Welcome to Pure FX’s latest update of the US dollar to pound interbank exchange rate.
This tells you when it’s a favourable time to exchange US dollars to pounds, for your money transfer!
The greenback jumps against sterling!
The US dollar to pound interbank exchange rate has hit 0.7154 today, its strongest in more than 2 weeks, or since March 19th.
Furthermore, the buck could rise further against the pound, looking ahead. Here are 5 reasons why:
1. New US National Economic Council (NEC) director Larry Kudlow told journalists outside the White House yesterday that “there’s nothing around the corner” for the USA’s tariffs on China.
This may lift the US dollar, because Mr. Kudlow’s comments have lifted hopes that the USA and China will avoid imposing tariffs on each other, and a trade war.
2. New NEC director Mr. Kudlow told FOX News yesterday that America’s economic growth “could” rise to a very swift +5.0%.
This could boost the greenback, because if America’s economy expands at 5.0%, this would make investing in the USA highly profitable for global money managers.
3. America’s business activity reached 54.2 in March, said IHS Markit’s monthly composite PMI on Thursday, above the 50.0 figure that signals growth, and forecasts for 54.1.
This may strengthen the buck, because this figure that tells us that the USA’s services, manufacturing and construction sectors continue to expand quickly.
4. The UK’s vast services sector reached just 51.7 this month, according to IHS Markit yesterday, well below financial market forecasts for 54.0.
This may weigh on sterling, because services make up 80% of the UK economy. As a result, UK economic growth may decelerate in Q1 2018.
5. UK construction activity fell to 47.0 this month, said IHS Markit’s Purchasing Managers Index, below the 50.0 growth figure, plus predictions for 50.8.
This could weaken the pound, because this tells us that the “Beast from The East” cold front adversely affected UK building output in March.
With all this in mind, the US dollar to pound interbank exchange rate has hit this 2-week high, and may jump higher too!
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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.