The Great British Pound's (GBP) value against the United States Dollar (USD) has sunk to near record low levels this week. In late afternoon trading today, the rate was sitting at $1 to £1.20. Since 2003 records, the only two times the pound has been this low was after the Brexit vote in 2016 and the beginning of the COVID-19 pandemic in 2020. Rates somewhat recovered after those two occasions back up to the 1.30-1.40 range.
Some of the reasons (via The Telegraph) for this fall is due to the ongoing issues in Ukraine, supply chain issues following the COVID recovery, Brexit economic issues starting to come to fruition, possible UK/EU trade war over Northern Ireland, and most recently, Scotland's desire once again to try for another independence referendum. These domestic issues are coupled with the US Fed signalling more agreessive interest rate hikes to deal with inflation. Interest rate hikes usually result in a stronger currency.
If you're travelling to the US soon, make sure you're getting the best exchange rate possible and not paying any unnecessary fees. Click here to view our Walt Disney World spending money guide.
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