GBP/USD exchange rates heads back towards $1.30

The pound rose almost two cents against the dollar today, with the GBP/USD cross rising from $1.2797 to $1.2969 and leaves the currency pair at its highest level since the 25th May.

For the best dollar exchange rates click here.

Sterling rose across the board as a result of comments made by Bank of England (BoE) Governor Mark Carney this afternoon.

His comments related to a potential interest rate hike in the UK and an apparent change in stance from the BoE Chief. Only last week Mr Carney poured cold water over the recent Bank of England rate vote (when three members of the policy committee voted in favour of an immediate rise) by saying that now is not the time to start hiking rates.

However, this afternoon Carney said some removal of monetary stimulus could soon become necessary, essentially saying the central bank could soon raise interest rates and the news gave the pound a much needed boost.

GBP/USD graph

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Mixed day for the pound

Today has been a choppy one for the GBP/USD cross, with exchange rates bouncing between $1.2758 and $1.2707.

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Initially the pound started well after the dollar weakened during the Asian trading session, with the currency pair rising around half a cent. The dollar lost ground after expectations of additional rate rises from the Federal Reserve this year have begun to fade.

The pound was unable to hold onto the gains and within a few hours had lost the ground it made this morning. However, Sterling was able to bounce back again after news broke that UK Prime Minister Theresa May had secured a deal with the DUP.

GBP/USD graph

After losing her majority in the UK election earlier this month, todays deal has allowed May to boost her minority government and continue with her Brexit plans.

The deal is also good news for investors as it removes some of the political uncertainty ahead of the Brexit negotiations.

Markets will now be able to focus more clearly on the official divorce talks with the European Union, and if negotiations run smoothly we could see the pound start to rise against the dollar over the coming weeks.

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The pound recovers some ground

Today has seen the pound claw back some ground against the U.S. dollar, with the GBP/USD cross rising over a cent to briefly break the $1.27 barrier.

 

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Sterling lost ground yesterday following Bank of England Governor Mark Carney's speech at Mansion House, when he indicated that "now was not the time to increase interest rates". However the pound rebounded this afternoon after Bank of England Chief Economist Andy Haldane hinted that he could look to vote in favour of a rate hike during the second half of 2017.

Mr Haldane was not one of the three Monetary Policy Committee (MPC) members to vote for an immediate hike last week, but his comments today have given investors extra hope of a rate hike before the end of the year.

GBP/USD graph

Despite Mr Haldane's comments today, in my opinion I think it is unlikely we will see the Bank of England take any action in the near future, and with Brexit negotiations now in full swing, the pound will probably remain under pressure.

With that in mind, the rise we have seen for the pound today could well be temporary and we could easily see GBP/USD drop below $1.25 in the coming weeks.

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The pound continues to lose ground against the dollar

After falling around a cent yesterday, the GBP/USD cross has continued to lose ground this morning following Bank of England Governor Mark Carney's speech at Mansion House.

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With the official Brexit negotiations finally getting underway yesterday, the pound started to fall across the board, as investor appetite for the UK currency weakened due to the uncertainty of Britain's exit from the European Union.

Sterling then dipped suddenly this morning, with the GBP/USD cross losing around three quarters of a cent as Mr Carney stated that the time is not right for an interest rate hike, despite three members of the Monetary Policy Committee (MPC) voting in favour of an increase last week.

GBP/USD graph

What did Carney say?

During his speech Mr Carney said that due to the mixed signals on consumer spending and business investment, and given the subdued inflationary pressures, in particular wage growth, now is not yet the time to begin increasing interest rates.

Carney also highlighted the impact of Brexit on the UK economy is still unclear, and was another reason why he would not consider a rate hike at the moment.

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GBP/USD exchange rate update.

A lot has changed since my post yesterday.......

After writing about how the pound had fallen against the dollar following the Federal Reserve's decision to raise interest rates. The pound received a unexpected boost yesterday afternoon as the Bank of England rate votes showed that three of the eight Monetary Policy Committee members had voted in favour of an immediate rate hike.

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The surprise announcement caused the pound to rise across the board, with the GBP/USD cross rising over a cent to hit $1.2792, allowing sterling to claw back most of the ground it lost on Wednesday evening.

