Pound Hits 7-month High vs Dollar

The Pound has seen positive gains this week vs major currencies, possibly reacting to last week’s UK budget news.

The biggest rise for the Pound has been against the US Dollar.

The GBP/USD rate is at a near 7-month high, certainly the highest we’ve seen so far in 2024.

A little momentum has been lost for the Pound in the last 48 hours, though.

It’s a similar story against the Euro, the Pound saw quite a steep spike around March 8th, and it was close to reaching the 16-month highs we saw for GBP/EUR in February.

The GBP/EUR rate has since retreated to where it was before the budget.

Underwhelming news around UK employment a couple of days ago could be a factor here.

It’s been much quieter for the Pound elsewhere, with only slight gains vs the CAD and NZD.

GBP/AUD has seen a choppy trend over the last couple of weeks, more in favour of the Aussie.

That’s all for this week, hope to speak with you soon.

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Current rates: 

Thursday 14th March 2024 at 09.40

£1.00 GBP = 1.1715 EURO

£1.00 GBP = 1.2815 USD

£1.00 GBP = 1.9350 AUD

£1.00 GBP = 2.0785 NZD

£1.00 GBP = 1.7260 CAD

£1.00 GBP = 1.1275 CHF

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