GBP/USD exchange rate loses ground

This morning has seen the pounds value fall across the board, with the GBP/USD cross giving up the gains it made during yesterday's trading session.

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After rising to $1.25004 during the first hour of the London session opening, the pound has been falling, leaving the currency pair trading in the low $1.24's at the time of writing.

GBP/USD graph.

What has caused the move?

At the moment is seems the result of the Bank of England's stress test and stability report has caused the pound to weaken.

During his stability report, Bank of England governor Mark Carney issued a warning over the current level of debts in Britain's households.

Carney stated that consumers were borrowing more than ever on unsecured debt and credit cards, with credit card lending hitting an all-time high, while unsecured debt is rising at its fastest level for eleven years.

The report also showed the overall household debt to income ratio had risen to 133% during the second quarter of this year.

 

Bad news for RBS

As I have already mentioned the result of Bank of England's stress test also seems to have impacted the value of the pound this morning. The tests are in place to ensure that UK banks have enough capital in place to cope with a global recession and a house price crash.

The BoE confirmed this morning that RBS failed its test, while Barclays and Standard Chartered also
missed some key requirements.

As a result RBS have been forced to find a way of increasing its balance sheet by two billion pounds, which is likely to come from cost cutting and selling assets.

Are you looking to buy or sell dollars?

If you have a requirement to buy or sell dollars in the weeks or months and want to make sure are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

To complete the contact form click here.

Sterling rising against the U.S. dollar

This morning has seen the pound regain the ground it lost against the dollar yesterday, with the GBP/USD cross rising nearly one cent since the London trading session opened.

For the best GBP/USD exchange rate click here.

So far today the currency pair has climbed from $1.2406 to an intraday high of $1.2487 and we still have the U.S. to release some key eco-stats later this afternoon.

GBP/USD graph.

Why is the pound rising against the dollar?

The pound has been edging up across the board this morning after stronger than expected mortgage approvals, while lending to individuals increased at its fastest pace since 2005. The data has once again given the UK economy a boost and shows that consumer demand has not been dampened since the referendum result in June.

Some of the attention on the UK and Brexit has also shifted, as investors are now growing increasingly concerned about the Italian constitutional referendum on Sunday and the upcoming elections in France and Germany next year.

 

What could impact the GBP/USD cross today?

After a quiet few days in terms of data, today could bring some extra volatility for dollar crosses as the U.S. markets return to normality following last weeks Thanksgiving holiday.

This afternoon will see the U.S. release their latest CB consumer confidence figures, along with a Prelim GDP reading for quarter three. There are also speeches from Federal Reserve Officials William Dudley and Jerome Powell towards the end of the day. If either of them drop any clues about an interest rate hike next month then we could see some movement in the dollars value.

Are you looking to buy or sell dollars?

If you have a requirement to buy or sell dollars in the weeks or months and want to make sure are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

Click here to complete the contact form.

 

GBP/USD falling after hitting $1.25 this morning.

This morning has seen the pound give up over a cent against the dollar, with sterling giving up all of the gains we have witnessed since last weeks Autumn statement.

For the best GBP/USD exchange rates click here.

Since the open of the London session the GBP/USD cross has slipped back from $1.2512 to $1.2391 as you can see from the graph below.

GBP/USD graph

Why is the pound falling?

With no data being released from the UK or the U.S today, the pounds decline looks to have stemmed from investors repositioning themselves ahead of European Central Bank President Mario Draghi's speech this afternoon.

Draghi is due to testify in front of the European Parliament's Economic Committee in Brussels at 1400 GMT today, and will discuss the ECB's perspective on monetary and economic developments, along with the consequences of UK's decision to leave the European Union.

With so much uncertainty still surrounding Britain's exit from the Union and concerns starting to mount ahead of the upcoming elections in Europe, it looks as though investors have moved away from the pound and euro this morning and headed back towards the safety of the U.S. dollar.

Depending on what Draghi says this afternoon we could easily see the pound regain the ground it has lost so far this morning, and if there are any major developments I will of course keep you updated.

Are you looking to buy or sell dollars?

If you have a requirement to buy or sell dollars in the weeks or months and want to make sure are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

 

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GBP/USD exchange rate holding firm

The GBP/USD cross has been holding around $1.2450 for the past twenty four hours. With most of America still enjoying the Thanksgiving holiday and little out in terms of data from the UK, I would imagine we are unlikely to see any major movements until the start of next week.

GBP/USD graph

The Office for National Statistics did publish its second GDP estimate for quarter three this morning, but with the reading coming in exactly as forecast at 0.5% it did very little to impact the value of the pound.

