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.
For the best GBP/USD exchange rate click here.
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.
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.
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.