GBP/USD graph

 

So far today the pound has been able to hold onto the recent gains, and even manage to briefly break the $1.28 barrier this afternoon. However, the rise we have witnessed over the past twenty-four hours could well be short-lived.


Come Monday morning, focus is sure to turn back to the UK and Brexit with official negotiations due to begin. Investors and market players will be listening closely for any clues to how the divorce talks are proceeding.

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Why has the pound fallen against the U.S. dollar?

The pound finds itself around a cent lower against the dollar this morning, with the currency pair slipping from $1.2810 to $1.2705.

Sterling has lost ground after the U.S. dollar strengthened overnight following the Federal Reserves (Fed) decision to increase its benchmark interest rate by 0.25 per cent yesterday evening.

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As many expected, Fed Chair Janet Yellen announced the U.S. central bank had increased interest rates for the second time this year, with policymakers voting in favour of hiking rates to a range of 1% to 1.25%.

The decision leaves U.S. interest rates at its highest level since 2008, and gives the dollar a much needed boost after it lost ground yesterday afternoon following weaker than forecast inflation and retail sales figures.

GBP/USD graph

Along with the interest rate rise the Fed also announced they would start to look at reducing its $4.2 trillion bond portfolio. The Federal Reserve currently hold $4.2 trillion of mortgage-back securities and Treasury bonds, which were purchased following the financial crisis.

What else could impact the GBP/USD exchange rate today?

This afternoon we will hear from the Bank of England (BoE) and Governor Mark Carney. The BoE are set to announce their latest interest rate decision, monetary policy summary and how the Monetary Policy Committee (MPC) voted.

It is highly unlikely the BoE will take any action today, as they have repeatedly stated they will not look at raising interest rates until after the UK has left the EU.

However, with figures confirming UK inflation had risen to 2.9% earlier in the week, some of the other MPC members could be swayed into voting in favour of a hike.

Over the last few months one member of the MPC (Kristen Forbes) has been voting for an immediate increase, if an extra one or two members now feel the same we could see the pound strengthen in the next couple of hours.

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GBP/USD exchange rate breaks $1.28

This afternoon has seen the pound continue to claw back the ground it lost against the dollar following last week's shock UK election result, with the GBP/USD cross rising back above $1.28.

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However, the pound did not start the day well. Figures released this morning showed that wage growth in the UK had dipped in the three months to April, meaning the amount workers are taking home is falling as inflation is rising.

The news caused the pound to lose around half a cent against the dollar, with the currency pair falling from $1.2790 to $1.2740, as you can see from the graph below.

GBP/USD graph

So why did GBP/USD rise?

The rise was actually down to dollar weakness rather than sterling strength. The dollar fell across the board after the U.S posted weaker than forecast inflation and retail sales numbers.

Figures showed that retail sales in May suffered their biggest fall in sixteen months, while consumer prices also unexpectedly dropped.

It meant the pound was able to take full advantage and allowed GBP/USD to hit an intraday high of $1.2815, the highest we have seen since the 8th June.

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Pound rising against the dollar

Today has seen the pound regain some lost ground against the dollar, with the currency pair so far rising over a cent.

During the course of the trading session the GBP/USD cross has risen from $1.2643 to $1.2746, after the latest UK inflation reading helped lift sterling across the board.

 

For the best dollar exchange rates click here.

Following last weeks shock UK election result the pound fell against all of its major counterparts, with GBP/USD dropping three cents to a two month low of $1.2632 on Friday afternoon.

However, today's inflation figure gave the pound a much need boost, with figures confirming inflation had risen to 2.9% against a forecast of 2.7%, increasing speculation the Bank of England will need to raise interest rates sooner rather than later.

 

GBP/USD graph

Attention will now move away from the UK's political uncertainty and Brexit negotiations for the time being, with markets and investors now focusing on tomorrow's Federal Reserve monetary policy announcement.

Over the past few weeks markets have been pricing in the Fed hiking rates this month, although recently there have been indications Janet Yellen & Co could hold fire because of the uncertainty surrounding President Trump.

If the Fed do not raise their benchmark interest rate tomorrow, it is likely we will see the dollar weaken, and the GBP/USD cross could push back above $1.28.

