Currency Rates

US$/GBP – 1.526

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Yesterday sterling rose to a 3 week high against the US dollar and euro as stronger than expected labour data and better than expected comments from the Bank of England reversed negative sentiment against the pound. Sterling hit a high of $1.5382/ £1 and 1.1165/ £1 after data out yesterday morning showed that the unemployment in the UK unexpectedly fell by 32,300 when expectations were for an increase of 8,000. This was the largest monthly fall in claimants since November 1997. In addition, minutes from this month’s meeting of the Bank of England’s Monetary Policy committee showed a unanimous vote to keep interest rates and emergency funding on hold. Some members expressed concerns over inflation which helped the pound on its upward trend. Today we have public sector borrowing and money supply data, which last month caused considerable volatility. There is some expectation that the data will show that the UK is on track to undershoot the Chancellor’s expected target of £178bn, which could be positive. Regardless, it is the best time for 3 weeks to buy US dollars and euros. Get in touch to avoid a reversal impacting your payment.

In the USA, wholesale prices fell more than anticipated led by a drop in fuel costs. This shows that there are few inflationary pressures in the economy as the US recovery gathers pace and is likely to mean that the Fed is able to keep interest rates on hold much longer than the market had initially expected. This helped push the US dollar lower against sterling. Today we have US unemployment figures, which are expected to show a marginal improvement. In addition there is also CPI inflation data and manufacturing figures out. Get in touch now for a price – especially if you are buying US dollars, as it is the best price we have seen for a while.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx