Will the Pound get stronger against the US Dollar?
The Pound US Dollar exchange rate has been improving since the start of the year getting very close to the 1.28 levels.
The Pound has had a good start to the year already against a number of currencies including vs the Euro and the US Dollar.
According to recent figures the UK economy grew in November by 0.3% after being negative the previous month.
Black Friday sales have clearly helped boost the economy and this has lended itself to support Sterling exchange rates.
However, in the three months up to November the economy has reduced in size by 0.2% and another consecutive quarter of negative growth could send us in to recession.
This is not what the current government had predicted as they had previously planned to see growth by the end of 2023.
However, as we are potentially in an election year then I would be surprised to see another quarter of negative growth as this would cause problems for the Tories and they are likely to do everything in their power to avoid a recession.
UK Employment figures are looking healthier at the moment and consumer confidence is also seeing an improvement too. Therefore, I think we could just about avoid a technical recession when we see the next quarter’s growth figures.
With UK inflation coming more and more under control this is also opening the door for future interest rate cuts and this will be aimed at improving growth. Therefore, I think the near future could see the Pound continue to remain steady vs the US Dollar.
If you are looking to either buy or sell US Dollars and are looking to convert Euros or Pounds then feel free to make contact with me.
I have worked for one of the UK’s longest established currency brokers for 21 years and I’m confident of not only saving you money compared to using your bank but to also make the process simple and straightforward.
For a free quote, email me directly with a brief outline of your currency requirement and I look forward to hearing from you.
Tom Holian tom.holian@lumonpay.com
Source: https://www.poundsterlingforecast.com/2024/01/will-the-pound-get-stronger-against-the-us-dollar/
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