Dollar vs Pound Rates Today: BEST USD to GBP Exchange Rate of 2014 Lost as Cable Surges

October 14, 2014 - Written by John Cameron

STORY LINK Dollar vs Pound Rates Today: BEST USD to GBP Exchange Rate of 2014 Lost as Cable Surges

The British Pound vs Dollar declined substantially on Tuesday, driving the USD to GBP to reach the best exchange rate levels of 2014 as economic data weighed heavily on the Pound Sterling.

Concerns over weakening global growth and geopolitical issues bolstered demand for the safe haven US Dollar exchange rate.

Market sentiment is jittery, as the world appears to be sliding towards a period of economic weakness and uncertainty.

Where does the Pound and the Dollar sit in today's markets?

- The pound to dollar exchange rate is -1.01 per cent lower at 1.59014.
- The dollar to australian dollar exchange rate is +0.48 per cent higher at 1.14789.
- The dollar to euro exchange rate is +0.53 per cent higher at 0.79019.
- The dollar to pound exchange rate is +1.02 per cent higher at 0.62888.

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Ebola fears drive forex markets down

Fears that the deadly Ebola virus will spread across Europe and have a devastating impact on poorer economies has concerned investors and the war against the self proclaimed Islamic State is threatening to spill over into Turkey and other Middle Eastern territories.

A UN aid worker was reported to have died in Germany of Ebola and the UK’s Health Secretary Jeremy Hunt said that it was likely that the virus will be diagnosed in the country before the end of this year.

In the Middle East, Turkish warplanes bombed Kurdish targets and the battle for Kobane rages on as Kurdish forces managed to retake a key strategic location in the besieged town. Anger is growing amongst the Kurds and other nations over Turkey’s inaction against IS.

Worries over a slowdown of the global economy were also heightened following the release of yet more disappointing data from the Eurozone. Business sentiment in Germany, the region’s largest economy fell sharply in October, heightening concerns that the nation is heading towards a recession.

The poor performance of the Eurozone is dragging upon its partners including the UK, with Chancellor George Osborne warning that the Eurozone’s weakness is proving to be a threat to the UK’s economic recovery.

The biggest weight on Sterling however came from the report released by the Office for National Statistics, which showed that the rate of consumer price inflation slowed to 1.2% last month from 1.5% in August. Analysts had expected U.K. CPI to fall to 1.4% in September. Month-over-month, consumer price inflation was flat in September, after rising 0.4% in August.

Pound vs Dollar and Euro Rate Today:

Also dragging the Pound Sterling (GBP) lower against the US Dollar and the Euro was the release of a report by the British Retail Consortium (BRC) which showed that retail sales made their biggest fall since 2012 in September as the warm month caused consumers to refrain from buying winter clothing and goods.

‘In September, we saw the lowest retail sales figures since December 2008, excluding Easter distortions.

This can be attributed to a number of factors including the continuing decline in food sales.

Furthermore, there was exceptionally low demand for items such as boots and coats, resulting in the lowest fashion sales performance since April 2012.

However, demand for big-ticket items continues to be strong, with furniture outperforming all other categories,’ said Helen Dickinson, the director general of the British Retail Consortium.

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