Welcome to Pure FX's latest update of the US dollar to pound interbank exchange rate.
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The greenback jumps against the pound! The US dollar to pound interbank exchange rate has hit 0.7649 today, its highest in 8 months, or since November 2nd 2017.
The US dollar has risen against the pound, because US President Donald Trump's administration has decided against imposing its harshest trade measures against China.
The buck has flown, because yesterday Mr. Trump's administration said that it will rely on updated security laws to vet Chinese investments in the USA, rather than new executive action.
This has lifted the US dollar, because this tells us that Chinese firms that invest in the USA will face the existing legal hurdles, rather than new ones, thus softening Mr. Trump's trade war.
This has boosted the greenback, because when Mr. Trump softens his trade war, more foreign firms may invest in the USA, thus accelerating America's economic growth in coming months.
What's more, Fed governor Randal Quarles said yesterday that the USA is in a "tariff dispute" with "limited economic consequences", rather than a "trade war", thus lifting the buck too!
US Dollar Rises, as US Trade Deficit Shrinks
Furthermore, the US dollar has also jumped against the pound, because America's goods trade deficit shrank more than forecast in May, said official statistics yesterday.
The greenback has climbed, because the US goods trade deficit fell to -$64.85 billion in May, said the US Census Bureau on Wednesday, below market forecasts for -$68.9bn.
This has boosted the buck, first because this is America's smallest goods trade deficit in 6 months. In particular, America's exports jumped by +$2.9bn in May, to $143.6bn.
This has also strengthened the greenback, because with the US goods trade deficit smaller, it's likely that America's GDP growth will accelerate in Q2, between April and June 2018.
The Federal Reserve of Atlanta forecasts that America's GDP will expand by +4.7% this quarter, well above the USA's historical growth, telling us that America is firing on all cylinders.
As a result, the US dollar to pound interbank exchange rate has touched this 8-month high, and could 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@example.com.