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.

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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 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

If you have a requirement to buy or sell dollar and want to ensure you are getting the best exchange rate for 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 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.

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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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GBP/USD exchange rates climb two cents

Good afternoon,

After falling to a fresh five year low against the dollar on Friday, the pound managed to claw back some ground during today's session after the U.S. posted some weaker than forecast economic numbers and the International Monetary Fund (IMF) cut the U.S growth forecast.

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Sterling/dollar exchange rates recover

Following today's events GBP/USD exchange rates rose almost two cents with the currency pair climbing from $1.4609 to $1.4797.

To put today's move into monetary terms, converting £200,000 into dollars will now see you receive nearly $4,000 more than first thing this morning. Once again it shows you how quickly things can change and how important it is to get the timing right on your transfer.

What caused today's move?

The dollar's drop in value can be put down to two main factors today. Firstly the Core Retail month on month figures and Producer Price Index (PPI) numbers both failed to meet the predicted level.

The retail figures are the primary gauge of consumer spending, while the PPI numbers are a leading indicator of inflation and with the Federal Reserve looking for inflation to climb before raising interest rates today's numbers could have impacted investor confidence.

Just after the release of the Eco-stats the IMF announced they were cutting the U.S. growth forecast to 3.1% for 2015 and 2016. The announcement triggered a dollar sell-off, wiping out the gains the greenback made last week against the pound and euro.

Get in touch

If you have a requirement to buy or sell dollars in 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.

Click here to complete the contact form

GBP/USD exchange rates fall after Federal Reserve minutes

Good morning,

After gaining around 0.7% during yesterday's session, GBP/USD exchange rates fell over 1% following the release of the U.S. Federal Reserve meeting minutes.

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The latest meeting minutes showed officials were split about when to raise the benchmark rate in the States, with a number of the FED's members looking to raise interest rates as early as June.

The positive tone led to a surge in investor confidence for the dollar and at the time of writing the GBP/USD cross had slipped back to $1.4765 as the graph below shows.



Will the dollar continue to strengthen?

Quite possibly, with a rate hike now firmly on the cards and the troubled Greeks still dominating the headlines there is every chance the dollar's value will continue to increase as investors seek the safety of the dollar and a better financial return.

Let's not forget the UK General Election is now only weeks away and is likely to weigh heavily on all sterling crosses.

With that in mind, I wouldn't be surprised to see GBP/USD exchange rates fall back under the five year low of $1.4675 we witnessed on the 18th March.

However, the dollar might not have everything its own way as there are still concerns over the current level of inflation in the U.S.

Some Federal Reserve officials are suggesting the current market conditions do not warrant a rate hike and the central bank should wait until early 2016 before increasing rates.

Get in touch.

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 get in touch today.

As a specialist currency broker I have a number of contract options at my disposal, I can help protect you against adverse market movements or target a rate of exchange which is not currently available.

For more information on the different types of currency contract 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.

Click here to complete the contact form.