Read the story here. Advertise at Before It's News here.
Profile image
By Pound Sterling Forecast (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Pound to Dollar Rate Remains Rangebound

% of readers think this story is Fact. Add your two cents.

The pound moved sideways against the dollar for much of yesterday, having jumped from near two-month lows on Monday as large swathes of the high street reopened in England. Despite reports showing the UK economy returned to modest growth in February and is heading for a ‘strong bounce back’, it remains well below its pre-pandemic peak amid the latest lockdown.

Figures released by the Office for National Statistics revealed that UK GDP rose 0.4% in February, after shrinking in January, as government restrictions impacting economic activity remained broadly in place – leaving the economy 7.8% below the levels seen 12 months earlier. Growth was fuelled by the production and construction sectors, with output increasing by 1% and 1.6% respectively.

The UK’s dominant services sector expanded modestly due to lockdown restrictions, growing by 0.2% in February, as wholesale and retail trade sales picked up slightly. Overall, however, consumer-facing services industries remain well below pre-pandemic levels.

Last week the pound lost 1% against the dollar as officials advised the use of alternatives to the prevalent Oxford-AstraZeneca vaccine for under-30s. According to analysts, the UK’s vaccination drive has not been knocked off course by curbing the use of AstraZeneca’s vaccine, preventing further losses for the UK currency so far this week. The country has now offered all over-50s a first dose of a vaccine as the Moderna shot was rolled out in England yesterday, the government said, adding it’s on course to administer a jab to all adults by the end of July.

US Inflation Rises More Than Expected in March

The dollar crept higher yesterday morning, helped by a rise in US Treasury yields, while riskier currencies dipped, as markets waited for pivotal inflation data. When it eventually arrived, it showed that consumer prices in the US – as expected – jumped higher in March, boosted both by a strong economic recovery and year-over-year comparisons.

The consumer price index rose 0.6% from February, but 2.6% from the same period last year, narrowly exceeding projections of 0.5% and 2.5% respectively. The year over year gain marked the highest rise since August 2018, well above the 1.7% recorded in February.

Looking Ahead

A relatively quiet day in the economic calendar on both sides of the Atlantic means a series of speeches from central bank officials will be closely scrutinised by investors: in the UK we will hear from Bank of England Monetary Policy Committee member Jonathan Haskel; while in the US, Federal Reserve chair Jerome Powell, vice-chair Richard H. Clarida and president of the Fed Bank of New York John C. Williams all provide economic updates.

Also scheduled for release from the US is the Fed’s Beige Book – a survey that gives a picture of overall US economic growth – and MBA mortgage applications.

Get in touch ahead of your currency exchange to discuss these factors in further detail, using the form below.

The post Pound to Dollar Rate Remains Rangebound appeared first on Pound Sterling Forecast.


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Load more ...




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.