Pound to Dollar Rate Boosted by UK Retail Sales

Pound to Dollar Rate Boosted by UK Retail Sales

The dollar – which rebounded on Thursday evening following the release of the minutes from the Federal Reserve's April policy meeting – was given a further boost by upbeat jobs data yesterday. The Labor Department reported that the number of US citizens filing new claims for unemployment benefits slipped further below 500,000 last week. The figures indicate that job growth picked up this month, though businesses are still experiencing a shortage of workers. Initial claims for state unemployment benefits dropped to a seasonally adjusted...
Pound to Dollar Rate Subdued Ahead of Key US Inflation Gauge

Pound to Dollar Rate Edges Lower

The pound appears to have emptied its tank this week after news yesterday morning that the annual rate of inflation in the UK more than doubled last month to 1.5% – its highest level since the start of the Covid-19 pandemic – failed to provide fresh impetus. On Tuesday, the pound vs dollar rate surged to its highest level (1.4217) since late February on the back of better-than-expected unemployment data. However, the increase in the Consumer Price Index (CPI) on Wednesday went almost unnoticed...
Pound to Dollar Rate Hits Three-month High

Pound to Dollar Rate Hits Three-month High

The pound cruised to a three-month high against the dollar yesterday, helped on its way by strong jobs data from the Office for National Statistics (ONS), which showed Britain's unemployment rate unexpectedly fell again to 4.8% between January and March – when the UK was under strict lockdown rules. This caused the pound vs dollar rate to rise above the 1.42 resistance level for the first time since February. The ONS data showed the claimant count – another measure of unemployment in the UK –...
Pound to Dollar Rate Buoyed by UK Employment Data

Pound to Dollar Rate Buoyed by UK Employment Data

The pound has been relatively rangebound of late, and as England entered the third stage of the easing of lockdown rules yesterday – the most significant relaxation of restrictions since the summer – it continued to trade at the 1.40 level against the dollar. England entered stage three of the government’s roadmap out of lockdown, meaning pubs and restaurants could open indoors, and groups of six people or two households can mix indoors. Additionally, the ban on overseas holidays was lifted for "green list" countries,...
Pound to Dollar Rate Clings onto 1.40

Pound to Dollar Rate Clings onto 1.40

The pound vs dollar rate dug its heals in during the second half of last week. On Tuesday, the pair touched a two-month high (1.416) before sliding back to 1.40, where it remained until the close of trading on Friday – even managing to recover some of its losses. The pound had been helped higher by dollar weakness, Scottish election results, the lockdown roadmap and the Bank of England upgrading its economic growth forecast. Better-than-expected GDP data on Wednesday underscored the positive outlook for the...
Pound to Dollar Rate Firms at 1.40

Pound to Dollar Rate Firms at 1.40

The pound might have slipped below the 1.41 barrier against the dollar, having touched a two-month high on Tuesday, but economic indicators were still painting a positive picture yesterday. The latest RICS Housing Price Balance survey showed buyer demand remained firm throughout the market in April, while the supply of properties being listed for sale slowed. Consequently, survey participants highlighted this disparity between supply and demand as an influential factor in driving up house prices across all parts of the UK. Participants reported a...
Pound to Dollar Rate Recovers Losses

Pound to Dollar Rate Holds Steady

The pound vs dollar rate held firm above 1.41 yesterday morning, following the release of the latest Gross Domestic Product data by the Office for National Statistics (ONS), which beat market expectations. The UK economy grew by 2.1% in March, beating economist forecasts of a dip from 1.5% in February to 1%. This set the scene for what is expected to be a sharp economic rebound in the coming months after the Covid-19 inflicted slump last year. While the data was welcomed by investors in...
Pound to Dollar Rate Extends Gains

Pound to Dollar Rate Extends Gains

The pound vs dollar rate sprung into life on Friday afternoon following a choppy couple of days, jumping above the 1.40 level for the first time since 20 April. Propelling the pair higher was softer-than-expected data from the US economy that caused the dollar to fall sharply. The much-anticipated non-farm payrolls reading revealed that the brakes were applied to hiring in April, as worker and raw materials shortages took their toll. The Labour Department’s employment report showed US job growth increased by a much less...
Pound to Dollar Rate Bounces Off One-month Low

Pound to Dollar Rate Reacts to BoE Announcement

The big day arrived for the pound and it was sent on a mini rollercoaster ride, zigzagging between 1.38 and 1.39 in the wake of the latest Bank of England (BoE) meeting. An initial drop lower was triggered by reports that the BoE’s Monetary Policy Committee had kept its interest rate and the end-of-year target size of its bond-buying programme on hold. It then rose again as the central bank highlighted a slight slowdown in its pace of bond-buying to support the economy and...
Pound to Dollar Rate Remains Rangebound

Pound to Dollar Rate Rangebound Ahead of BoE Meeting

A choppy day for the pound vs dollar rate saw it fluctuate between 1.38 and 1.39 on Wednesday, as anticipation of today’s Bank of England (BoE) policy decision suppressed investor appetite for the UK currency. Any hopes that further evidence of the nation’s economic rebound could stoke interest in the pound were dashed by a dearth of data from the UK. The pound received some accommodating news yesterday when polling data indicated that Nicola Sturgeon's Scottish National Party (SNP) is set to miss out on...