The Pound has regained momentum in March

GBP/USD Hits 30-Day High as UK Budget Loomed into Reality

After quite a choppy and downward end to February, the Pound has regained momentum in March.

Since February 29th, the Pound vs Dollar trajectory has continually risen.

The GBP/USD rate has seen a +0.54% gain over the past 5 days and is at the highest it’s been over the last 30 days.

Against the Euro, the Pound has had a bit more of a contest with only a +0.18% gain over the last week.

Elsewhere, GBP/CAD has continued to see a significant upward trend.

So much so, that the Pound to Canadian Dollar rate was at its highest since August 2023.

The CAD has fought back a little over the last 24 hours.

These strong movements for the Pound may yet be tested further though, as the UK budget was announced by Jeremy Hunt yesterday.

Political events, such as budgets, can play a major part in the Pound's fortunes.

However, we don’t see anything too groundbreaking or disastrous in this one.

It’ll certainly be an interesting few days once the dust starts to settle and we will be sure to let you know how the Pound reacts in next week’s update!

So what next, what should you do?

If you want to continue to discuss the latest trends and currency news, our team is only a call away on 01872 487 500.

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Current rates:

Thursday 7th March 2024 at 09.45

£1.00 GBP = 1.1701 EURO

£1.00 GBP = 1.2745 USD

£1.00 GBP = 1.9330 AUD

£1.00 GBP = 2.0705 NZD

£1.00 GBP = 1.7220 CAD

£1.00 GBP = 1.1230 CHF

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