The pound rises 1.3.% against the U.S dollar

The U.S. dollar has dropped across the board during today's trading session, allowing the pound and euro to make some significant advances.

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GBP/USD has risen over a cent and a half today, despite the UK posting weaker than forecast consumer credit figures. Figures released by the Bank of England confirmed that consumers had slowed the pace of their borrowing in December, the first decline for nearly five months and caused the pound/dollar exchange rate to fall from $1.25 to $1.2425.

However, sterling's fortunes quickly changed as the dollar began to lose ground just before midday, after an advisor to President Trump added to speculation the new administration are attempting to  devalue its currency.

Comments by the head of the National Trade Council Peter Navarro, suggested that Germany were benefiting from a undervalued euro and that they were exploiting their trading partners, and that the euro was a German currency in disguise.

As you can see from the graph below the dollar immediately started to fall as the news broke, with GBP/USD rising to an intraday high of $1.2586.

GBP/USD graph.

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The pound heading back towards $1.25 against the dollar

The pound has been edging lower against the dollar over the course of today, with the GBP/USD cross giving up over a cent since midnight.

 

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This morning saw the currency pair fall from $1.26 to $1.2494, despite investors dumping the dollar as fears continue to mount over President Trump's new immigration policy, and the risks his protectionist views may pose for the U.S. economy.

GBP/USD graph

So why has the pound fallen against the dollar?

 

It would seem the uncertainty surrounding the upcoming Brexit negotiations and the triggering of Article 50 are still weighing heavily on the pound.

Investors will also be looking ahead to Thursday's Bank of England meeting. Although we are not expecting any major surprises from Mark Carney and the Monetary Policy Committee, markets will be erring on the side of caution as they wait for the latest inflation are growth forecasts.

It is widely expected that Mark Carney will announce the UK central bank will revise up its short-term inflation and growth forecasts, as the UK economy has continued to perform well since the referendum result in June, which if happens could see the pound claw back some of the ground it has lost during today's trading session.

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Pound/dollar still on the rise.

This morning has seen the pound continue to rise against the U.S. dollar, with the GBP/USD cross breaking through the $1.26 barrier for the first time since the 14th December.

The pound has risen to a fresh six week against the greenback as investors hope that Theresa May's meeting with President Trump on Friday, could lead to a quick trade deal with the U.S.

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A better than expected UK GDP reading for quarter four has also helped the pound, with the reading coming in at 0.6% against the forecast level of 0.5%. The data is also great news for the UK as it shows the economy is still growing despite all of the negative talk of Brexit.

The move we have seen for GBP/USD over the past ten days has been nothing short of remarkable. Last Monday the currency pair was hovering around its lowest levels for nearly thirty-two years. However, in just over a week the pound has risen nearly six per cent, with exchange rates climbing from $1.1990 to $1.2672.

To put the move in monetary terms, purchasing $300,000 this morning would cost you around £13,500 less than it would have done on the 16th January.

 

GBP/USD ten day graph

 

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

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The pound keeps rising against the dollar

Since my post yesterday morning the pound has risen another half a cent against the dollar, with the GBP/USD cross hitting $1.2596, the highest we have seen the currency pair since 15th December.

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The latest move means the pound has now climbed nearly five per cent against the dollar since the start of last week, and will come as welcome news for those of you purchasing the greenback after the GBP/USD cross was down at a thirty-two year low on the 16th January.

GBP/USD graph

 

Why has the pound/dollar exchange rate risen?

It's a mixture of sterling strength and dollar weakness. The pound has been clawing back some ground after UK Prime Minister Theresa May delivered her twelve point plan for Brexit, while the dollar has been falling as markets become increasingly concerned over U.S. President Donald Trump.

Even though Theresa May has announced that Britain will give up its access to the single market, her speech last week helped provide some clarity over what the government are looking to achieve. It has removed some of the uncertainty for investors and as a result has helped the pound stabilise across the board.

Meanwhile, after months of gains it looks as though the dollar is running out of steam. The dollar's value has soared in recent months, after President Trump promised to boost growth in the U.S. by cutting taxes and increasing fiscal spending.

However, fears are now starting to mount over Trumps protectionist views, which if continue could see the dollar come under even more pressure in the coming weeks.

