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USD Reaches 19-Month High Versus GBP, on Hopes of US/China Trade Deal

Market CommentaryUSD Reaches 19-Month High Versus GBP, on Hopes of US/China Trade Deal
USD Reaches 19-Month High Versus GBP, on Hopes of US/China Trade Deal
Image credit: Deividas Gailevicius.

Welcome to Pure FX's latest update of the US dollar to pound exchange rate. This tells you when it may be the best time to exchange US dollars to pounds, for your money transfer!

The greenback jumps for joy versus sterling! The US dollar to pound exchange rate has reached 0.7887 today, its strongest in 19 months, or since April 17th 2017.

With this in mind, if you're a Briton thinking of selling your property in New York or Chicago and repatriating to the UK, it may be a top time to buy your pounds.

By contrast, at the start of this year, the buck was as low as 0.7405 versus the pound. As a result, were you to transfer $250,000 to the UK at today's exchange rate, you'd get £197,175, or +£12,050 more than if you'd transferred on January 1st 2018!

US Dollar Rises, on Optimism for US/China Trade Deal

The US dollar has hit this 19-month high versus the pound, because financial markets are upbeat that the USA and China will soon reach a trade deal.

At the G20 in Argentina last week, US president Donald Trump and Chinese president Xi Jinping agreed a truce for 90 days, for further trade talks.

This morning meanwhile, the Chinese Commerce Ministry has released a statement saying that it's "confident" of a trade deal, and that the G20 talks were "very successful".

This has further fuelled hopes for a trade deal, which will boost America's economy, and the US dollar!

Pound Falls, as Parliament Holds Government in Contempt

What's more, the greenback has also risen versus sterling, because yesterday the UK Parliament held prime minister Theresa May's government in contempt.

Parliament held the government in contempt, which is like a very serious telling off, because the government had refused to publish its full Brexit legal advice, even though Parliament had obliged the government to do so.

Also, Mrs. May's government lost 3 consecutive votes on Tuesday, the 1st time this has happened since the 1970s. This bodes ill for Parliament voting in favour of the Brexit deal next week, hurting sterling!

Sterling May Weaken, as UK Services Sector May Stay Subdued

Furthermore, looking forward, the US dollar to pound exchange rate may exceed this 19-month high.

This is because the UK's services sector activity is released today, in which it's forecast that the vast sector reached just 52.5.

This is close to the 50.0 figure that separates growth from expansion, and so may tell us that growth is subdued, ahead of Brexit next year.

Just yesterday, we learnt that UK factories are stockpiling goods, in case the UK exits the EU with a 'No Deal' in March next year, while exports have fallen. If this is reflected in UK services too, sterling may lose out!

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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]

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