This is the highest we have seen GBP/USD exchange rates since the 11th March and means Sterling has now gained over 3% in the last nine days.

GBP/USD graph

What did the Bank of England minutes show?

All nine Monetary Policy Committee (MPC) Members voted in favour of keeping the current benchmark interest rate at 0.5% and its Asset Purchasing Programme on hold for another month, this call as no major surprise and was widely anticipated.

However, all of the MPC members indicated that the next move from the central bank would be to increase interest rates.

This has given the pound a much needed boost, as only a few weeks ago there were some rumours floating around that the BoE were just as likely to cut interest rates in order to combat the UK's falling inflation figure.

Do you want the best exchange rates?

As a specialist currency broker I can help you make the very best of your currency requirement.

With a range of currency contracts available, not only can I help protect you against adverse market movements, I can help you achieve a rate of exchange up to 5% better than those offered by the high-street banks.

For more information on the different ways to buy or sell your currency or to find out what rate of exchange I can offer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

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GBP/USD exchange rates push back towards $1.50

Good afternoon,

Over the past week Sterling has continued to rise against the dollar pushing the GBP/USD cross back towards $1.50. During today's session alone the pound has gained over a cent with rates climbing from $1.4856 to $1.4959, which means GBP/USD has now risen by nearly four cents since the 13th April.

For a free currency consultation click here.

GBP/USD graph

What does the recent move mean in monetary terms?

Four cents might sound like a small rise but it can make a big difference to your transfer. If you were looking to convert £200,000 today, you will now receive over $7,600 more compared to the same transfer on the 13th April. The move we have seen for the GBP/USD cross over the past week shows just how important it is to get the timing right on your transfer, as diving in headfirst without knowing what options are available could end up costing you thousands.

Why has the dollar's value dipped?

The last couple of weeks have not been the best for the U.S. economy as a string of disappointing data releases seem to have put pay to the Federal Reserve (FED) raising interest rates anytime soon. It seemed the FED were on course to hike rates in June but with production falling, exports suffering and a growing concern over wage growth and inflation, we might not see interest rates increased until the end of the year.

Best exchange rates

If you have an upcoming requirement to buy or sell dollars and want to make sure you are getting the best rate of exchange, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.

As a specialist currency broker I can achieve rates of exchange up to 5% better than those offered by the high-street banks, and with a range of currency contracts at my disposal I can look to reduce your exposure to the ever changing FX market.

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