 

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

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GBP/USD exchange rate update...Trump, Brexit and Supreme Court

Last night saw the dollar continue to weaken, which helped push the GBP/USD cross to a fresh seven week high of $1.2543. However, the gains have been short-lived as the Supreme Court ruling has caused the pound to lose ground, pushing the cross back towards $1.2450.

GBP/USD graph

Why is the dollar weakening?

The dollar is starting to feel the effect of President Trump's administration. For the second consecutive day the U.S. dollar has fallen during the Asian trading session as markets become more and more concerned about Trumps protectionist views.

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Since Trump won the election in November the dollar's value has soared, after he promised to increase fiscal spending and cut taxes in order to boost the U.S. economy.

However, so far he has failed to provide any major insight into those plans, and is currently focusing on renegotiating existing trade deals. He has already withdrawn from the Trans-Pacific Partnership (TPP) which is a twelve nation trade deal, and investors are now concerned Trumps protectionism could do more harm than good for the U.S. economy.

Supreme Court ruling

In the last half an hour the Supreme Court have announced that they will uphold the decision made by the High Court in November.

The Supreme Court confirmed parliament must vote before Article 50 can be triggered and the news has seen the pound give up some of the gains it has made since yesterday afternoon.

Many within the market were expecting the pound to rise if the government lost its appeal, and is one of the reasons why the pound has been rising over the past few days. However, parliament have already said they will not block Theresa May plans, which means today's announcement has very little impact, and has actually caused the pound to give up some of the ground it has recently made.

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

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GBP/USD heading back towards $1.25

Today has seen the pound rise against the U.S. dollar, with the GBP/USD cross pushing towards $1.25 and leaving the currency pair at its highest level since 15th December.

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Since yesterday evening the pound a risen over one per cent against the dollar, mainly down to investors moving away from the greenback as they wait to hear details about President Trump's policies.

GBP/USD graph

With markets unsure about the impact Trump's administration will have on the U.S. economy, the dollar may struggle to hold onto the gains it has made over the past couple of months.

The dollar's value has surged since Trump won the election, as he promised to boost growth by cutting taxes and increasing fiscal spending. However, the President is now seems to be concentrating on renegotiating existing trade agreements and withdrawing from the Trans-Pacific Partnership (TPP) altogether.

Coupled with his on-going war with the media, investors and traders are now bracing themselves for a rocky few months, and could result in the dollar losing even more ground.

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

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The pound dips after weak retail sales reading.

Since my post yesterday we have seen a one cent swing for the GBP/USD cross, with the currency pair bouncing between $1.2275 and $1.2375.

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Overnight the dollar fell as markets waited in anticipation for President-elect Donald Trump to be sworn in later on today, weakening the dollar and helping to push GBP/USD back to $1.2375.

However, the pound has been unable to hold onto the ground it has made, after weaker than forecast UK retail sales figures were released this morning.

Figures released by the Office for National Statistics (ONS) showed that retail sales had fallen by 1.9% in December, the biggest monthly drop for over four and a half years.

The data release had an immediate impact on the value of the pound, and with sterling tumbling across the board the GBP/USD cross now finds itself trading $1.2270.

GBP/USD chart.

 

 

 

With Donald Trump set to become the 45th President of the United States this afternoon, we could see some heightened volatility in the currency markets over the course of the day.

 

As I have mentioned before investors are concerned about what Trumps presidency will actually mean for the U.S. economy. If he fails to deliver his promise to cut taxes and increase fiscal spending, it could prevent the Federal Reserve from hiking interest rates and we could see the dollar weaken across the board.

 

Do you need to buy or sell dollars?

 

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

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Dollar gains after Fed comments

The GBP/USD cross dipped back into the $1.22's last night after Fed Chair Janet delivered a speech on the Federal Reserve's plans for future monetary policy.

Speaking at the Commonwealth Club in San Francisco, Yellen promised a "few" interest rate rises in 2017 and that the hikes could come quickly.

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Although her latest comments are nothing new (Yellen stated the U.S. central bank could look to increase its benchmark rate three times this year when they raised rates last month), the promise of further action helped the U.S. dollar put an end to its worst run in almost five months.

Her announcement caused the dollar to surge across the board, pushing the GBP/USD cross down to a low of $1.2260, leaving the currency pair almost 1.3 per cent down from the highs of $1.2414 we witnessed on Tuesday evening.

GBP/USD the week so far.

What does it mean for you?

