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USD Nears 8-Month High Versus GBP, as Powell Signals Strong Growth

Market CommentaryUSD Nears 8-Month High Versus GBP, as Powell Signals Strong Growth
USD Nears 8-Month High Versus GBP, as Powell Signals Strong Growth
Image credit: David Siqueira.

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

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

The greenback rockets versus sterling! The US dollar to pound interbank exchange rate has hit 0.7643 today, very close to its highest in 8 months, or since November 3rd.

The US dollar has risen against the pound, because Jerome Powell, the chairman of America's central bank, the Federal Reserve, yesterday signalled continued strong US economic growth.

The buck has jumped, because speaking to the Senate Banking Committee on Tuesday, Mr. Powell anticipated "years more of steady growth" in America.

What's more, the US dollar has also climbed, because the Fed chairman "discounted" the risks of a trade war between America, and both China or the rest of the world.

Mr. Powell's remarks have lifted the greenback, first because they suggest that the US economy will continue to expand strongly, both in 2018 and for years to come.

The Fed chairman's comments have also boosted the buck, because they raise the likelihood that the US central bank will hike interest rates faster, above their current 2.0%!

Pound Weakens, as Parliament Discusses Brexit Bills

Moreover, the US dollar has also strengthened against the pound, because the UK's Parliament continues to heatedly discuss the government's proposed Brexit bills.

This week, prime minister Theresa May has won bills on Brexit trade and the Customs Union, yet with wafer-thin majorities of just 3 and 6 votes, thus weighing on the pound.

Sterling has lost out, in particular because following Mrs. May's concessions to the "Brexiteer" European Research Group, "pro-Remainer" Tories are up in arms.

All this has dragged down the pound, because with Mrs. May's Conservative Party heavily split, it's feared that the prime minister may face a leadership challenge soon.

This has hurt sterling, because if Mrs. May faces a leadership challenge, the UK's Brexit negotiations will be disrupted, with just months to go before the March 2019 end date.

So the US dollar to pound interbank exchange rate has neared this 8-month high, and could rise higher!

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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 peter.lavelle@purefx.co.uk.

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