After opening near a fresh eight week high GBP/USD exchange rates fell nearly 1% as the uncertainty surrounding the Eurozone continues to dominate the news. The GBP/USD cross dropped from $1.5551 to $1.5399 during today's session despite figures supporting steady UK economic growth.
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The dollar also had a strong day against the euro, gaining around 1.5% against the single currency. With the cross falling from 1.1370 to 1.1211 it has left the currency pair within half a cent of the lowest trading levels we have seen over the past ten years.
Despite Greece agreeing a four month loan extension earlier in the week there are still concerns about how the new Greek government are going to deal with the underlying issues of the country. By the end of the March they need to raise around €4.3 billion in order to keep the country running but with a lack of investment talks of them leaving the euro bloc is still causing concerns for investors.
Part of the reason the dollar has had such a strong day will be down to investors seeking the safety of the greenback. Even though the pound lost ground against the dollar it was able to gain around a cent against the euro taking the GBP/EUR cross to a fresh seven year high of €1.3760. This shows investors are pulling out of riskier assets such as the euro and looking for safer alternatives.
If you have a requirement to buy or sell dollars in the coming weeks and want to ensure you are making the most of your transfer, contact me today for a free consultation. Not only can I achieve you a better rate of exchange than those offered by banks, I can help you get the timing right on your transfer and also look to protect you from adverse markets movements.
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