This has been one of the most volatile weeks we have seen for some time, so with that in mind I thought it would be worth looking at the move of pound/dollar in monetary terms.

Over the last four days the difference between the lows and the highs for the GBP/USD cross currently stands at 3.5 per cent. If you were converting £300,000 into dollars, that's a difference of nearly $13,000 and shows how quickly things can change in the currency markets.

What next?

In the medium to long-term, Brexit is going to continue to have an impact on the value of the pound. Although Theresa May's speech this week has provided the markets with some clarity, there is still a long way to go until a deal is struck and things return to some kind of normality.

In the short-term, Donald Trump's Presidency could cause some waves in the currency markets. Investors are still unsure about what his Presidency will actually do to the U.S. economy, and if he fails to deliver on his promises then we could see the dollar weaken.

Do you need to buy or sell dollars?

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

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Pound/dollar slips back to $1.23 after surging yesterday.

After the rise we saw yesterday, which ended with the pound gaining around four cents against the dollar, the GBP/USD cross has dipped throughout the day's trading session with the currency pair now trading just above $1.23.

 

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Following UK Prime Minister Theresa May's speech yesterday the value of sterling soared, with the pound clawing back some of the ground it had lost over past few weeks. May's promise to hold a parliamentary vote on any Brexit deal had given investors some much need confidence. However with the future of UK economy still a concern, we are already starting to see the pound give up some of the gains.

GBP/USD graph.

What can we expect next for the pound?

The easiest answer is more volatility. Although Theresa May's twelve point plan has provided some clarity on the government's plans, I still expect the pound to remain under pressure for the foreseeable future.

We are still waiting for Article 50 to be invoked in order for official divorce proceedings to begin, and it could then take years of negotiating before any type of deal is struck. Theresa May has already stated that she will not provide a running commentary on how negotiations are going, and I think that will continue cause some uncertainty and will stop the pound making any significant ground against the dollar.

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 about the impact Brexit negotiations will have on your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, not only can I help you get the best possible exchange rate, I can also look to help you with the timing of your transfer to maximise the return.

As you know the currency markets are impossible to predict and can change in the blink of an eye, but by having an expert like myself on your side you could potentially make or save you thousands of pounds.

I have a range of tools at my disposal, all designed to protect you against adverse market movements and help you budget efficiently. For more information about the range of tools available or to find out what rate of exchange I can offer, use the link below to complete the contact form.

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The pound surges after May speech

The pound is currently surging against the dollar, with the GBP/USD cross now trading over two per cent higher than when markets opened this morning.

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As you can see from the graph below, the currency pair has risen over three cents since last night, meaning the pound has just had its biggest intraday gain against the U.S. dollar since 2008.

GBP/USD graph

Why has the pound risen?

Sterling has climbed across the board, following UK Prime Minister Theresa Mays eagerly awaited speech regarding her plans for Britain's exit from the European Union.

May outlined a twelve point plan, but it was her promise to hold a parliamentary vote on Britain's deal to leave the EU, and that she would look to stay as a key European partner, that have given investors some much needed confidence.

The pound has been in free-fall over the past few weeks, losing around six per cent against the dollar since the start of December,

The fall was largely down to Theresa May stating that she would give up access to the single market, and she maintained her stance this afternoon by saying the UK "cannot possibly" remain with the European single market, as it would mean "not leaving at all".

However, May said she would push for the "greatest possible" access to the single market following the country's exit from the Union.

Do you need to buy or sell dollars?

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

As a specialist in currency exchange, not only can I help you get the best possible exchange rate, I can also look to help you with the timing of your transfer to help you maximise the return.

As you know the currency markets are impossible to predict and can change in the blink of an eye, but by having an expert on your side you could potentially make or save you thousands of pounds.

I have a range of tools at my disposal, all designed to protect you against adverse market movements and help you budget efficiently. For more information about the range of tools available or to find out what rate of exchange I can offer, use the link below to complete the contact form.

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GBP/USD exchange rate close to its lowest level for thirty-two years.

Today has seen the GBP/USD cross fall below $1.20 for the first time since Octobers flash crash, adding to the losses we witnessed last week.

 

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The move this morning means the pound has now lost around six per cent against the U.S. dollar since the beginning of December, and leaves the currency pair within touching distance of the lowest levels we have witnessed for nearly thirty-two years.

 

GBP/USD graph

 

Why has the pound fallen again?