Do you want the best GBP/USD exchange rate? Click here.

With little to report on and not wanting to sound like a broken record, I thought I would take the opportunity to explain in a bit more detail the different ways you can purchase your currency to ensure you are making the most of your FX transfer.

Ways to buy currency

A Spot Contract is the quickest, easiest and most popular way to buy currency. You simply buy or sell one currency in exchange for another, whenever you need it. You have two days to send us the money and as soon as your funds are cleared, we will forward the currency to the account of your choice.          

A Forward Contract can help you take advantage of current exchange rates. You can fix the price now for a transaction that will take place up to two years in the future. You secure the Forward Contract with a deposit of 10% of the total value of your transaction (you'll need to pay this within two working days of agreeing the contract) and then pay the balance before the contract expires. Once secured the agreed exchange rate will apply for the duration of the contract.             
With a Limit Order you specify the exchange rate you are hoping to achieve, a price that may not be currently available. Your currency will automatically be purchased if the market exceeds this level and you'll get the rate you wanted. This type of contract is particularly useful when the markets are moving in a positive direction for you.           

A Stop Loss Order will instruct your broker to buy if the currency goes down to a pre-determined level. When combined with a Limit Order you can hold out for a better exchange rate and still protect yourself from a sudden fall in the market.

Are you looking to buy or sell dollars?

If you have a requirement to buy or sell dollars in the weeks or months and want to make sure are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

Click here to complete the contact form.

The pound closes in on $1.25 against the dollar

This morning has seen the pound rise almost a cent against the dollar, with the currency pair climbing from $1.2409 to $1.2494 over the past couple of hours.

To find out what exchange rate I can offer click here.

With the U.S. markets closed for Thanksgiving and no economic data being released from the UK today, the move this morning seems to be down to sterling strength, with investors and traders still taking the positives from yesterday's UK autumn budget statement.

GBP/USD graph

Why has the pound risen?

During his statement yesterday, Chancellor Phillip Hammond raised his forecasts for the government's borrowing to £122 billion over the next five years, but despite the increase markets have looked past the additional borrowing and instead focused on the Office for Budget Responsibility (OBR) growth forecasts.

The OBR stated the UK's exit from the European Union will have an impact on the economy, with lower business investment, migration and trade flows. However, their reduced growth revisions were far less than many had anticipated, with the OBR still expecting the UK economy to grow by 1.4 per cent in 2017 and 1.7 per cent in 2018.

 

Take advantage of the gains.

For those of you looking to purchase dollars it could be worth taking advantage of the gains we have witnessed over the last month or so. Since the middle of October the GBP/USD cross has risen nearly 3 per cent and it certainly makes a difference to your transfer.

Purchasing $300,000 today is around £7,000 cheaper than six weeks ago, and with the Federal Reserve likely to raise interest rates next month, I wouldn't be surprised to see some of the gains wiped away in the build up to the Fed meeting on the 14th December.

Are you looking to buy or sell dollars?

If you have a requirement to buy or sell dollars in the weeks or months and want to ensure you are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

Click here to complete the contact form.

Will the pound go up or down?

The GBP/USD cross had dipped back under $1.24 this morning as markets wait in anticipation for the governments autumn statement, which is due to be released at 12:30 GMT.

Looking for the best GBP/USD exchange rate? Click here.

So far today the pound has lost nearly 0.3 per cent against the dollar, with the currency pair falling from $1.2406 to a low of $1.2370, as you can see from the graph below.

GBP/USD graph.

This morning's move means the GBP/USD cross has now fallen over one per cent since hitting a high of $1.2511 on Monday, which in monetary terms means purchasing $300,000 this morning now costs around £2,700 more than it did two days ago.

How could today's autumn statement impact the pound?

At the moment there seems to be a split amongst analysts as to whether the pound will be receive any kind of boost from Phillip Hammond's statement this afternoon.

The statement will give us an updated economic outlook, and will provide us with an insight to the government's budget for the year ahead, projected borrowing, and their objectives.

It will also include comments on the latest economic forecasts from the Office of Budget Responsibility (OBR). The OBR will provide forecasts for up to five years into the future but with Brexit looming these predictions could have an impact on the pounds value this afternoon.

If the growth forecasts are cut drastically as a result of the uncertainty the UK economy is currently facing, then we could see the pound suffer. However, if Mr Hammond announces the government are going to increase spending in an attempt to boost the economy, then it is possible the pound could claw back the ground it has lost over the past couple of days.

Are you looking to buy or sell dollars?

