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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.