 

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A popular tool for clients with an upcoming transfer is a ‘Forward Contract’. This allows you to secure the current exchange rate for up to 2 years, by lodging 10% of the total you need to convert.

This protects you against the rate moving against you, and also allows you to budget effectively.

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Hung parliament causes the pound to fall.

Well that wasn't the outcome many had predicted.......

After a disastrous night for Theresa May in the polls, this morning we find the UK facing a hung parliament, and it has certainly taken the wind out of the pounds sails. 

 

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After the Tories fell short of a majority the pound has suffered across the board, with the GBP/USD cross falling over three cents since yesterday evening. Following the release of the exit polls at 10pm last night Sterling dropped two cents from $1.2950 to $1.2750, and as the results started to come through the pound continued to lose ground.

As the London session opened this morning the GBP/USD cross had fallen further, and a one point had slipped to $1.2639. However, we have seen a slightly recover over the past couple of hours with the cross climbing back above $1.27.

 

GBP/USD graph

What next for the pound?

A hung parliament is not ideal, especially with Brexit negotiations due to start on the 19th. It has created even more uncertainty and uncertainty is the one thing investors and the markets hate.

Unless a coalition is formed quickly it is possible the pound will fall even lower in the coming days. Theresa May will now be working franticly to try and put a deal together with another party, and in the last few minutes we are already starting to hear from the media that May has already struck a deal with the DUP.

The DUP currently hold ten seats and if a deal has been agreed, it will give Theresa May enough to carry on as Prime Minister.

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GBP/USD exchange rate hits fresh high

Earlier today we saw the GBP/USD cross climb to $1.2976, leaving the currency pair at its highest level since the 25th May. The pound rose across the board after a recent opinion poll showed Theresa May and the Conservatives were well on course for victory in today's UK election.

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However, with markets and investors still erring on the side of caution, Sterling has been unable to hold onto the gains and this afternoon had slipped back down to $1.2910, as you can see from the graph below.

GBP/USD graph

Could the pound climb higher?

If Theresa May wins the election with a large majority then it should give the pound a boost. A few weeks ago GBP/USD rose above $1.30 and if the Conservatives are successful, we could easily see the cross break that barrier again once the election result has been confirmed.

At the moment it is difficult to say how much the pound will rise, as a lot will depend on how much a Tory victory has already been priced into the market.

There is certainly room for improvement for the GBP/USD cross, but with the political uncertainty in the U.S. still hampering the dollar, the pound has only dropped around a cent against the greenback in the last three weeks compared to six cents against the euro.

If we do see the GBP/USD cross break $1.30 tomorrow, it will be interesting to see how long it lasts. Once the election is out of the way, focus will quickly turn back to the Brexit negotiations and we could see the pound come back under pressure once again.

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Sterling rises against the dollar but is unable to hold onto the gains.

The pound hit a two week high against the dollar this morning, with the currency pair hitting an intraday high of $1.2948.

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However, the GBP/USD cross has been unable to hold onto the gains and this afternoon found itself half a cent down, and is now trading at $1.2890.

 

GBP/USD graph

Why has the pound fallen?

With a lack of key data releases it looks as though sterling is still being weighed down by the uncertainty of Thursday's UK election.

At the moment the opinion polls are not providing us with a clear front-runner and it seems to be worrying investors and traders. We only need to look at the polls from yesterday to see how it is impacting the markets, with one poll suggesting and eleven percentage point lead for the Tories, while another released yesterday evening only gave the Conservatives a one point advantage.

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Pound recovers against the dollar

Following the tragic events in London over the weekend the pound lost ground across the board, with the GBP/USD cross slipping back to $1.2850.

 

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However, the pound has managed to bounce back over the course of today after the latest opinion poll showed the Conservative party holding an eleven percentage point lead over the Labour opposition.

As you can see from the graph below the pound has risen nearly a cent today after markets reacted positively to the latest opinion poll released by ICM. However, with only a few days until voting takes place we could easily see the pound come back under pressure.

GBP/USD graph

If we see other polls suggesting a tighter result as we get closer to Thursday, then the pound could continue to fall.

The result of the election could have very different effects on the value of Sterling. If the Conservatives win with the majority, it is likely we will see the GBP/USD cross push back towards $1.30.