If you have a requirement to buy or sell dollars in the weeks or months and want to ensure you are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

 

Click here to complete the contact form.

The pound holding onto yesterday's gains against the dollar.

The pound is holding around $1.2450 against the dollar this morning, with markets still taking stock of yesterday's surprise move which saw the GBP/USD cross climb over two cents during the London trading session.

Want the best GBP/USD exchange rate? Click here

GBP/USD graph

The spike we saw yesterday caught everyone off guard, and in my last post I mentioned the rise was a bit of a mystery as I could not find anything to support why the pound was climbing across the board.

It would now seem the pound and UK economy received a huge boost following some comments made by UK Prime Minister Theresa May.

What did Theresa May say?

Theresa May gave investors some much needed confidence as she vowed to address the growing concerns that the UK could fall of a "cliff edge" when it leaves the euro bloc, while also hinting at some kind of transitional deal.

Back in September May suggested she would pursue a "hard Brexit" which would see Britain give up its access to the single market. However, her comments yesterday lean towards a change in stance, with markets now hopeful of a softer and slower approach.

Why would a transitional agreement be better for the pound?

It would give the UK time to create a new trading agreement with the European Union, once the formal negotiations have been completed. It is likely Britain will still have some kind of access to the single market while a new agreement is established, and removes some of the uncertainty over the long term impact Brexit will have on the UK economy.

 

Are you looking to buy or sell dollars?

If you have a requirement to buy or sell dollars in the weeks or months and are worried the impact Brexit could have on your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

 Click here to complete the contact form

Why is the pound climbing against the dollar?

In the last hour the pound has surged across the board, with the GBP/USD cross rising around a cent to briefly hit $1.25.

Want the best GBP/USD exchange rate?

Although the pair has moved slightly away from the session high, the currency pair is still trading at $1.2470, around a cent and a half higher than when markets opened this morning.

 

GBP/USD graph

Why has the pound risen?

So far its a bit of mystery, there has been no economic data releases or political announcements this afternoon. A few of the major banks have already come out and said there is no clear reason as to why the pound is currently climbing.

What does the move mean for you?

If you are looking at buying dollars then this afternoon's unexpected rise will come as welcome news. If we look at the gains in monetary terms, purchasing $300,000 now costs around £3000 less than it did at 0945 (GMT) this morning.

Buying or selling dollars?

The move over the course of today shows just how unpredictable the currency markets can be and how quickly things can change.

If you have a requirement to buy or sell dollars in the weeks or months and want to ensure you are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

Click here to complete the contact form.

Sterling starting to give up gains against the U.S. dollar.

Friday saw the GBP/USD cross fall to its lowest levels for over two weeks, with the currency pair ending the week trading just above $1.23.

 

To find out what rate of exchange I can offer click here.

Very little has changed during the first few hours of this mornings session, although the pound has gained slightly to leave the GBP/USD cross sitting at $1.2339 at the time of writing.

 

GBP/USD graph.

Following Donald Trumps shock election victory the pound has been benefitting from a shift in focus as investors started to concentrate on the potential economic fallout in the U.S. and the upcoming elections across Europe.

The change in mentality saw the GBP/USD cross climb as high as $1.2638 on the 11th November, but since then the pound has been gradually giving up the gains, and has now lost around 2.5 per cent in the last ten days.

A large proportion of the loss happened towards the back end of last week as the U.S. dollar surged against the majority of its counterparts. A raft of positive economic data from the States last week added to expectations of a higher inflation reading and a second rate hike from the Federal Reserve when they conclude their two day meeting on the 14th December.

 

What will a rate hike in the U.S do to GBP/USD?

If the Federal Reserve take any action next month I imagine we will see the dollar strengthen across the board. An increase to the Fed's benchmark rate will give investors a higher return on their investments, so its likely we will see increased flows into the dollar shortly after the announcement.

It is difficult to say how much the dollar will increase by, but when the Fed raised interest rates last year the dollar gained over two per cent against the pound, so its possible we could see a similar move next month.

Do you need to buy or sell dollars?

If you have a requirement to buy or sell dollars in the weeks or months and want to ensure you are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

Click here to complete the contact form.

 

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U.S. dollar rises after Fed hint at rate hike

The GBP/USD cross has fallen away from the highs we witnessed yesterday morning, with the currency pair falling from $1.25 to its current level of $1.2404.

Want the best GBP/USD exchange rate? Click here.

As I mentioned in my last post, there were a number of key eco-stats and speeches coming from the U.S yesterday, and the results helped the dollar to strengthen across the board.

