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Sterling jumps versus the greenback! The pound to US dollar interbank exchange rate has hit 1.3220 today, its highest in 1 week, or since June 27th.
The pound has climbed against the US dollar, because UK construction activity surprisingly accelerated last month, said a closely-watched survey yesterday.
Sterling has jumped, because UK construction reached 53.1 in June, according to IHS Markit on Tuesday, above forecasts for 52.5, plus the 50.0 figure that signals growth.
This has lifted the pound, first because this tells us that UK construction has bounced back from the "Beast from The East" cold front earlier this year, as the sun shines.
This has also boosted sterling, because there was the sharpest upturn in buying construction materials in 2.5 years in June, said IHS Markit, boding well for future growth.
This has strengthened the pound too, because when UK construction output increases, it's likely that the UK's economic growth will accelerate between April and June this year!
Sterling Rises, as BoE's Saunders Points to Faster Interest Rate Hikes
Also, the pound has strengthened against the US dollar, because Bank of England policymaker Michael Saunders yesterday said that he expects UK interest rates to rise faster.
Sterling has jumped, because speaking to CNBC on Tuesday, Mr. Saunders said that "If the economy plays out as I expect, it may be that rates need to go up a little faster."
This has helped the pound, because Mr. Saunders comments have raised financial markets' hopes that the Bank of England will lift UK interest rates in August, by +0.25%, up to 0.75%.
In addition, Mr. Saunders added that "(I) expect the jobless rate to fall a little further; and pay growth will pick up a bit", thereby boosting the pound against the US dollar too.
Mr. Saunders remarks have lifted sterling, because when UK unemployment falls, and UK wages rises, this points to a robust job market and faster GDP growth in Great Britain.
With all this in mind, the pound to US dollar interbank exchange rate has reached this 1-week high, and may rise further, in July 2018!
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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email email@example.com.