However, if we wake up on Friday to a Labour victory or a hung parliament then the pound could go into free-fall, potentially leaving the GBP/USD cross at the levels we witnessed back in March ($1.2150).

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GBP/USD update and what could impact exchange rates today?

Yesterday afternoon saw the pound rise against the U.S. dollar with the currency pair climbing back above $1.29 to hit an intraday high of $1.2911. It meant the GBP/USD cross rose nearly a cent through Thursday's trading session, as investors looked past the results of the recent opinion polls and continued to side with Theresa May in the build up to next week's UK election.

For the best dollar exchange rates click here.

However, this morning has seen the pound edge lower against the dollar, with the cross giving up around half a cent, and is currently trading at $1.2860.

GBP/USD graph

Why has the pound fallen?

Despite rising yesterday, it would seem sterling is still being weighed down by political uncertainty. This morning saw the UK publish its latest Construction PMI figures, and even though the reading smashed forecasts (coming in at 56.00 against a prediction of 52.7) it has done very little to help strengthen the pound.

Today's Construction figures follow on from a positive Manufacturing PMI reading yesterday, and proves once again that economic data is having no impact on the UK currency at the moment.

What else could impact GBP/USD today?

This afternoon will see the U.S release their latest job report (also known as Non-Farm Payroll), and as regular readers will know the data can cause huge swings in the value of the dollar.

The report is almost impossible to predict as figures often deviate by tens of thousands from the predicted reading.

If the report is weaker than expected then we could see GBP/USD push back above $1.29 later today.

Are you thinking of buying or selling dollars?

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Pound recovers latest election poll

After a difficult morning the pound has surged against the dollar, with the GBP/USD cross rising over one per cent to hit an intraday high of $1.2915.

So what happened?

Overnight the pound dropped across the board after the latest poll from YouGov suggested we could see a hung parliament after next weeks UK election. Recent polls have shown the Labour party eating into the Conservatives lead, which stood at nearly 20 percentage points only one month ago.

For the best dollar exchange rates click here.

On the back of the report from YouGov markets started to panic and as the London trading session opened this morning the GBP/USD cross fell to $1.2774, the lowest we have seen the currency pair since the 18th April.

However, the pound started to rebound this afternoon after another poll was released and showed Theresa May was leading by ten percentage points, giving her party enough for a majority victory.

GBP/USD graph

What can we expect for GBP/USD over the next week?

The easy answer is more volatility. I am sure we are going to see polls released on a daily basis between now and the 8th June, and the results will cause the pounds value to fluctuate.

If the results of the polls continue to swing, it is likely we will see the pound come back under pressure, although if they all start to show a commanding lead for the Conservative party we could see the GBP/USD cross push back towards $1.30.

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The pound loses ground after weaker data.

It's been a mixed day for the GBP/USD cross. The currency pair started the day well, edging back towards $1.30 following the releases of the Federal Reserve meeting minutes last night.

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The minutes showed that the Fed's policymakers had agreed they should keep interest rates at their current level due to the recent economic slowdown, reducing the chances of another rate hike next month.

As you can see from the graph below the pound rose steadily overnight and opened this morning's London session around $1.30, however the GBP/USD cross was unable to hold onto the gains and within a couple of hours had fallen over half a cent.

GBP/USD graph

Why did the pound fall?

 

Sterling lost ground after the Office for National Statistics stated the UK economy grew slower in the first quarter than initially thought, with the second GDP estimate being revised down from 0.3% to 0.2%. 

Do you have a requirement to buy or sell dollars?

If you have an upcoming requirement to buy dollars and want to ensure you are making the most of your transfer, contact me today for a free consultation.

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

A popular tool for clients with an upcoming transfer is a ‘Forward Contract’. This allows you to secure the current exchange rate for up to 2 years, by lodging 10% of the total you need to convert.

This protects you against the rate moving against you, and also allows you to budget effectively.

We also offer significantly better exchange rates than high street banks offer, meaning you could save thousands on your currency exchange.

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Pound dollar update and forecasts

Following last night's tragic events in Manchester, the pound dropped around half a cent against the dollar and opened this mornings London session at $1.2959.

The pound also suffered after concerns over the Conservatives Party's campaign for Junes election began to mount.

For the best dollar exchange rates click here.