The pounds value has been hit as concerns continue to mount ahead of Prime Minster Theresa Mays speech tomorrow. It is widely expected that May announce the UK is heading towards a "hard Brexit", which will see Britain give up its access to the single market.

Giving up access to the single market is a major concern for investors, as it could damage the immediate future of the UK economy, and those fears will have increased after Finance Minister Phillip Hammonds comments over the weekend.

In an interview with a German newspaper Hammond said "If we have no access to the European market, and Britain were to leave the European Union without an agreement on market access, then we could suffer from economic damage at least in the short term,"

 

Do you need to buy or sell dollars?

As a specialist in currency exchange, not only can I help you get the best possible exchange rate, I can also look to help you with the timing of your transfer to help you maximise the return.

As you know the currency markets are impossible to predict and can change in the blink of an eye, but by having an expert on your side you could potentially make or save you thousands of pounds.

I have a range of tools at my disposal, all designed to protect you against adverse market movements and help you budget efficiently. For more information about the range of tools available or to find out what rate of exchange I can offer, use the link below to complete the contact form for a free, no-obligation currency consultation.

 

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GBP/USD exchange rate falls again

Since my post yesterday the pound has been falling across the board, giving up most of the ground it made against the dollar during Thursday's trading session.

For the best GBP/USD exchange rates click here.

After climbing to almost $1.23 yesterday afternoon, the GBP/USD cross now finds itself trading just above $1.21, after talk of a "hard Brexit" has once again hurt the value of the pound.

GBP/USD graph

Why has the pound fallen?

The pound started to slip after a spokesperson announced that Prime Minister Theresa May will deliver a speech next week, which will set out her plans for Britain leaving the European Union.

Following her comments last Sunday, investors are expecting May to push ahead with a hard approach to negotiations, which could see her give up the UK's access to the single market in order to focus on immigration controls.

What can we expect over the next couple of months?

I think the one thing we can be certain of over the next few months is uncertainty. We have seen a two per cent swing in the value of the GBP/USD cross this week and I expect we will continue to see the currency pair move in a similar fashion until negotiations have finished.

If you are looking to buy or sell dollars in the weeks 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 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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Pound/dollar exchange rate climbs over two per cent.

Today has seen the pound claw back around two per cent against the U.S. dollar, with the currency pair rising from $1.2046 to its current level of $1.2280.

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After plummeting to levels not witnessed for over 31 years during Wednesday's trading session (not including Octobers flash crash), the GBP/USD cross has been rising on the back of Donald Trumps press conference yesterday afternoon.

GBP/USD graph

Markets had been waiting in anticipation for Trumps first press conference since winning the Presidential election, where it was expected that he would take the opportunity to lay out his plans for fiscal spending and taxes cuts.

The dollars value has surged since Trumps surprise victory on the 8th November, but with the President-elect providing very little in terms of future economic policy at yesterdays conference, the dollar has given up some of those gains and given some much needed breathing space to the pound and euro.

 

Could the dollar fall further?

Potentially yes...As I mentioned in my post yesterday part of the reason the Federal Reserve announced a potential three additional rate hikes in 2017 was try and combat Trumps plans which could boost growth and increase inflation.

However, if Trump fails to deliver, it could mean the Federal Reserve hold back from hiking rates and if that happens it could for investors to pull out of the dollar, which in turn will weaken the currency.

 

Do you need to buy or sell dollars?

If you are looking to buy or sell dollars in the weeks 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 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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Need to sell dollars? Rates are now at a near 31 year low.

Today has seen the pound lose more ground against the U.S. dollar, with the GBP/USD cross falling to its lowest levels since October and leaves the currency pair within touching distance of a fresh 31-year low.

 

For the best GBP/USD exchange rate click here.

In the last four weeks the pound has lost over five per cent against its U.S. counterpart, with exchange rates dropping from above $1.27 in December to $1.2046 this afternoon (mid-market).

Talk of the UK’s exit from the European Union has been weighing heavily on the pound in recent weeks, but after Prime Minister Theresa May’s comments on Sunday, have we now seen the worst for the pound?

Following May’s comments at the weekend, it would seem markets have now priced in the UK giving up its access to the single market in order to focus on the immigration controls that many of the ‘leave’ voters crave. So, if markets have priced in the worst case scenario, we may have just witnessed the GBP/USD cross hitting rock bottom.

