Great British Pound Hits 10 Year Low Against USD (£1>$1.15)
News - UK 01-Sep-2022
The Great British Pound's (GBP) value against the United States Dollar (USD) has sunk to record low levels this week. On September 1st 2022, the £1 GBP has sunk to $1.15. That's a 10 year+ low against the USD (excluding the one day crash when COVID-19 lockdowns were announced).
Some of the reasons for this low is political uncertainty in the UK (for example, who will be the next PM), ongoing issues in Ukraine, supply chain issues following the COVID recovery, Brexit economic issues starting to come to fruition, and higher energy costs- all impacting the rates of inflation. These domestic issues are coupled with the US Fed signalling more aggressive 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. Use current accounts with debit cards from companies like Starling Bank for fee-free purchases using the Mastercard exchange rate.
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