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The greenback leaps versus sterling! The US dollar to pound interbank exchange rate has reached 0.7571 in the past day, its strongest since November 16th 2017, or 27 weeks.
The US dollar has risen against the pound, because reports have emerged of rising tensions between the Treasury and the Bank of England, over a deal for UK financial services after Brexit.
In particular, sterling has lost out, because the Bank of England is concerned that the Treasury will accept EU rules for the UK's financial services industry, after the UK leaves Europe.
This has weakened the pound, because if the UK accepts EU rules for financial services after Brexit, the Bank of England will be a "rule taker," according to one central bank official.
"It is very, very bad. The bank wants to have as much control as possible and doesn’t want to be a rule taker," said the anonymous Bank of England official, thus weighing on sterling.
"The fear is that the Treasury is going to give it all away" said another BoE official, reflecting fears that the UK central bank may be less powerful after Brexit, and dragging down the pound!
US dollar rises, as Italy heads for snap elections
Moreover, the US dollar has also jumped against the pound, because it's feared that Italy may be heading for snap elections in September, said new reports yesterday.
The buck has jumped, because Italy may return to the polls, following president Sergio Mattarella's decision this week to veto proposed finance minister, anti-euro economist Paolo Savona.
President Mattarella vetoed plans to make Mr. Savona Italy's financial minister, because Mr. Savona favours taking Italy out of the Eurozone, thus lifting the greenback.
As a result of President Mattarella's veto, Italy's coalition government between the populist League and Five Star Movement has collapsed before it begun, so raising up the US dollar too.
This has strengthened the buck, because Italy's political crisis bodes ill for the whole Eurozone. As a result, international money managers are turning to the USA, as a safe haven.
Given all this, the US dollar to pound interbank exchange rate has reached this 27-week high in the past day, and may 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 email@example.com.