Weekend polls showed that Labour are beginning to gain ground against the Conservatives, halving Theresa Mays lead. With the polls narrowing Theresa May has been forced to backtrack on one of her main pledges (increasing the amount the elderly pay for social care) as it was seen as alienating a key section of Conservative voters.

GBP/USD graph

However, this afternoon saw the pound recover the lost ground, with the GBP/USD cross rising over half a per cent, to hit a session high of $1.3030.

What can we expect over the next couple of week's.

With the political uncertainty in the States, the upcoming UK elections and Brexit negotiations we could be set for a volatile few weeks for the pound and dollar.

The GBP/USD cross seems to have settled around the $1.30 mark, but if the dollar continues to suffer at the hands of Donald Trump and the Federal Reserve decided against another rate hike next month, then the currency pair could rise another couple of per cent, pushing rates up towards $1.33.

On the other hand, if Labour continue to fight back in the polls and the Brexit negotiations don't go smoothly, we could easily see GBP/USD slip back towards $1.25.

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GBP/USD still above $1.30....Will it last?

The pound has risen over half a cent against the dollar today, pushing the currency pair back above $1.30. The GBP/USD cross hit an intraday high of $1.3040 before slipping back, as you can see from the graph below.

GBP/USD graph

Over the past week the dollar has lost ground against most of the other major currencies, largely down to the political turmoil currently surrounding President Donald Trump. Despite the possibility of another interest rate hike from the U.S. Federal Reserve next month, the dollar is struggling to find any real momentum, and this has been highlighted in the gains we have seen for the GBP/USD cross.

For the best dollar exchange rates click here.

Since the middle of March the pound has risen around 7.5% against the dollar, leaving the cross close to the highest levels we have seen since the 22nd September 2016.

Investors and market players are growing increasingly concerned about Trump following last weeks leaked memo and talk of the President discussing classified information with the Russian foreign minister. There has been mounting speculation about impeachment and if that kind of talk continues then the dollar is likely to remain under pressure for the foreseeable future.

The dollar has given up all of the gains it made following Trumps election victory, and even the uncertainty over the upcoming Brexit negotiations are having little impact on value of the GBP/USD cross.

However, that's not to say the pound will continue to rise over the next few months. Over the past week sterling has lost ground against nearly all of the other majors, so it is safe to say the recent revival is mainly down to dollar weakness rather than sterling strength.

Should I buy dollars now?

If you are thinking of buying dollars in the coming weeks, I think it is worth taking advantage of the recent and unexpected gains. Converting £200,000 into dollars today, will achieve you around $18,000 more than it did two months ago, and if the Brexit negotiations suddenly have an impact we could easily see GBP/USD drop back down to $1.25.

 

Contact me today if you are looking to buy dollars.

If you have an upcoming requirement to buy dollars and want to take advantage of the best exchange rate for nearly eight months, contact me today for a free consultation.

A popular tool for clients with an upcoming transfer is a ‘Forward Contract’. This allows you to secure the current exchange rate for up to 2 years, by lodging 10% of the total you need to convert.

This protects you against the rate moving against you, and also allows you to budget effectively.

We also offer significantly better exchange rates than high street banks offer, meaning you could save thousands on your currency exchange.

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GBP/USD finally breaks $1.30....Will it keep going?

In the last few minutes the GBP/USD cross has broken through the $1.30 barrier for the first time since 22nd September, with the currency pair currently sitting at $1.3043.

For the best dollar exchange rate click here.

The pound has risen across the board this morning after the latest UK retail sales figures came in much higher than forecast.

Markets were expecting an improvement after last month's reading came in at -1.8%, with forecasts suggesting sales will increase by 1.2%. However, the actual retail sales reading (produced by the Office for National Statistics) smashed the predictions, coming in at a whopping 2.3%.

As you can see from the graph below, the data which was released at 0930 BST has given the pound an immediate boost and will come as welcome news for dollar buyers, who have endured a torrid time since the referendum result in June.

GBP/USD graph

This latest move adds to the gains we have seen for the GBP/USD cross, and since mid-March the currency pair has now risen almost 7.5%.

