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.
