{"id":5453,"date":"2019-04-25T00:00:00","date_gmt":"2019-04-25T04:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100951-gbp-usd-dollar-weighs-on-pound\/"},"modified":"2019-04-25T00:00:00","modified_gmt":"2019-04-25T04:00:00","slug":"100951-gbp-usd-dollar-weighs-on-pound","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100951-gbp-usd-dollar-weighs-on-pound\/","title":{"rendered":"GBP\/USD: Strong Dollar Weighs On Pound"},"content":{"rendered":"<p>The pound held relatively steady versus the dollar for much of the previous session. The pair dropped towards the close, ending the session 0.3% lower at US$1.2905. Today the pound is edging higher versus the dollar, perhaps it will end an 8 straight session losing streak.<\/p>\n<table class=\"table table-bordered\">\n<tr>\n<th><small> What do these figures mean? <\/small><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><small> 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.For example, it could be written:<em>1 GBP = 1.28934 USD<\/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. Or, if you were looking at it the other way around:<em>1 USD = 0.77786 GBP<\/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. <\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Whilst encouraging UK data worked in favour of the pound, Brexit woes continued to work against it in the previous session. UK public sector net borrowing declined to the lowest level in 17 years. Borrowing for the year declined to \u00a324.7 billion, down 41% from the previous year. Although the figure was slightly above the Chancellor\u2019s target of \u00a322.8 billion. Even so, looking at the bigger picture public finances have steadily improved over the past decade as the UK recovers from the last recession. This is good news regarding the UK economy and therefore is supportive of the pound.<\/p>\n<table class=\"table table-bordered\">\n<tr>\n<th><small> Why does strong economic data boost a country\u2019s currency? <\/small><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><small> Solid economic indicators point to a strong economy. Strong economies have strong currencies because institutions look to invest in countries where growth prospects are high. These institutions require local currency to invest in the country, thus increasing demand and pushing up the money\u2019s worth. So, when a country or region has good economic news, the value of the currency tends to rise. <\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Whilst data supported the pound, Brexit and domestic political woes continued to weigh on demand for sterling. Cross party Brexit talks between UK Prime Minister Theresa May and leader of the opposition Jeremy Corbyn are showing few signs of progress. Scotland\u2019s First Minister Nicola Sturgeon is calling for another referendum on Scottish Independence. The continual political instability is impacting demand for sterling.<\/p>\n<p>Today investors will continue watching the Brexit drama unfold. Theresa May\u2019s position at least now looks safe until the end of the year. Attention will also go to the Confederation of Business Industry\u2019s business optimism data. Analysts are expecting to see a slight improvement in April to -16, up from -23 in March.<\/p>\n<h2><a href=\"#dollar-is-king\" id=\"dollar-is-king\"><\/a>Dollar Is King<\/h2>\n<p>The US dollar traded higher across the board on Wednesday, although there was no fresh data to continue lifting the greenback. Instead investors continued to digest stronger than forecast housing data and impressive retail sales numbers from the previous week. Recent data has pointed to a resilient US economy, whilst other economies across the globe show signs of weakness.<\/p>\n<p>Investors will switch their attention firmly to the US GDP release, due on Friday. Analysts forecast that the US economy grew 2.2% quarter on quarter in the first quarter. Prior to that, though, there\u2019s still big hitting data today in the form of durable goods and initial jobless claim.<\/p>\n<hr>\n<p><small><\/p>\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 held relatively steady versus the dollar for much of the previous session. The pair dropped towards the close, ending the session 0.3% lower at US$1.2905. Today the pound is edging higher versus the dollar, perhaps it will end an 8 straight session losing streak. What do these figures mean? When measuring the value [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":5454,"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-5453","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: Strong Dollar Weighs On Pound - 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\/100951-gbp-usd-dollar-weighs-on-pound\/\" \/>\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\\\/100951-gbp-usd-dollar-weighs-on-pound\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100951-gbp-usd-dollar-weighs-on-pound\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/USD: Strong Dollar Weighs On Pound\",\"datePublished\":\"2019-04-25T04:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100951-gbp-usd-dollar-weighs-on-pound\\\/\"},\"wordCount\":722,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100951-gbp-usd-dollar-weighs-on-pound\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100951-gbp-usd-dollar-weighs-on-pound.jpg\",\"keywords\":[\"gbp\",\"usd\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100951-gbp-usd-dollar-weighs-on-pound\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100951-gbp-usd-dollar-weighs-on-pound\\\/\",\"name\":\"GBP\\\/USD: Strong Dollar Weighs On Pound - 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