 

GBP/USD three month graph

 

The Trump effect.

We also have to remember what is happening over in the U.S. The dollar’s value surged in 2016, with President-elect Donald Trump promising to cut taxes and increase spending in order to boost the U.S. economy. The dollar was also helped after the Federal Reserve raised interest rates last month and hinted at a possible three additional hikes in 2017.

However, markets are now starting to become extremely cautious about what Trumps presidency will actually mean for U.S. economy. If he fails to deliver on his promises, it could prevent the Fed Chair Janet Yellen from hiking rates in the foreseeable future therefore, we could start to see the dollar lose some of the recent gains it has made.

 

Do you have an upcoming requirement to buy or sell dollars?

If you are looking to buy or sell dollars in the weeks 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 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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The dollar starts to weaken

This morning has seen the U.S. dollar nudge lower across the board, and  has allowed the GBP/USD exchange rate to stabilise, putting an end to the decline we witnessed yesterday which saw the currency pair fall around 1.5%.

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Following UK Prime Minister Theresa May's comments on Sunday, the pound went into free-fall throughout yesterday's session as investor concerns mounted over the prospect of a "Hard Brexit", pushing the GBP/USD cross down to the low $1.21's.

GBP/USD graph

It looked as though yesterday's trend would continue into today. However, investors and traders are now starting to turn their attention back to the U.S. and President-elect Donald Trump.

Trump is due to hold a press conference tomorrow and markets are becoming more and more nervous about his plans once he gets into office.

His promise to cut taxes and increase spending in order to boost growth, could have a huge impact on the future actions of the Federal Reserve. Any hints about these policies from Trump tomorrow could have an immediate impact on the value of the dollar, so we could see some heightened volatility.

Do you have an upcoming requirement to buy or sell dollars?

If you are looking to buy or sell dollars in the weeks 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 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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Pound/dollar exchange rate falls back to $1.21.

This morning has seen the pound fall to its lowest levels against the dollar since 28th October 2016, after UK Prime Minster Theresa Mays first interview of 2017.

 

For the best GBP/USD exchange rates click here.  

Speaking to Sky News, May indicated that she will push ahead with a "Hard Brexit" by stating the UK will not be looking to hang onto "bits of EU membership".

She went on to say that: "We are leaving. We are coming out. We are not going to be a member of the EU any longer. We will be able to have control of our borders, control of our laws".

Her comments have shattered investor confidence and have caused the pound fall across the board, with the GBP/USD cross dropping to $1.2128 during the early part of this mornings session.

GBP/USD graph.

Since the beginning of November, the pound had been clawing back some of the ground it had lost after Britain voted to leave the European Union. Talk of a transitional deal and a softer approach to negotiations had boosted investors' confidence, and saw the GBP/USD cross rise to $1.2713 by the middle of December.

However, in the space of three weeks sterling has lost nearly 4.5 per cent against the dollar and after May comments yesterday, I think it will be difficult for the pound to recover in the short-term.

We are now in touching distance of the levels we witnessed during the flash crash in October and we could easily see the GBP/USD cross test the $1.20 barrier in the coming weeks.

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 about the impact Brexit negotiations will have on your transfer, contact me today for a free, no-obligation currency consultation.

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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Pound/dollar exchange rate falls back to $1.23

The dollar has staged a mini recovery this afternoon, despite the U.S. Non-Farm payroll numbers missing target.

For the best GBP/USD exchange rate click here.

The jobs report which was published by the Bureau of Labor Statistics showed 156,000 jobs were created last month, against a predicted figure of 175,000 and matched yesterdays estimated reading from ADP.

However, despite the payroll report confirming hiring had slowed last month, the dollar actually recovered the majority of the ground it lost yesterday afternoon, after a separate report showed an increase in wages.

The data caused the dollar to rise across the board, which in turn forced the GBP/USD cross down back towards $1.23 and means the pound/dollar exchange rate has fallen one per cent since yesterday's session.

GBP/USD 24-hour graph

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.

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Pound/dollar breaks $1.24

This afternoon has seen the pound/dollar exchange rate rise sharply and in the last few minutes has broken through the $1.24 barrier.

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The dollar started to weaken across the board after a report from payrolls processor ADP showed that employment gains in the U.S. were lower in December than initially thought.

