Welcome to Pure FX's latest update of the US dollar to pound exchange rate. This tells you when it could be the best time to exchange US dollars to pounds, for your money transfer!
The greenback strengthens versus sterling! The US dollar to pound exchange rate has reached 0.7835 today, very close to its highest since October 31st, or 1 month.
With this in mind, if you're a Brit thinking of selling your property in America and repatriating to the UK, this could be the best time to buy your pounds.
By contrast, back on November 7th, the US dollar was as low as 0.7596 versus the pound, so it's since climbed by more than +2.25 cents, or +3.14%. A $250,000 transfer to the UK at this exchange rate would be worth £189,900, or +£5,975 more than 3 weeks ago!
US Dollar Climbs, as Trump Talks Up China Trade Tariffs
The US dollar to pound exchange rate has neared this 1-month high, because US president Donald Trump has said that he may increase his trade tariffs on China.
Speaking to respected broadsheet the Wall Street Journal, Mr. Trump warned that he may lift tariffs on $200 billion of Chinese imports to the USA from 10% to 25%, unless China respects US intellectual property and opens its market to US companies.
This has boosted the US dollar, because even though this trade war involves America, the USA is the world's largest economy, so a safe haven from global uncertainty!
Greenback Jumps, as Markets Await Fed Powell's Speech
What's more, the buck has also risen versus sterling, because financial markets are awaiting a speech by Federal Reserve chairman Jerome Powell this week, in which Mr. Powell may suggest how much the Fed will lift US interest rates in 2019.
Speaking on Wednesday, Mr. Powell may confirm that the Fed will hike US interest rates 1 more time in December, up to 2.5%, yet markets want to see if Mr. Powell will hint at lots more hikes next year.
If the Fed chairman suggests that he'll hike repeatedly in 2019, this will make investing in American assets more profitable, lifting the buck!
Pound Weakens, as Parliament Uncertain to Pass Brexit Deal
Moreover, the US dollar to pound exchange rate has neared this 1-month high, because it's uncertain that the UK Parliament will approve prime minister Theresa May's Brexit deal.
Yesterday, the House of Commons debated Mrs. May's deal, in which former Conservative ministers including Iain Duncan Smith and Boris Johnson expressed their disapproval at Mrs. May's planned UK exit.
If Parliament turns down the Brexit deal, it's unclear if the UK will crash out of the EU, or return to the negotiating table. So this uncertainty is weighing on UK business confidence, and sterling 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.