GBP/USD graph

Positive day for the U.S.

The latest Building Permit, Housing Starts and Unemployment Claims all beat expectations, while inflation in the U.S. came in as predicted and helped the dollar put an end to the pounds advances.

The dollar then received another boost as Federal Reserve Chair Janet Yellen testified in Washington. After almost a year of dovish comments, Ms Yellen finally hinted the Fed are likely to raise interest rates while speaking in front of the Economic Committee.

Although Yellen held back from saying the central bank will raise rates at their December policy meeting, she did confirm a rate hike was coming "relatively soon".

Judging by how the dollar had gained against its counterparts since yesterday afternoon, it would seem the markets are now starting to price in a rate hike on the 14th December. However, we shouldn't get too carried away, as we have seen this kind of reaction a couple of times over the course of this year.

Yellen's comment of "relatively soon" does not guarantee a rate hike next month, and if the Fed fail to take any action in December then we will probably see the dollar weaken significantly.

Do you need to buy or sell dollars?

If you have a requirement to buy or sell dollars in the weeks or months and want to ensure you are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

Click here to complete the contact form.

Pound climbing towards $1.25

This morning has seen the pound receive a welcome boost, after the latest UK retail sales figures for October beat expectations.

For the best GBP/USD exchange rates click here.

The GBP/USD cross has risen over three quarters of a cent so far this morning, with the currency pair climbing from $1.2418 to $1.2498 as the graph below shows.

GBP/USD graph

Figures released by the Office for National Statistics at 0930 (GMT) showed last months retail sales had increased by 1.9%, against the predicted level of only 0.5% and the news has immediately caused the pound to rise across the board.

This mornings data release has once again shown the UK economy is performing better than expected in the wake of the country's decision to leave the European Union. If it were not for Brexit weighing down the pound, I am sure the GBP/USD cross would be sitting comfortably above $1.50 at the moment.

Busy day for the States

This afternoon sees a raft of key data releases and speeches coming from the U.S, and all of them could have an impact on the value of the dollar. We kick things off at 13:30 (GMT) with the release of the latest Building Permit, Consumer Price Index (CPI), Core CPI, Philly Fed Manufacturing Index, Unemployment claims and House Start numbers, and if the actual figures deviates from predicted levels we could see the GBP/USD cross experience some heightened volatility.

As I mentioned above there are also a couple of speeches today that investors will be following very closely. First up is Federal Open Market Committee member William Dudley, speaking at the Global Research Forum on International Macroeconomics and Finance in New York.

Last but not least is Fed Chair Janet Yellen. Ms Yellen is due to testify in front of the Joint Economic Committee in Washington. Her testimony is probably the most important event of the day as it is the first time we have heard from Yellen since Donald Trumps surprise election victory last week.

All eyes and ears will be on Chair Yellen as her statement could provide us with clues about whether the Federal Reserve raise interest rates next month.

I will of course keep you updates about how today's events unfold.

Looking to buy or sell dollars? 

If you have a requirement to buy or sell dollars in the weeks or months and want to ensure you are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

Click here to complete the contact form.

What has happened to the GBP/USD exchange rate today?

The pound has remained relatively flat against the dollar this morning despite the UK unemployment rate falling to 4.8%, its lowest level since 2005.

Looking for the best GBP/USD exchange rate? click here.

Under normal circumstances the positive reading would have seen the pound strengthen across the board. However, with politics and the uncertainty of over the UK's exit from the European Union still concerning investors, the markets have barely reacted to yet another positive piece of UK economic data.

GBP/USD graph

GBP/USD holding above $1.24.

After dipping back into the $1.23's yesterday, on the back of the leaked memo and weaker inflation reading, the pound clawed back the lost ground after the UK government quickly moved to deny any knowledge of the document.

As we approached the open of the London trading session this morning, the GBP/USD cross was in touching distance of $1.25, but with traders focusing on the risks the UK economy faces with Brexit looming, the pound has edged away from this morning's high and is currently trading at $1.2450.

 

Will GBP/USD climb any higher today?

If it does, I think it's unlikely the move will be down to the pound strengthening. Although sterling has risen in value over the past week, any further gains will be limited due to Brexit uncertainty.

We could however see this afternoons U.S. data impact the value of the dollar. The release of the latest Crude Oil Inventories, Industrial Production figures (month on month) and Capacity Utilization Rate could easily see the dollar weaken if the numbers miss the predicted level, which in turn could see GBP/USD push back towards $1.25.

 

Do you need to buy or sell dollars?

