Pound Dollar

Back in November 2022, J.P. Morgan Research took a dim view of the euro, with euro/dollar forecast to hover around 0.95-1.00 in 2023. A few months on, each of the motivating factors for this downbeat view has been challenged, if not reversed outright. Title Transfer Facility (TTF) gas prices, the key benchmark for gas prices in Europe, have collapsed to pre-invasion lows as the continent experiences the warmest weather on record.

This sharp fall in gas and electricity prices benefits the economy overall and should mean the region can avoid the harsh recession that was expected. In light of these developments, J.P. Morgan Research expects euro/dollar to approach 1.10 in March 2023, before declining to 1.08 in September 2023.

Pound Dollar

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Later on Tuesday, the central bank said it will be selling the U.S. dollar for 90,000 pounds and called on banks to end their strike and take part in the sale. After the statement was issued, the pound regained some of its value selling for 110,000 pounds to the dollar.

Many gas stations, which have been changing their fuel prices several times a day, closed Tuesday amid calls to price oil products in U.S. dollars. Some pharmacies also closed because of the constantly changing exchange rate.

The value of the GBP can fluctuate significantly against the USD. For example, since the start of 2022 to October 2022, the pound and the dollar strengthened, bringing GBP/USD from around 1.3700 to 1.0800, a change of nearly 25%! This episode shows how currencies can move significantly based on a country's economic outlook (GBP bad/USD good) and interest rate differentials (USD good/GBP bad), among other variables.

It depends how you look at it. The typical currency quotation of GBP/USD gives the appearance that the pound is worth more than the U.S. dollar, but other measures such as PPP suggest that the USD is worth more than the British pound. The exchange rate fluctuates over time, where sometimes the pound is relatively stronger than the USD, and vice versa.

For example, say the price of a pint of beer is GBP 4.00. If the exchange rate is 1.2500, that means the pint costs $5.00 in dollars. If, on the other hand, the exchange rate is 1.1500, (meaning the GBP has weakened against the USD), that same GBP 4.00 pint costs only about $4.60. If the pound strengthens against the U.S. dollar to, say, 1.5000, that same pint now costs $6.00. This demonstrates that currency values fluctuate and that exchange rates are only a relative measure of value versus another currency.

Again, this is a relative question. If the GBP/USD rate is high, say, 1.7500, meaning the pound is relatively stronger than the USD, your USD will buy fewer pounds (it would take $1.75 to buy one British pound). If on the other hand, the USD has strengthened, the GBP has weakened, and the GBP/USD rate is 1.2500, it would take only $1.25 to buy one pound.

As to the question of what is a good exchange rate for the GBP against the USD, it depends on what side of the transaction you sit. For example, if you're an American tourist visiting the U.K., you would prefer a relatively weak pound, meaning it takes fewer U.S. dollars to buy a pound. At the same time, if you're a British tourist visiting the U.S., you would prefer a relatively strong pound, where one pound gives you more dollars.

The strongest currencies are considered to be so-called safe-haven currencies. In that realm, the Swiss franc (CHF), the JPY, and chief among them the USD are considered safe havens in times of turmoil. The U.S. dollar is clearly the standout safe-haven currency when times get rough, owing to its massive liquidity, its prevalence as a reserve currency, and the credibility of the U.S. Treasury and the Federal Reserve.

Buying USD from a Post Office branch is simple. You can simply go into one of our branches that sells foreign currency. There are thousands, just use our branch finder to find your most convenient. You can order online for collection or delivery. Or you can load US dollars onto a Travel Money Card.

The US dollar is the formal currency of the USA as well as the de facto currency of numerous other states and regions. It is the most traded currency in the world, as well as the currency most held in reserve.

Officially, the countries and territories that use the US dollar are: United States of America, American Samoa, British Virgin Islands, Ecuador, El Salvador, Guam, East Timor, Marshall Islands, Federated States of Micronesia, Palau, Northern Mariana Islands, Puerto Rico, Turks and Caicos, US Virgin Islands, Spanish Virgin Islands, British Indian Ocean Territory, Bonaire, Saint Eustatius and Saba.

