US Dollar to Pound Exchange Rate Today - USD/GBP Roundup Dec 2014

December 14, 2014 - Written by Toni Johnson

STORY LINK US Dollar to Pound Exchange Rate Today - USD/GBP Roundup Dec 2014

Weekly Analysis for the Dollar Pound Exchange Rate With Updated USD/GBP Conversions

The US Dollar spent much of the week trading close to a 15-month high against the Pound as the currency continued to receive support from the previous weeks strong economic data releases and growing expectations that the Federal Reserve is edging closer to raising interest rates.

At the start of the week, the global markets were shaken by poor trade data out of China and growing concerns over a potential political crisis brewing in Greece. A lack of US data kept the ‘Greenback’s’ gains restrained.

On Tuesday the US Dollar weakened against a number of peers due to a lack of economic data released on Monday and as demand for the safer Japanese Yen increased, as tumbling oil prices increased risk aversion. Also weakening the currency was a bout of profit taking by investors. Positive BRC data out of the UK aided the Pound against the ‘Greenback’. The currency then regained some ground as data showed that US businesses have grown more confident and overall economic sentiment improved.

Midweek, the US Dollar made gains against several major peers such as the Pound and Euro as demand for the currency was further boosted by increased demand for safer haven assets. Slowing economic growth in China and a decline in shares all over the world has bolstered demand for safer assets. Against the Japanese Yen, the ‘Greenback’ softened to its lowest level in three-days.

On Thursday, the US Dollar strengthened against the majority of its peers as economic data beat forecasts. The U.S. Department of Labour said the number of individuals filing for initial jobless benefits in the week ending December 6 decreased by 3,000 to 294,000 from the previous week’s total of 297,000. US retail sales also beat forecasts increased by 0.7% last month, beating expectations for a gain of 0.4%. Retail sales growth for October was revised up to a 0.5% increase from a previously reported gain of 0.3%.

As the week came to a close the ‘Greenback’ advanced further against the Pound and other major peers. Data showed that construction output in the UK fell sharply in October. According to the Office for National Statistics, construction output declined by 2.2% on a monthly basis and increased by 0.7% on an annual basis. Both figures were below economist expectations.

Market attention will now turn to next week’s upcoming Federal Reserve policy meeting. Economists will be looking for any signs that Central Banks policy makers are getting closer to raising interest rates.

Latest Dollar Exchange Rates Today

The US Dollar to Australian Dollar exchange rate converts -0.56 per cent lower at 1 USD is 1.21129 AUD.
The US Dollar to Canadian Dollar exchange rate converts +0.07 per cent higher at 1 USD is 1.15730 CAD.
The US Dollar to Euro exchange rate converts +0.36 per cent higher at 1 USD is 0.80517 EUR.
The US Dollar to Pound Sterling conversion rate is +0.24 pct higher at 0.63751 USD/GBP.

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