If you are looking to buy or sell dollars in the weeks or months and want to ensure you are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

 

Click here to complete the contact form.

Why is the pound falling?

This morning has seen the GBP/USD cross fall nearly a cent and we are only one hour into the London trading session. As it stands the pound is trading down at $1.2400 having opened this morning around $1.25, as the graph below shows.

Do you want the best GBP/USD exchange rate? click here.

GBP/USD graph.

What has happened?

Earlier this morning the BBC and Telegraph published a leaked memo, which suggested the UK government does not have an overall plan for Brexit.

The memo is said to be from an un-named consultant and was given the title "Brexit Update". The document suggests it will be another six months before the UK government decides on what they hope to achieve from leaving the European Union. The memo also touches on what it calls "divisions within the cabinet" over the direction of the upcoming Brexit negotiations.

As the news broke the pound lost ground across the board, with the GBP/USD cross slipping from $1.25 to $1.2439.

Things then got even worse for the pound as the latest inflation reading (CPI) has come in under the predicted level of 1.1%. Figures produced by the Office for National Statistics (ONS) showed inflation in the UK had dropped from 1.0% to 0.9% year on year, and reduces the chances of the Bank of England raising interest rates in the near future.

Do you need to buy or sell dollars?

If you are looking to buy or sell dollars in the weeks or months and want to ensure you are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

Click here to complete the contact form.

Why has the dollar strengthened?

This morning has seen the pound the give up some of the ground it made against the U.S. dollar, with the GBP/USD cross slipping around two cents from Friday's high.

To find out what GBP/USD rate I can offer, click here.

As you can see from the graph below the currency pair dropped back below $1.25 earlier today, hitting a low of $1.2466, after reaching a fresh week high of $1.2673 on Friday afternoon.

GBP/USD graph

Why has GBP/USD fallen?

The move is down to dollar strength. The dollar has been climbing against all of its counterparts this morning as markets have anticipated the U.S. economy will see a rise in inflation following Trumps shock win in last weeks election.

What next for the pound?

The pound finally seems to have found some support after months of uncertainty following Britain's decision to leave the European Union.

Many within the market now believe that Trumps presidency could boost the UK's hand when negotiations begin with its European counterparts over the country's exit from the Union.

Attention is also being diverted to the upcoming elections in Italy, France and Germany, so for the time being at least, we could see the pound build on the gains it has made against the dollar and euro over the past few weeks.

Do you need to buy or sell dollars?

If you are looking to buy or sell dollars in the weeks or months and want to ensure you are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

Click here to complete the contact form.

Why is the pound going up against the dollar?

What a forty-eight hours it has been for the GBP/USD cross. Sterling is surging across the board, with the pound currently sitting at a fresh five week high against the U.S. dollar.

For the best GBP/USD exchange rates click here.

The currency pair is currently trading at $1.2660, a level not witnessed since before the flash crash at the start of October. The gains the pound has made across the board over the past two days is nothing short of remarkable, especially when you consider the uncertainty that has been surrounding the UK and its exit from the European Union.

Since Wednesday morning the GBP/USD cross has risen over two per cent and now means purchasing $300,000 is over £5,000 cheaper than it was two days ago.

GBP/USD two day graph

Why has the pound risen? 

I haven't been able to say this for months, but it is actually down to sterling strength. As you all know the pound has taken a beating since the referendum result back in June, as investors have been betting against the pound and selling Sterling over the uncertainty of the long term future of the UK economy.

However, we are now starting to see those same investors reverse their positions against the pound and it is giving all sterling crosses a huge boost. The concerns over fallout from the U.S. presidential elections appear to be mounting and markets are also starting to focus on the upcoming European political events.

With attention being diverted from the UK and the pound, there is now a real possibility we will see the pound continue to rise over the next couple of weeks.

Do you need to buy or sell dollars?

If you are looking to buy or sell dollars in the weeks or months and want to ensure you are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

 

Click here to complete the contact form.

Pound/dollar exchange rate climbs over a per cent.

Since my post this morning the pound has rising against a basket of currencies with the GBP/USD cross climbing over one per cent this afternoon.

For the best GBP/USD exchange rates click here

Over the past few hours the pound has been fighting back against the U.S. dollar, with the currency pair breaking the $1.25 barrier a short time ago.

So far today we have seen the GBP/USD cross jump from $1.2380 to its current level of $1.2520, and leaves the pound within touching distance of its highest level against the dollar since 6th October.

GBP/USD graph.

 

Why is the pounds value increasing?

As I mentioned earlier, the economic concerns over Trump becoming the next President of the United States could be a positive thing for the UK and the pound.

