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Are you keeping an eye on the pound-dollar exchange rates lately? It can be a rollercoaster ride, with the value of the pound constantly rising and falling against the dollar. Here’s a look at some recent developments in the pound-dollar relationship, along with our tips on how to make the most of it.
Table of Contents
Pound value falls back below $1.22
In October 2016, the pound value fell back below $1.22, leading analysts to warn that it’s acting erratically. There are several reasons for this, including uncertainty over Brexit and concerns about the global economy. However, don’t let this scare you away from making international transactions with US dollars.
Pound Sterling to US Dollar (GBP/USD) and Euro to US Dollar (EUR/USD)
In September 2014, the pound sterling to US dollar (GBP/USD) and euro to US dollar (EUR/USD) exchange rates reached an all-time high. This was great news for anyone who needed to transfer money from Europe to the US or vice versa. However, it’s important to keep an eye on the ever-changing exchange rates, as they can have a big impact on your finances.
Pound Sterling to Remain Under Pressure against Dollar and Euro
As of 2020, the pound sterling has been under pressure against both the dollar and the euro. This is partly due to the ongoing uncertainty surrounding Brexit, as well as the impact of the COVID-19 pandemic on the global economy. However, this doesn’t mean that you should avoid making international transactions altogether. Instead, consider these tips to make the most of your money:
- Monitor the exchange rates regularly to find the best times to make your transactions
- Use a money transfer service that offers competitive rates and low fees
- Consider setting up recurring payments to avoid fluctuations in the exchange rate
Sterling plummets to lowest level since 1985
In March 2020, the pound sterling plummeted to its lowest level against the US dollar since 1985. This was due to a combination of factors, including the uncertainty surrounding Brexit and the COVID-19 pandemic. Although this may seem like bad news for anyone who needs to transfer money internationally, there are ways to make the most of the situation:
- Consider locking in the exchange rate with a forward contract
- Use a currency exchange service that offers competitive rates and low fees
- Transfer your money in smaller amounts over a period of time to take advantage of any upward trends in the exchange rate
Sterling hits HIGHEST level since November
In November 2020, the sterling hit its highest level against the US dollar since the previous year. This was great news for anyone who needed to transfer money from the UK to the US. However, it’s important to keep an eye on the exchange rates, as they can fluctuate rapidly.
Final thoughts
As you can see, the pound-dollar exchange rates can be challenging to navigate. However, with the right tools and resources, you can make the most of your money and avoid getting caught off-guard by unexpected fluctuations in the exchange rate. Remember, it’s important to stay informed about current events and economic trends, and to seek professional advice if you’re unsure about the best course of action for your financial situation.
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