The news has helped the GBP/USD cross rise nearly 1.2 per cent this afternoon with the currency pair climbing from $1.2285 to $1.2428, as you can see from the graph below.

GBP/USD graph

With the official Non-Farm payroll numbers set to be released tomorrow, we could see further losses for the dollar if the governments employment reading matches today's ADP estimate.

Regular readers will know the Non-Farm employment reading can cause huge swings in the value of the dollar as the actual figure can differ massively from the predicted level.

The Bureau of Labor Statistics are predicting that 175,000 were created last month, but if the official number comes in lower then we could see the pound make further gains against the dollar.

 

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GBP/USD exchange rate unmoved despite more postive UK economic data

This morning has seen the UK publish stronger than forecast Services PMI data, adding to the positive readings we have seen in the Manufacturing and Construction sectors this week.

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In terms of data it has been an excellent start to 2017 for the UK economy, but so far it has had very little impact on the value of the pound.

Since the turn of the year the GBP/USD cross has been bouncing between $1.2250 and $1.2350, and unless the government suddenly announce their plans for Brexit and that they will adopt a soft approach to negotiations it is difficult to see where any gains for the pound will come from.

GBP/USD graph

Does that mean GBP/USD will continue to fall?

Since the referendum result in June the pound has lost around 18 per cent against the dollar, and as we get closer to the UK government triggering Article 50 (in order to start the official divorce proceedings) I imagine we will see some big swings in all sterling crosses.

We could see the GBP/USD cross test the $1.20 mark before the end of March if investors start selling off the pound like they did back in October.

Although, there is a chance we could see come dollar weakness in the coming months and it could provide the pound with some much needed breathing space.

The U.S. dollar's value has soared since Donald Trump won the election in November and the Federal Reserve raised interest rates last month. Trump's promise to increase spending and cut taxes were seen as a positive as it would help boost inflation and could lead to further rate hikes from the Fed.

However, uncertainty over what Trumps presidency will bring is starting to prompt some market players to reverse their bets on the dollar, and if he fails to deliver on his promises we could start to see the dollar give up some ground.

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Pound/dollar exchange rate climbs back towards $1.23 after positive construction data.

Today has seen the pound/dollar exchange rate push back towards $1.23 after another positive PMI reading this morning.

 

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Following yesterday's excellent Manufacturing PMI figure, this morning saw the UK publish its latest Construction PMI survey and once again the numbers did not disappoint. The Construction PMI survey came in at 54.2 against a predicted level of 52.6 (a reading over 50.0 indicates growth), and helped the pound climb around half a cent against the dollar.

 

GBP/USD graph

 

This morning's data provides us with further evidence the UK economy is holding up well, and is currently performing far better than many economists had predicted following Britain's decision to leave the European Union back in June.

 

Will the pound continue to rise?

I don't think the pound is out of woods yet. As I mentioned in my post yesterday there are still concerns about the future of the UK economy post Brexit, and investors are still unsure about whether the government will opt for a Hard or Soft approach to negotiations.

Yesterday's announcement that EU ambassador Ivan Rogers had resigned and reports that he told his staff that Prime Minister Theresa May's objectives for Brexit were still unknown to her representatives in Brussels, will have only added to those fears.

Over the next couple of months I am sure we will see the pound come under an increased amount of pressure, and I would be surprised if the GBP/USD cross dropped below $1.20 in the build up to the government triggering Article 50.

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Pound/dollar exchange rate update

Good afternoon and Happy New Year.

This morning saw the pound start the year on the front foot, after the UK Manufacturing PMI reading came in higher than forecast and helped Sterling rise across the board.

 

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Figures produced by Markit showed that growth in the manufacturing sector had risen at its fastest pace since the middle of 2014, with the PMI reading coming in at 56.0, against a predicted level of 53.3 (a reading over 50.0 indicates growth).

The news gave the pound a much needed boost and helped the GBP/USD cross rise nearly half a cent from $1.2250 to $1.23. However, as you can see from the graph below, the gains were short-lived, with the currency pair slipping back towards $1.22 after the U.S. published their own positive manufacturing figures.

 

GBP/USD graph.

This afternoons stronger than expected manufacturing reading from the U.S has helped the dollar carry on from where it left of in 2016, rising against a basket of currencies. On the back of this afternoons data the EUR/USD cross fell to back to 1.0347, the lowest we have for fourteen years.

 

EUR/USD graph

 

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