Today's Pound Sterling to Dollar Exchange Rate Forecast, Latest GBP-USD Predictions and Live Currency Rates
On Tuesday, the Pound Sterling to US Dollar exchange rate gained even as the UK’s Construction PMI printed below expected levels.
Demand for the North American currency fell following the release of concerning domestic trade data and the ‘Greenback’ largely held these declines into Wednesday. Although the Pound is feeling the pressure ahead of the UK general election, bets that the Federal Reserve will increase interest rates this year were dealt another blow as the US ADP Employment Change report failed to show the projected level of jobs growth. Economists had envisaged an employment gain of 200,000 in April but the nation only added 169,000 jobs last month. As the number for March was also negatively revised to 175,000, the US Dollar was pressured lower.
A quick foreign exchange market summary before we bring you the rest of the report:
On Thursday the Pound to British Pound exchange rate (GBP/GBP) converts at 1
The GBP to GBP exchange rate converts at 1 today.
Today finds the pound to swiss franc spot exchange rate priced at 1.135.
FX markets see the pound vs euro exchange rate converting at 1.169.
Today finds the pound to canadian dollar spot exchange rate priced at 1.713.
NB: the forex rates mentioned above, revised as of 18th Apr 2024, are inter-bank prices that will require a margin from your bank. Foreign exchange brokers can save up to 5% on international payments in comparison to the banks.
Dollar to Pound (USD/GBP) Exchange Rate Outlook: Forecasts See NFP Printng Under Predicted Levels
The ADP report explained; ‘Payrolls for businesses with 49 or fewer employees increased by 94,000 jobs in April, down from 105,000 in March. Employment among companies with 50-499 employees increased by 70,000 jobs, up from 64,000 the previous month. Employment gains at large companies -- those with 500 or more employees -- decreased slightly from March, adding 5,000 jobs in April, down from 6,000. Companies with 500-999 employees added no jobs, after adding just 2,000 in March. Companies with over 1,000 employees added 5,000 jobs, a small improvement from 4,000 the previous month.’
British Pound Gains on US Dollar as USD Weakens Against the Board
As the result increases the odds of Friday’s highly influential US Non-Farm Payrolls number printing below expected levels, the US Dollar fell against peers like the Euro, Pound and Australian Dollar over the course of trading
That being said, the fact that the UK’s recovery is being led by the services sector is giving some industry experts cause for concern.
The Pound to Dollar (GBP-USD) exchange rate hit a high of 1.5292 before returning to trend in the region of 1.5246.
GBP to USD Exchange Rate Forecast
The GBP/USD exchange rate could give up gains tomorrow as the weight of UK general election concerns bears down on the British asset.
If it looks as though the UK could be left with a hung parliament, the Pound Sterling will probably drop against peers like the US Dollar and Euro exchange rates.