Trumps election could divert attention away from Britain and its upcoming exit from the European Union. With concerns now mounting over a potential shift towards further populist voting across Europe, it would seem investors have already started to turn back towards risker assets, and could be why the pound has surged this afternoon.

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What next for GBP/USD exchange rates?

With markets still digesting Trumps surprise victory yesterday, the GBP/USD cross has edged lower during the first few hours of today's London trading session. So far the pound has lost around three quarters of cent against the dollar, with the currency pair slipping from $1.2453 to $1.2378 as you can see by the graph below.

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GBP/USD graph

Will the dollar continue to strengthen?

Potentially yes....Now that markets have had a chance to reflect on yesterday's election outcome, some forecasts are now suggesting the dollar will continue to strengthen over the next few months.

The dollar's value could increase because of a number of factors, rising inflation and a higher return on investments being one, while we have to remember that during uncertain time's traders and investors view the dollar as a safe-haven currency.

The dollar could also receive a boost if the U.S. Federal Reserve raise interest rates at their next meeting on the 14th December.

However, there are still concerns over the long term impact Trumps victory will have on the U.S. economy. Fears over some of Trumps policies could actually be a good thing for the pound, as it takes some of the focus away from the UK and its exit from the European Union.

The UK's vote to leave the EU has seen the pound decline across the board, and as it stands sterling is down around seventeen per cent against the dollar since June.

If markets take the view that Britain's exit is the start of global shift towards more right wing voting, then we could see the pound start to claw back some of the ground it has lost against it counterparts over the last five months.

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U.S. dollar recovering after Trumps shock win

This afternoon has seen the GBP/USD cross dip below $1.24 with the dollar still clawing back the ground it lost overnight.

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Investors were caught short this morning after pricing in a Clinton victory and as a result the GBP/USD cross climbed to a high of $1.2545. However, with markets still unclear on the impact Trumps presidency will have on the currency, the dollar has begun to fight back and has left GBP/USD trading at $1.2380 at the time of writing.

GBP/USD graph

Trumps victory speech seems to have helped calm investors nerves, as he didn't mention about renegotiating or scraping the North America Free Trade Agreement (NAFTA) with Canada and Mexico or this highly controversial boarder wall.

What next?

It will take a few days for the drama of the election to pass and I am sure we will continue to see some heightened volatility for dollar crosses over the coming weeks and months.

Once traders and investors get over today's shock, their attention is sure to turn back to the U.S. Federal Reserve and their proposed interest hike in December. There had been concerns that if Trump won it could delay Janet Yellen & Co raising interest rates next month, and if that turns out to be true the dollar could quickly give up any gains that it makes.

 

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How will Trumps victory effect the pound dollar exchange rate?

This morning has seen Donald Trump become the next President of the United States and so far the markets have not reacted in the way that I and many had expected.

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While the world comes to terms with one of the biggest political upsets of all time the FX markets have been somewhat subdued but that could all change very quickly

So what has happened to the GBP/USD cross?

As the results of the election started to trickle in during the early part of the Asian trading session, the GBP/USD cross rose over two cents, hitting a high of $1.2545 as Trump took an early lead.

However, rather surprisingly the dollar then started to strengthen as it became clear Trump was going to win. At the moment the markets are still taking stock of what has happened this morning but it would seem investors are seeking the safety of the U.S. dollar in these uncertain times.

At the time of writing the GBP/USD cross has slipped back to $1.24, giving up most of the ground it made overnight.

GBP/USD graph

The theory the dollar would plummet in value if Trump was elected has so far been proved wrong, but as the dusts settles it will be interesting to see how the FX markets react to this morning surprise result.

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GBP/USD exchange rate U.S. election update

Well the time has come and undoubtedly the U.S. presidential election will have an impact on the FX markets one way or another.

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According to some of the early polls Donald Trump is narrowly ahead in some States so it looks like it could come down to the wire.

After falling one per cent yesterday the GBP/USD cross has spent the majority of the last twenty-four hours trading around $1.24 but it could all change over the course of today's trading session and the early hours of tomorrow morning.

GBP/USD graph

Investors are focusing all of their attention on the election race, which has been highlighted after this morning's positive UK Manufacturing Production figures did little to effect the GBP/USD exchange rate.

Markets seem to be wary over the potential result in the election and as we approach the final hours of voting we could see some big swings in the value of the dollar.

After the FBI cleared Clinton on Sunday of any wrong doing over the use of her private email, many anticipated she would easily win the vote to become the next President.

