Welcome to Pure FX's latest update of the US dollar to pound interbank exchange rate.
This tells you when it's an excellent time to exchange US dollars to pounds, for your money transfer!
The greenback jumps versus sterling! The US dollar to pound interbank exchange rate has hit 0.7597 today, its highest in 10 days, or since July 3rd.
The US dollar has flown against the pound, because US president Donald Trump said yesterday that UK prime minister Theresa May's Brexit plans would "kill" a free trade deal with the US.
Sterling has weakened, in particular because, speaking to The Sun newspaper on Thursday, Mr. Trump added that Mrs. May's "soft" Brexit would affect UK-US trade "in a negative way".
What's more, Mr. Trump added that Mrs. May's rival and ex-foreign minister Boris Johnson would be a "great" prime minister, thus putting pressure on Mrs. May, and hurting the pound.
The US president's comments have weakened the pound, first because they're likely to exacerbate tensions between Mrs. May and the "Brexiteers" in her Conservative Party.
Mr. Trump's remarks have also dragged down sterling, because they tell us that, if the UK remains close to the EU after Brexit, this could make tougher a UK free trade deal with America!
US Dollar Strengthens, as US Inflation Hits 6-Year High
Moreover, the US dollar has also jumped against the pound, because US inflation, the pace at which prices are rising in America, hit a 6-year high in June, said official data yesterday.
The greenback has lifted, because US inflation touched 2.9% in June, according to the US Labor Department on Thursday, the highest since February 2012, and +0.1% higher than May.
This has boosted the buck, first because when US inflation accelerates, this tells us that America's economy is strong enough for businesses to charge consumers more for their wares.
This has also raised up the US dollar, because when US prices rise faster, it's likelier that America's central bank, the Federal Reserve, will hikes interest rates faster, above their current 2.0%.
When the Fed hikes interest rates, this puts a lid on inflation, yet simultaneously makes investing in US assets more profitable for money managers, thus boosting demand for the buck.
As a result, the US dollar to pound interbank exchange rate has hit this 10-day high today, and may continue to climb!
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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 protected]