We will have to see if the pound can hold onto the gains this morning, as often a sudden spike can lead to some profit taking by investors. But if the dollar continues to lose ground at the hands of Donald Trump and the UK economy keeps producing positive economic data we could see the GBP/USD cross keep rising now that it has broken through the latest level of resistance.

Contact me today if you are looking to buy dollars.

If you have an upcoming requirement to buy dollars and want to take advantage of the best exchange rate for nearly eight months, contact me today for a free consultation.

A popular tool for clients with an upcoming transfer is a ‘Forward Contract’. This allows you to secure the current exchange rate for up to 2 years, by lodging 10% of the total you need to convert.

This protects you against the rate moving against you, and also allows you to budget effectively.

We also offer significantly better exchange rates than high street banks offer, meaning you could save thousands on your currency exchange. 

 

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Dollar hit after memo leak.

The U.S. dollar lost ground against a basket of currencies today, as once again President Trump hit the headlines for all the wrong reasons.

For the best dollar exchange rates click here.

It has been a week to forget for Donald Trump. Following the sacking of FBI director James Comey and reports of the President disclosing sensitive information to the Russian foreign minister, markets were rocked again today by news of leaked memo from the former FBI director.

The memo stated that Trump had asked Mr Comey to end the FBI's investigation into ties between Russia and the former National Security Advisor Michael Flynn during a meeting in February.

As the media broke the news the dollar immediately lost ground, with safe-haven currencies like the Japanese Yen and Swiss Franc rising in value.

The pound was also able to take advantage of a weakening dollar, with the GBP/USD cross rising to $1.29855 the highest we have seen the pair since the 28th September.

GBP/USD graph

This latest scandal (although not proved), has increased speculation that Trump could be facing impeachment, with certain circles now saying it is unlikely the President will see out his first term.

The U.S. dollar has now given up all of the gains it made following Trumps election, and represents an excellent opportunity for those of you looking at buying the greenback.

Are you looking to buy dollars?

If you have an upcoming requirement to buy or sell dollars in the coming weeks or months and want to ensure you are making the most from your transfer, contact us today for a free consultation.

As specialists in currency exchange we have a range of tools available to help protect you against adverse market movements, or target a rate that might not be currently available.

We also offer significantly better exchange rates than high street banks offer, meaning you could save thousands on your currency exchange.

Click here to complete the contact form.

Pound/dollar exchange rate update

It has been a mixed day for the GBP/USD cross, with the currency pair bouncing between $1.2950 and $1.2870.

For the best dollar exchange rates click here.

This morning saw the pound take full advantage of the latest news surrounding President Donald Trump, with the GBP/USD cross rising around half a per cent.

GBP/USD graph

Media reports stated that President Trump had disclosed sensitive data during a meeting with the Russian foreign minister last week, something the White House quickly dubbed as fake news.

Fears within the market are starting to mount that Trump may not see out his first term, and it is starting to impact the value of the dollar.

Since Trump won the election in November the dollar's value has soared, after he promised to boost economic growth and cut taxes. However, since taking office Trump has been unable to deliver any of his major campaign promises, and if he continues to make the headlines for the wrong reasons we could easily see the dollar give up even more ground.

Inflation hurting the pound

As you can see from the graph above, the pound suffered a sudden drop this morning after the latest UK inflation figures were released.

Figures produced by the Office for National Statistics showed inflation had risen to 2.7%, up from 2.3% last month.

A rising inflation reading would usually help strengthen a currency, but with the Bank of England set to let inflation continue to sit above their 2% target, and an interest rate hike unlikely to come during the Brexit negotiations, the pound fell against a basket of currencies.

Contact me today if you are looking to buy dollars.

If you have an upcoming requirement to buy dollars and want to take advantage of the best exchange rate for seven months, contact me today for a free consultation.

A popular tool for clients with an upcoming transfer is a ‘Forward Contract’. This allows you to secure the current exchange rate for up to 2 years, by lodging 10% of the total you need to convert.

This protects you against the rate moving against you, and also allows you to budget effectively.

We also offer significantly better exchange rates than high street banks offer, meaning you could save thousands on your currency exchange.

Click here to complete the contact form.

GBP/USD exchange rate rises again.

It has been a positive day for the GBP/USD cross, with the rate of exchange climbing back above $1.29, hitting an intraday high of $1.2939.