However, after the UK referendum result no one is taking anything for granted. A Trump victory would come has a huge surprise, with markets suggesting he has around a thirty per cent chance of winning.

 

But what if he does win?

As I mentioned yesterday, if Trump is victorious then I would expect to see the dollar drop in value. At this stage it is difficult to say by how much but we could easily see a few per cent wiped off the value of the dollar.

If that were to happen then we could see the GBP/USD cross push back over $1.26 by this time tomorrow.

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How will the U.S Presidental Election influence the GBP/USD exchange rate?

The pound has given up some of the ground it made against the U.S. dollar last week, after reports released late last night confirmed Hilary Clinton will not be facing criminal charges over the use of her private email server.

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After climbing to a high of $1.2553 last week the GBP/USD cross has fallen over a per cent with the currency pair now trading back at $1.2410.

GBP/USD graph

The news relating to Hilary Clinton has given the dollar a boost this morning as markets now see her as the clear favourite to win tomorrows election, investors had started to dump the dollar last week after Donald Trump began to narrow the gap in the polls.

What will happen to the GBP/USD cross if Clinton wins?

It would now seem as though the market has already started pricing in a Clinton victory, so if Clinton does win we might not see dollar strengthen a huge amount on Wednesday morning. A lot will depend on the polls over the course of today though, and if Trump does start clawing back some ground over the next few hours we could see investors start to re-position themselves.

What if Trump wins?

If that were to happen I would expect to see the dollar plummet in value in the early hours of Wednesday morning. Not only because of the uncertainty it would create but rumours have been circulating that it could also put a Federal Reserve rate hike on hold next month.

If the GBP/USD cross maintains its current level ahead of the election result then I can easily see the GBP/USD cross break the $1.26 mark if Trump is elected.

 

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Will the pound continue to rise against the dollar and break $1.25?

For the time being at least the pound seems to have cemented the gains it made against the dollar yesterday, with the GBP/USD cross currently trading at $1.2488.

 

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At the time of writing the currency pair is only two pips away from the high we witnessed early yesterday afternoon and leaves the pound trading at its highest level against the dollar since the 6th October.

GBP/USD graph

Could the pound keep on rising?

Later on today the U.S. will publish their latest Non-Farm Payroll job numbers and the data usually causes some heightened volatility for the dollar. The number of jobs created can differ massively from the predicted level and if we see a weaker reading this afternoon we could see the GBP/USD cross break through $1.25.

We also have to remember the U.S. presidential election is taking place next week and markets are anticipating some big swings for the greenback. Rumours are starting to circulate that if Donald Trump wins the election it could have a negative impact on the value of the dollar. With polls suggesting Trump is clawing his way back into the election race, investors have already started to dump the dollar over fears his victory could delay the Federal Reserve raising interest rates in December.

For the first time in months, the short-term forecasts for GBP/USD are looking a little rosier, if the pair can break and hold above $1.25 this afternoon it will give the pound a foundation to rise even further as the election approaches.

Don't get carried away.

Although the pound could rise in the short-term, please don't carried away and think this is the start of the GBP/USD cross returning to some kind of normality. As we get closer to the UK government triggering Article 50 and negotiations get underway with the EU, the pound will come back under pressure and we could easily see sterling fall away again.

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Can the pound hold onto the gains?

Following the Bank of England announcements this afternoon the pound has continued to rise against the dollar, adding to the gains it made this morning following the High Court ruling. Just after the data was released the GBP/USD cross rose to a high of $1.2490, with the currency pair adding nearly two cents from its opening price.

GBP/USD graph

The UK central bank held interest rates at 0.25%, with all nine Monetary Policy Committee members voting to keep rates on hold, however, the Bank of England increased their inflation and growth forecasts for next year.

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Governor Carney stated the bank has increased its forecast for economic growth from 0.8% to 1.4%, although they have cut the 2018 prediction from 1.8% to 1.5%. The BoE said they see inflation rising to 2.7% next year, largely down to the fall in the price of Sterling.

Increasing the growth and inflation forecasts all but rules out the prospect of the Bank of England cutting interest rates again in the near future, and have helped bring a bit of stability back to the markets.

The questions now is can the pound hold onto the gains, or will the rise today be a temporary spike?

Personally I still don't think this is the start of the pounds recovery, although the UK economy received a boost from the Bank of England and investors feeling a little happier from the High Courts ruling, nothing has really changed.

I believe we could see GBP/USD below $1.20 before the end of year. There is still a chance the Federal Reserve could raise interest rates in December which would boost the value of the dollar, while the pound will come under an increased amount of pressure in the build up to the government triggering Article 50.

