Spike in the Pound Against Dollar and Euro!November 3, 2016 4:36 pm
Despite the pound being named the world’s worst-performing currency this month, today has seen the GBP gain a huge amount of strength. This was because of information released by Sadiq Khan saying the economy is continuing to get stronger.
The Bank of England also confirmed that they have raised its growth and inflation forecasts for 2017. Interest rates will be kept on hold at 0.25% which is good news for anyone purchasing property at the moment.
The euro has soared to a monthly high against the US Dollar, largely due to a weakening USD because of the upcoming US presidential election. Germany’s unemployment level has also seen a decline , which actually provides the EUR with a boost.
It is good news for the European Economy as they appear to start showing signs of growth.
Yesterday saw a decline in the American stock market and polls are constantly narrowing in race for president with Hillary Clinton and Donald Trump. Earlier this week we saw Trump gain slightly more points over Clinton, but that changed again with the results evening out yesterday.
Will the dollar gain strength or lose tremendous value once the results are in? We will just have to sit tight and wait it out.
Categorised in: News
This post was written by Kayleigh Driscoll