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For once the move was not down to a political statement or a single piece of economic data, but what seems like a shift in confidence.

GBP/USD graph

The pound benefitted from figures that showed investors and market players had reduced their bets against the currency by the most in over a year.

Since the result of Junes referendum there has been a grey cloud hanging over the pound, as concerns rose over how the UK economy will be effected after the country's exit from the European Union.

However, with the economy still showing its resilient side and Theresa May's decision to hold a general election on the 8th June, the storm now seems to be passing and the pound is suddenly back in favour.

Do you need to buy or sell dollars?

If you have an upcoming requirement to buy or sell dollars in the coming weeks or months and want to ensure you are making the most from your transfer, contact us today for a free consultation.

As specialists in currency exchange we have a range of tools available to help protect you against adverse market movements, or target a rate that might not be currently available.

We also offer significantly better exchange rates than high street banks offer, meaning you could save thousands on your currency exchange.

Click here to complete the contact form.

GBP/USD exchange rate falls around a cent.

The pound has lost ground this afternoon, with the GBP/USD cross falling around a cent after the latest Bank of England (BoE) interest rate decision and inflation report.

 

For the best GBP/USD exchange rate click here.

The currency pair opened today's session around $1.2950 but shortly after the announcement from the UK's central bank sterling/dollar hit an intraday low of $1.2852.

GBP/USD graph

Why did the pound weaken?

As expected Governor Mark Carney and the Monetary Policy Committee kept interest rates on hold at 0.25%.

However, Mr Carney remained cautious by stating we could see a squeeze on consumer spending over the course of 2017 because of inflation rising and wages falling.

He said, this year will be "a challenging time for UK households" and that "wages will not keep up with rising prices".

Those comments won't have helped the pound, but it was the fact the Bank of England cut its economic growth forecast for 2017 from 2% to 1.9% that dented the pounds value.

Are you looking to buy or sell dollars?

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, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange I have a range of tools at my disposal to help you maximise your return or protect you against adverse market movements.

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

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GBP/USD exchange rate pushes back towards $1.30

The GBP/USD cross has risen overnight with the currency pair within touching distance of $1.30 this morning.

The move is not down to sterling strength but dollar weakness, after President Donald Trump shocked Washington and the markets by firing FBI director James Comey.

For the best dollar exchange rates click here.

Mr Comey, who had been leading the FBI's investigation into Russia's alleged involvement into last year's presidential election has been relieved of his duties with immediate effect.

The surprise announcement from Trump has already caused Democrats to accuse the President of having political motives and fuelled speculation of a possible cover-up.

GBP/USD graph

Could GBP/USD break $1.30 today?

We could easily see the GBP/USD cross edge higher over the course of today. In my opinion the dollar could weaken further once the U.S. markets open in a few hours' time. The announcement happened late last night so may not be fully priced into the value of the U.S. dollar.

The GBP/USD cross has come close to breaking the $1.30 barrier on a few occasions over the last week, but uncertainty over the UK's exit from the European Union has always limited the gains.

However, the unexpected news from the States could be the catalyst for the currency pair to climb above $1.30 for the first time since the 27th September.

Do you need to buy or sell dollars?

If you have an upcoming requirement to buy or sell dollars in the coming weeks or months and want to ensure you are making the most from your transfer, contact us today for a free consultation.

As specialists in currency exchange we have a range of tools available to help protect you against adverse market movements, or target a rate that might not be currently available.

We also offer significantly better exchange rates than high street banks offer, meaning you could save thousands on your currency exchange.

Click here to compete the contact form.

 

GBP/USD exchange rate update

The GBP/USD cross has fallen slightly over the course of today, with the currency pair now trading just above $1.29.

For the best dollar exchange rates click here.

The exchange rate has dropped after the dollar regained some of the ground it lost following Emmanuel Macrons victory in the French elections on Sunday.

As you can see from the graph below the pound has lost around half a cent, but as things stand it is still an excellent time to purchase dollars.

GBP/USD graph

As I mentioned in my post yesterday the GBP/USD cross hit a fresh seven month high on Sunday evening, and even though the pound has edged lower today, exchange rates are still around 6.5% higher than they were in March.

What could happen over the next few days?

