Pure FX Logo arrow Reviews On Feefo Pure FX Logo Exemplary Service In-Depth Knowledge We're Jargon Free Same-Day Transfers Better Exchange Rates No Commission 0 Personal Transfers Business Transfers FCA Authorized Personal Service Trusted Brokers Get A Quote Register With Us Make A Transfer Seller Transfers Contract Definitions Read Our Top Tips What Influences Exchange Rates Glossary Frequently Asked Questions Contact Us

GBP Reaches 1-Week High Versus USD, as UK Construction Accelerates

Market CommentaryGBP Reaches 1-Week High Versus USD, as UK Construction Accelerates
GBP Reaches 1-Week High Versus USD, as UK Construction Accelerates
Image credit: Levy C.

Welcome to Pure FX's latest update of the pound to US dollar interbank exchange rate.

This tells you when it's a fantastic time to exchange pounds to US dollars, for your money transfer!

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!

Get A Free Pound to US Dollar Exchange Rate Quote

Get a free pound to US dollar exchange rate quote to get our best exchange rate, and find out how much you could save with Pure FX.

You’ll get an outstanding pound to US dollar exchange rate for your money transfer!

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 peter.lavelle@purefx.co.uk.

Get A Free Quote
I’d like to exchange...
GBP
EUR
Because I want to...
And I would like it...
Pure FX awarded Feefo Gold Trusted Merchant 2016PureFX's Product Rating on Feefo

What Our Clients Say

Read all the reviews at Feefo.com

Why Us

FCA Authorised

Directly authorised by the UK's Financial Conduct Authority, so your money is highly secure.

No Hidden Fees & 0% Commission

So you get our biggest possible saving when you exchange currencies.

Same Day Transfers

Receive your money in your destination bank account the same day you send it, for most mainstream currencies.

Outstanding Exchange Rates

Get bigger savings, with Pure FX's best exchange rate guaranteed!

Dedicated Personal Service

To guide you through the transfer process, and keep you up-to-date with the changing exchange rates.

Trusted Foreign Exchange Broker

Since we were established in 2006, we've transferred money for thousands of satisfied clients.

How It Works

  • Quote

    Use our form to get a free exchange rate quote, and find out how much you could save with Pure FX.
  • Register

    We'll be in touch to give you your exchange rate quote, ask you any further questions and tell you how the transfer process works.
  • Transfer

    From buying a property abroad, to making business transfers, or online selling - we have you covered.