Pound hits 12-month highs against Dollar

It’s been a busy week for Pound Sterling…

Overall, you would have to say a positive one.

UK economic growth is picking up, unemployment is falling, and inflation has nudged up, but only a little.

In terms of currency moves, it’s all over the shop.

The Pound is sitting at 12-month highs against the US Dollar and looks to be headed the same way with the Canadian Dollar.

Against the Euro, the Pound is struggling to find a clear direction.

And against the Aussie and Kiwi Dollars, the Pound has lost some ground.

Irrespective of the daily and weekly moves, I think the key driver over the coming months will be the Bank of England rate decisions.

Despite UK inflation nudging up to 2.2%, markets have priced in 2 more rate cuts from the remaining 3 meetings in 2024. That’s a big shout.

Markets in general seem to be pricing in plenty of rate cuts all around the world.

The Europeans have been a bit quiet lately – no doubt on lengthy holidays. But on Thursday we get a glimpse of the latest ECB minutes – which will reveal the current thinking within the ECB.

As for the mighty US Fed, they’ve been rather timid. This is unusual as they normally lead the way and the rest follow like lemmings.

But markets are predicting the Fed will catch up fast. A 25 basis point cut is forecast for September, followed by a further 75 basis points before the end of the year. That will take some doing. If it happens, we expect more Dollar weakness ahead.

With all the volatility in exchange rates, we’ve seen a lot of activity in August.

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Current rates: 

Wednesday 21st August 2024 at 11:10

£1.00 GBP = 1.1720 EURO

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