Buying Euro and Dollar rates backtrack after strong Friday showing (Joshua Privett)

Pound to Dollar Rate Feel Weight of Rising UK Covid Cases

We have begun the week with a slight return following the significant gains for buying Euro and Australian Dollar rates on Friday, it is only buying US Dollar rates which continue to improve.

Buying US Dollar exchange rates are up largely due to political concerns in the wake of the ongoing email scandal with Trump’s campaign team. Whilst this is not a suggestion that markets are expecting impeachment – we have already seen delays in Congress to pass key legislation – and without the hefty corporate tax cuts hitting the agenda as promised, the euphoria surrounding the Dollar is beginning to evaporate.

Today however, GBP/EUR, GBP/AUD, and GBP/USD will all be governed by inflation data set to hit the wire at 9:30am.

Inflation has been a governing factor in the recent resurgence of the interest rate debate in the UK economy, after it was shelved in the wake of the post-Referendum cut to 0.25%.

Prices are now rising way above the 2% target, actually getting close to 3%, but it was still not enough for a universal call to raise interest rates in the UK economy to try and encourage saving and keep prices under control.

Should the data today reflect a move above 3%, the calls may get louder, and rates will likely react accordingly – with a strong showing for Sterling against its major currency pairings.  Otherwise, you can expect a fairly stable day on the currency markets once more.

I strongly recommend that anyone with a Sterling based currency requirement should contact me on [email protected] to discuss a strategy for your transfer aimed at maximising your currency return.

You can contact me directly by calling 01494 787 478 and asking the reception team to speak to Joshua.

I have never had an issue beating the rates of exchange on offer elsewhere, so a brief conversation could save you significant sums of money on a prospective transfer.