We have no major data announcements coming out of the UK today or tomorrow, so any movement for the GBP/USD cross is likely to stem from U.S.

In my opinion I think we will continue to see GBP/USD bounce between $1.29 and $1.2975 until the Bank of England's inflation report and interest rate decision on Thursday.

If the Bank of England hint at a rate hike, then we could see GBP/USD break $1.30. However, we could easily see the central bank cut their growth forecasts, which would see the pound give up some of the gains we have seen over the past few weeks.

 

Are you looking to buy or sell dollars?

If you have an upcoming requirement to buy dollars and want to ensure you are making the most from your transfer, contact us today for a free consultation.

As specialists in currency exchange we have a range of tools available to help protect you against adverse market movements, or target a rate that might not be currently available.

We also offer significantly better exchange rates than high street banks offer, meaning you could save thousands on your currency exchange.
 

Click here to make an enquiry.

Will the GBP/USD exchange rate climb above $1.30

Following Emmanuel Macron's victory in yesterday's French elections, the European markets have received a welcome boost, with the GBP/USD cross coming close to hitting $1.30.

 

For the best dollar exchange rates click here.

As you can see from the graph below the GBP/USD cross has been climbing steadily since the middle of March, with the currency pair rising over seven per cent, hitting a fresh seven month high of $1.2990 yesterday evening.

GBP/USD graph

The rise we have seen over the past few weeks makes excellent reading for those of you looking at purchasing dollars. If we look at the move in monetary terms, converting £250,000 into U.S. dollars this morning will now achieve you around $21,200 more compared to the same transfer on the 14th March.

 

But will the GBP/USD exchange rate climb even higher?

As I mentioned last week we are now in an excellent position for the GBP/USD cross to break $1.30. The UK economy is still performing well and with the Conservatives taking victory in last week's local elections, the pound is certainly in a better place than it was two months ago.

Attention will now turn to the Bank of England and their meeting on Thursday. After last week's positive Manufacturing, Construction and Services PMI readings, investors will hoping the Monetary Policy Committee (MPC) maintain their hawkish stance.

Last month one member of the MPC voted to increase interest rates in the UK, and if the number increases to two or three members on Thursday, we could easily see the pounds value rise across the board.

However, with the uncertainty over how Brexit will impact the UK economy still lingering, any gains for the pound could well be limited during official negotiations.

 

Contact me today if you are looking to buy dollars.

If you have an upcoming requirement to buy dollars and want to take advantage of the best exchange rate for seven months, contact me today for a free consultation.

A popular tool for clients with an upcoming transfer is a ‘Forward Contract’. This allows you to secure the current exchange rate for up to 2 years, by lodging 10% of the total you need to convert.

This protects you against the rate moving against you, and also allows you to budget effectively.

We also offer significantly better exchange rates than high street banks offer, meaning you could save thousands on your currency exchange.
 

Click here to complete the contact form

The pound rises against the dollar despite positve U.S. job report.

In the last few minutes (1330 BST) the U.S. have just released their latest jobs report, and despite the reading coming in higher than forecast the GBP/USD cross has started to rise to come within touching distance of its highest level for over 6 months.

For the best dollar exchange rates click here.

As you can see from the graph below the GBP/USD exchange rate climbed to reach $1.2955, and after an excellent week of economic data from the UK, the pound has now completely wiped out the gains made by the dollar following Wednesday's Federal Reserve announcement.

GBP/USD chart

Why has the dollar weakened after a positive jobs report?

The dollar is often seen as a safe-haven currency and in times of uncertainty investors will head to the U.S. for extra security.

However, if the U.S. produce a strong piece of economic data investors will sometimes sell off the dollar and head towards riskier assets (such as the pound and euro), which is exactly what we have seen since the job report.

Contact me today if you are looking to buy dollars.

If you have an upcoming requirement to buy dollars and want to take advantage of the best exchange rate for nearly six months, contact me today for a free consultation.

A popular tool for clients with an upcoming transfer is a ‘Forward Contract’. This allows you to secure the current exchange rate for up to 2 years, by lodging 10% of the total you need to convert.

This protects you against the rate moving against you, and also allows you to budget effectively.

We also offer significantly better exchange rates than high street banks offer, meaning you could save thousands on your currency exchange.

Click here to complete the contact form.