In my opinion, if you are looking at purchasing dollars it could be worth taking advantage of the recent spike.

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Pound dollar exchange rate climbing after High Court ruling

The pound is currently surging against the dollar after news broke at 10am (GMT) the UK government has lost its Article 50 court hearing.

So far this morning the GBP/USD cross has risen over a cent, with the currency pair climbing from $1.2334 to a high of $1.2435. This mornings spike leaves the pound trading at its highest level against the dollar since 10th October and we still have the Bank of England announcement to come at midday.

GBP/USD graph

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The High Court has ruled parliament must vote on whether the UK can begin its formal divorce proceedings with the European Union. The ruling means Theresa May and her party cannot trigger Article 50 of the Lisbon Treaty on their own, however we have already had confirmation they will look to appeal the decision.

Prime Minister Theresa May has stated previously that she will look to trigger Article 50 by the end of March 2017 and push ahead with a "hard Brexit", indicating that the UK could give up access to the single market.

Her stance is one of the main reasons the pound has continued to fall over the last couple of months, as giving up access to the single market creates even more uncertainty over the long term future for the UK economy.

At the moment it is still unclear what this could mean for Brexit, but the last hour has shown us that investor confidence has returned slightly as the government may now have to use a softer approach to negotiations.

I will of course keep you updated with any developments and movements following the Bank of England announcement a little later.

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Pound dollar exchange rate hits two week high

The pound has continued it strong start to the week against the U.S dollar, with the currency pair climbing to a two week high this morning.

At the time of writing the GBP/USD cross is trading at $1.2295 (mid-market), rising over half a cent from the London session opening price of $1.2234.

GBP/USD graph

Since Monday sterling has risen nearly 1.2% against the dollar as the UK economy continues to show its resilient side, with the pound has also being helped by the dollar weakening due to the uncertainty of the U.S. Presidential election.

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Figures this morning showed the UK Construction sector grew at a faster pace than forecast, with the PMI reading coming in at 52.6 against a predicted level of 51.9 (a reading over 50.0 indicates growth). Following yesterday's positive Manufacturing data, today's Construction numbers have helped the pound secure the gains it has made over the past forty-eight hours.

 

Is this the start of the pounds recovery?

At the moment I would say not yet. Markets are still concerned over the future of the UK economy due to the referendum result and the upcoming Brexit negotiations. Although all the data is still suggesting the UK economy is moving forward, I cannot see investors moving into the pound until they get some kind of reassurance over any exit deal.

What could influence GBP/USD exchange rates this week?

There are two major announcements coming in the next twenty-four hours and could cause some heightened volatility for the currency pair. This evening will see the U.S. Federal Reserve announce their latest interest rate decision which will be followed by at statement from Fed Chair Janet Yellen. I don't think anyone is expecting anything to happen tonight but if Ms Yellen hints at another rate hike in December, then we could see the dollar strengthen across the board.

Attention will then turn to the Bank of England (BoE) and their announcements tomorrow afternoon. The central bank will also deliver their interest rate decision, meeting minutes and rate votes but investors will be mainly focusing on the banks quarterly inflation report. It is widely expected the BoE will raise its inflation forecasts to allow an overshoot of its target due to the weaker pound.

If the BoE raise their inflation target it will fuel expectations that an interest rate hike could be on the horizon and almost certainly rule out another rate cut. If that were to happen we should see the pound increase in value and in turn push GBP/USD higher.

 

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GBP/USD exchange rate rises over one per cent

Since my post yesterday morning, the pound has been making steady progress against the dollar, with the GBP/USD cross rising over one per cent in the past twenty-four hours.

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After falling to a low of $1.2145 early yesterday afternoon, the pound rose to $1.2277 against the dollar this morning, leaving the currency pair at its highest level since the 20th October.

GBP/USD graph.

Why has the pound risen?

As I mentioned yesterday the markets were reacting to media reports that Bank of England Governor Mark Carney could be on the brink of resigning. However, it has now emerged that Mr Carney will step down in 2019, and means he will serve one more than the five years he initially committed to.

This is great news for investors and traders as it means Mr Carney will continue his leadership of the UK's central bank throughout the upcoming Brexit negotiations, and removes some of uncertainty that had been building over the past few days.

The news helped cement the gains the pound has made overnight and there was more good news this morning after another positive UK Manufacturing PMI reading.

Figures published by Markit confirmed the UK's manufacturing sector grew for the month of October with the reading coming in at 54.3 (a reading over 50.0 indicates growth), with the weaker pound boosting the country's exports.

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