Each US dollar is divided into 100 cents. Coins come in 1 cent, 5 cent, 10 cent and 25 cent. These are called penny, nickel, dime and quarter respectively. Fifty-cent coins and one-dollar coins are still minted, however are seldom used in day-to-day tender.

The British currency has plunged, sliding against the U.S. dollar to touch an all-time low. It's a sign of the alarm in financial markets over new Prime Minister Liz Truss' emergency budget measures unveiled last week aimed at jump-starting the ailing economy.

Investors are spooked by a sweeping package of tax cuts likely to cost tens of billions of pounds in extra government borrowing and amounts to a risky gamble to stave off a looming recession. Truss believes that tax cuts, especially for the wealthy, will encourage households to sock away more money, but that could result in lower consumer spending, which could hurt the U.K. economy, analysts noted.

The pound's slump threatens to make it even worse. One of the most visible ways is by feeding into the energy crisis because oil and natural gas is priced in dollars. The impact is being felt at the pump.

British drivers are paying 5 pounds ($5.45) more on average to fill up their cars since the beginning of the year as the pound has fallen, according to an analysis by motoring association AA. U.K. gas prices would be at least 9 pence per liter cheaper if the pound was still at its mid-February level of $1.35, compared with the now-outdated $1.14 level that the group used last week for its calculation.

Finance minister Kwasi Kwarteng hopes that big tax cuts will spur economic growth and generate wealth, but the sliding pound raises the possibility that will be offset if the central bank steps in with bigger-than-expected interest rate increases.

Fifteen years ago, one British pound was able to buy $2. Now, the pound is getting closer to parity with the greenback, a once-unthinkable event and a psychologically important milestone. The pound has tumbled more than 5% since the government outlined its economic plans Friday, dropping as low as $1.0373 early Monday, before bouncing back to above $1.06.

The markets are raising the prospect that the two currencies might soon reach equal footing. A lot of the decline has been driven by the strength of the dollar, which has climbed against a wide range of other currencies as the U.S. Federal Reserve aggressively raises rates, drawing interest from investors fleeing riskier assets.

The pound has dropped more than most, though, because of local factors. Investors are alarmed at Kwarteng's "lack of focus on fiscal prudence," which outweighs any optimism about his pro-growth, anti-red tape agenda, said Victoria Scholar, head of investment at Interactive Investor.

"On top of being bullish towards the dollar, the international investor community is now also very bearish towards the pound amid fears about the UK's economic outlook and investment case," Scholar said.

The plummeting pound highlights what analysts are calling a "tug of war" between Britain's Treasury and the central bank, which has independence from the government to operate free of political influence.

British exports will be cheaper for buyers paying in dollars. But the economic impact is likely to be limited, given that the United Kingdom runs a trade deficit with the rest of the world by importing more than it exports.

And for investors and wealthy people, the slumping pound makes it cheaper to buy real estate in Britain, especially in exclusive London neighborhoods that have long been favored by the global superrich.

The tax cuts, along with a plan to support households in dealing with their rising energy bills, will require the government to borrow an extra 72 billion pounds ($77.7bn) in the next six months alone.

Oil and other commodities such as metals and timber are usually traded in dollars, raising their cost in local currency. Higher energy prices will in turn push up the cost of other goods and services.

Most of the time in advanced economies, currencies tend to increase in value when bond yields rise. More recently, the pound has been falling despite sharply higher bond yields, which is typically a sign that markets are concerned about policy credibility and could therefore be an important sign for policymakers.

There are two main factors that are concerning. The first is the signal markets are sending about the policy mix. Recent pound sterling depreciation has occurred alongside sharply higher bond yields. That is typically a signal that markets are worried about policy credibility. The second factor is the feedback loop between currency depreciation and inflation. A weaker sterling will add to inflationary pressures by increasing the cost of imported goods, including energy. ff782bc1db