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.

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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.

Do you need to buy or sell dollars?

If you have an upcoming requirement to buy or sell dollars in the coming days and are worried about the impact the UK election could have on your transfer, contact us today for a free consultation.

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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%. 

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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.

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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.

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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.

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

 

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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.

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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.

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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.

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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.
 

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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.

 

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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.
 

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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.

The pound recovers after last night's Federal Reserve announcement.

Last night's Federal Reserve interest rate announcement and statement helped the dollar strengthen across the board, forcing the GBP/USD cross below $1.29.

For the best dollar exchange rates click here.

As markets opened this morning the pound was trading around $1.2840 against the dollar, down almost a cent from the highs we witnessed during Wednesday's session. However, another strong data release from the UK at 0930 has helped the pound recover some of the ground, with the GBP/USD cross pushing back towards the $1.29 mark.

GBP/USD graph

For the third consecutive day the UK has posted a better than expected PMI reading. Today it was the country's Services PMI figures which beat forecasts, coming in at 55.8 against the predicted 54.6 (a reading over 50 indicates growth in the sector).

Today's Services PMI reading follows Tuesday's excellent Manufacturing PMI and Wednesday's positive Construction PMI figures.

The economic data we have seen over the past three days proves the UK economy is still performing well, despite the concerns over Britain's exit from the European Union and has certainly given the pound a solid foundation as we head into the official negotiations.

 

Why did the dollar strengthen after the Federal Reserve announcements?

Unsurprisingly, the Federal Reserve kept interest rates on hold last night but it was Fed Chair Yellen's comments that helped strengthen the dollar.

The Fed were upbeat despite weak quarter one economic growth, and left another rate hike firmly on the table in June.

The U.S. central bank focused on the strength of the labor market, which investors took as a sign the Fed are still on course to raise interest rates two more times over the course of this year.

 

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 find out what exchange rate we can offer.

Pound-dollar exchange rate still above $1.29

Good afternoon,

The pound is still holding its ground against the dollar, with the GBP/USD cross coming close to its highest levels since 2nd October in the early hours of this morning.

For the best dollar exchange rates click here.

Following yesterday's excellent Manufacturing PMI reading and this morning's better than forecast Construction PMI figures, the GBP/USD cross is still trading above $1.29.

GBP/USD graph

However, the gains for Sterling have been limited and could well be short-lived as markets are beginning to focus on the difficulties of the upcoming Brexit negotiations.

Recent media reports have suggested that Britain will need to fork out around €100 billion in order to leave the EU, but Brexit minister David Davis has been quick to respond by saying the UK will not pay that amount.

Yesterday UK Prime Minister Theresa May announced she will be "a bloody difficult woman" during the official talks, after being accused of having "illusions" over any potential deal.

The recent comments have left investors erring on the side of caution and is the main reason the pound has been unable to take full advantage of the positive economic data we have seen over the past two days.

Federal Reserve

Later this evening the U.S. Federal Reserve will announce their latest interest rate decision, which will then be followed by a statement by Fed Chair Janet Yellen.

Although it is highly unlikely we will see the U.S. central bank take any action tonight, if Janet Yellen provides clues as to when the next hike will be, we could see some volatility for all dollar crosses.

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.

Click here to complete the contact form.