{"id":4288,"date":"2018-01-31T00:00:00","date_gmt":"2018-01-31T05:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100332-gbp-usd-boe-governor-optimism\/"},"modified":"2018-01-31T00:00:00","modified_gmt":"2018-01-31T05:00:00","slug":"100332-gbp-usd-boe-governor-optimism","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100332-gbp-usd-boe-governor-optimism\/","title":{"rendered":"GBP\/USD: Pound Rallies Against Dollar As BoE Governor Shows Optimism"},"content":{"rendered":"<p>The pound rose sharply against the dollar yesterday morning, from 1.3989 to 1.4165 and remained more or less on that level throughout the trading session. This morning saw the pound move slightly more upwards but in the same range. The pound is now at 1.4197 versus the dollar, which is almost the same level as it was last week when it a four-month high.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>What do these figures mean? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p> When measuring the value of a pair of currencies, one set equals 1 unit and the other shows the current equivalent. As the market moves, the amount will vary from minute to minute. <\/p>\n<p> For example, it could be written: <em>1 GBP = 1.28934 USD<\/em> <\/p>\n<p> <em>Here, \u00a31 is equivalent to approximately $1.29. This specifically measures the pound\u2019s worth against the dollar. If the US dollar amount increases in this pairing, it\u2019s positive for the pound.<\/em> <\/p>\n<p> Or, if you were looking at it the other way around: <em>1 USD = 0.77786 GBP<\/em> <\/p>\n<p> <em>In this example, $1 is equivalent to approximately \u00a30.78. This measures the US dollar\u2019s worth versus the British pound. If the sterling number gets larger, it\u2019s good news for the dollar.<\/em> <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<p>Pound investors were focussed primarily upon Bank of England (BoE) Governor Mark Carney&#8217;s speech to UK lawmakers. In his speech, the Governor spoke about the bank&#8217;s resolve to fight high inflation in UK over the coming years. Investors saw Carney&#8217;s talk on reducing inflation as an indication that the BoE intends to reduce the raise the interest rates in the near future. Apart from this, Mark Carney also spoke about Brexit, calmed the anxiety prevailing around post-Brexit trade scenario between the UK and EU. He said that &#8220;a disorderly Brexit looks less likely than before&#8221; because he saw that the data showed that UK labor market and wages have showed a consistent growth over the last couple of years. As a result of such an optimist outlook from the BoE, the pound rallied.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>Why is a smooth Brexit good for the pound? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>A smoother Brexit would be a scenario in which the economic consequences of leaving the European Union are minimised. This is favourable for the pound because the less the Brexit impact on the economy, the more likely that foreign investors will remain interested in the UK. Foreign investors need sterling to invest in the country and so the more GBP is purchased, the higher the demand and, thus, an increase in the currency\u2019s value. <\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<h2><a href=\"#us-government-hint-at-pursuing-weak-dollar\" name=\"us-government-hint-at-pursuing-weak-dollar\"><\/a>US Government hint at pursuing weak dollar<\/h2>\n<p>Meanwhile, the dollar was unable to resist the might of the pound due to two main reasons. First, the US Federal Reserve&#8217;s incumbent Chairman Janet Yellen will chair her last meeting soon. Investors are worried whether the incoming Chairman Jay Powell will continue Powell&#8217;s policy legacy and continue to raise interest rates in the near future. Secondly, the dollar also continue to suffer from comments made my President Trump and his Treasury Secretary Steven Mnuchin. They said that a weaker dollar might be good for trade. This raises questions amongst the investors whether the US Government and the Fed will pursue policies that are dollar-negative. As a result of this grown fiscal policy uncertainty, the dollar fell versus the pound.<\/p>\n<p>Today the UK will see the release of consumer confidence data. A higher than expected figure can boost an already strong pound against the dollar. Dollar investors will be focussed more or less solely upon the upcoming US Federal Reserve meeting where Janet Yellen will chair her last meeting. Any indications towards an interest rate hike will help the dollar regain at least some of its losses.<\/p>\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td>\n<p><small><em><br \/>\nThis publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Inc., Currency Live or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Consult our <a href=\"https:\/\/currencylive.com\/risk-warning\/\">risk warning<\/a> page for more details.<\/em><\/small><\/p>\n<p><small><em>This article was initially published on TransferWise.com from the same author. The content at Currency Live is the sole opinion of the authors and in no way reflects the views of TransferWise Inc.<\/em><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pound rose sharply against the dollar yesterday morning, from 1.3989 to 1.4165 and remained more or less on that level throughout the trading session. This morning saw the pound move slightly more upwards but in the same range. The pound is now at 1.4197 versus the dollar, which is almost the same level as [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":4289,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[1394,1398],"class_list":["post-4288","post","type-post","status-publish","format-standard","has-post-thumbnail","category-gbp","category-usd","tag-gbp","tag-usd"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/USD: Pound Rallies Against Dollar As BoE Governor Shows Optimism - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/100332-gbp-usd-boe-governor-optimism\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100332-gbp-usd-boe-governor-optimism\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100332-gbp-usd-boe-governor-optimism\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/USD: Pound Rallies Against Dollar As BoE Governor Shows Optimism\",\"datePublished\":\"2018-01-31T05:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100332-gbp-usd-boe-governor-optimism\\\/\"},\"wordCount\":758,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100332-gbp-usd-boe-governor-optimism\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100332-gbp-usd-boe-governor-optimism.jpg\",\"keywords\":[\"gbp\",\"usd\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100332-gbp-usd-boe-governor-optimism\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100332-gbp-usd-boe-governor-optimism\\\/\",\"name\":\"GBP\\\/USD: Pound Rallies Against Dollar As BoE Governor Shows Optimism - 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