Good afternoon,
The GBP/USD cross jumped to $1.24 this morning, after the dollar continued to lose ground following the Federal Reserve announcement on Wednesday evening.
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After falling to a fresh eight week low on Tuesday, the pound looks set to end the week around two per cent higher which will come as welcome news for the those of you looking to purchase U.S. dollars.
GBP/USD graph
Why has the dollar the weakened?
Despite the Federal Reserve raising interest rates on Wednesday, the dollar has lost ground across the board after investors were left disappointed.
When the Federal Reserve increased interest rates in December they stated they will look to raise rates three times in 2017. Since then the U.S. economy has been performing far better than many had expected and markets started to bet on the possibility of even more hikes over the course of the year, which is one of the reasons the dollar had been climbing in recent weeks.
However, those same investors have been left licking their wounds after the Fed said they remained on course for increasing rates three times this year.
Do you need to buy or sell dollars?
If you have a requirement to buy or sell dollars in the week's and want to ensure you are making the most from your transfer,contact me today for a free, no-obligation currency consultation.
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