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USD vs GBP Rate Hits 1-Week High, as US Joblessness Falls

Market CommentaryUSD vs GBP Rate Hits 1-Week High, as US Joblessness Falls
USD vs GBP Rate Hits 1-Week High, as US Joblessness Falls
US Dollar to Pound Exchange Rate. Image credit: Nenad Djokic.

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

The greenback climbs versus sterling! The US dollar to pound interbank exchange rate has hit 0.7650 today, its highest in over 1 week, or since February 29th.

By contrast, back on February 27th, the US dollar was at just 0.7496 versus the pound, so it's since strengthened by above +1.5 cents, or +2.05%.

To put this into context for you, at today's interbank exchange rate, $250,000 is worth £191,250, or +£3,850 more than on February 27th!

So this may interest you if you're transferring money to the UK, whether to emigrate or import UK goods for your American business.

US Dollar vs Pound Rate Rises, as US Joblessness Drops

The US dollar to pound interbank exchange rate has hit this 1-week high, first partly because US initial jobless claims fell more than forecast last week, said official statistics yesterday.

According to the US Department of Labor on Thursday, the number of Americans claiming unemployment benefit for the 1st time fell by -3,000 in the week to March 2nd, to just 223,000.

This is beyond financial market expectations for a smaller fall of -1,000.

This suggests that America's job market remains red hot, with US unemployment at just 4.0% in January, so this has strengthened the US dollar!

Greenback Jumps Versus Sterling, as US Enjoys "Goldilocks Moment"

Also, the US dollar has reached this 1-week high versus the pound, because economists are thinking about whether the USA has reached "full employment".

"Full employment" is when everyone in America who wants a job has one, and is one of the mandates of the Federal Reserve, America's central bank.

For example, BlackRock CEO Laurence Fink told Bloomberg this week that the USA is enjoying a "Goldilocks moment", suggesting that America is close to full employment.

When all Americans have a job, this lifts the USA's economic growth, so this news has boosted the buck too!

USD Climbs Versus GBP, as OECD Warns of "No Deal" Brexit

In addition, the buck to sterling interbank exchange rate has strengthened, because the OECD this week warned of the consequences of a "No Deal" Brexit for the UK economy.

This Wednesday, the OECD, a Paris-based thinktank for the world's richest countries, warned that if the UK crashes out of the EU, the UK would fall into recession in 2019.

Moreover, even if there's a deal, the OECD forecasts that the UK's GDP will expand by less than 1.0% this year, for the 1st time since the financial crash.

This has made investors nervous about a "No Deal" Brexit, and weakened the pound!

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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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