{"id":5514,"date":"2019-05-29T00:00:00","date_gmt":"2019-05-29T04:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100995-gbp-usd-pound-steadies\/"},"modified":"2019-05-29T00:00:00","modified_gmt":"2019-05-29T04:00:00","slug":"100995-gbp-usd-pound-steadies","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100995-gbp-usd-pound-steadies\/","title":{"rendered":"GBP\/USD: Pound Steady As Investors Watch Political Developments"},"content":{"rendered":"<p>A stronger dollar on Tuesday pushed the pound US dollar exchange rate lower on Tuesday. The pair closed 0.1% lower at US$1.2659.<\/p>\n<table class=\"table table-bordered\">\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>\n<p>Following heavy falls in the previous week, the pound is trading in a more controlled manner so far this week. With no more political or Brexit bombshells to knock sterling lower, investors continue to digest last weeks developments.<\/p>\n<p>UK Prime Minister Theresa May is due to leave office on 7th June. Recent comments from the PM that the direction of Brexit is now up to the next Prime Minister suggests that she will not be putting her Brexit Agreement before Parliament for a fourth and final vote before she leaves.<\/p>\n<p>There are now 10 Conservative candidates which have put themselves forward for the position as leader of the Conservatives and Prime Minister. The candidates are laying out their plans for Brexit. So far Boris Johnson, Jeremy Hunt and Dominic Raab have all said that they would try to renegotiate the Brexit deal, particularly the contentious Irish backstop. The EU have repeated said that they are not willing to renegotiate the Brexit deal. Brexit uncertainty could keep the pound depressed whilst the Conservative leadership battle continues.<\/p>\n<table class=\"table table-bordered\">\n<tr>\n<th>Why is a \u201csoft\u201d Brexit better for sterling than a \u201chard\u201d Brexit?<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>A soft Brexit implies anything less than UK\u2019s complete withdrawal from the EU. For example, it could mean the UK retains some form of membership to the European Union single market in exchange for some free movement of people, i.e. immigration. This is considered more positive than a \u201chard\u201d Brexit, which is a full severance from the EU. The reason \u201csoft\u201d is considered more pound-friendly is because the economic impact would be lower. If there is less negative impact on the economy, foreign investors will continue to invest in the UK. As investment requires local currency, this increased demand for the pound then boosts its value.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>There is no high impacting UK economic data to grab investors\u2019 attention. The focus will remain on politics, the leadership battle and Brexit.<\/p>\n<h2><a href=\"#dollar-strong-on-soaring-us-consumer-confidence\" id=\"dollar-strong-on-soaring-us-consumer-confidence\"><\/a>Dollar Strong On Soaring US Consumer Confidence<\/h2>\n<p>The dollar strengthened in the previous session as investors cheered strong US data. Figures showed that US consumer confidence rose by more than what analysts were expecting, hitting the highest level since November.<\/p>\n<p>Consumer confidence increased to 134.1 in May, significantly higher than the 130 analysts had been forecasting. Americans are feeling the best about current economic conditions in 18 years. This is largely down to a solid labour market and rising wages. High consumer confidence bodes well for consumer spending. This is good news for the US economy which is so dependent on consumer spending.<\/p>\n<table class=\"table table-bordered\">\n<tr>\n<th>Why does strong economic data boost a country\u2019s currency?<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>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.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The dollar has managed to hold onto most of its gains overnight as investors are looking toward its safe haven properties once again. Fears of the US \u2014 Sino trade dispute causing a global economic downturn are keeping demand or the world\u2019s reserve currency high.<\/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>A stronger dollar on Tuesday pushed the pound US dollar exchange rate lower on Tuesday. The pair closed 0.1% lower at US$1.2659. What do these figures mean? 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 [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":5515,"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-5514","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 v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/USD: Pound Steady As Investors Watch Political Developments - 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\/100995-gbp-usd-pound-steadies\/\" \/>\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\\\/100995-gbp-usd-pound-steadies\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100995-gbp-usd-pound-steadies\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/USD: Pound Steady As Investors Watch Political Developments\",\"datePublished\":\"2019-05-29T04:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100995-gbp-usd-pound-steadies\\\/\"},\"wordCount\":840,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100995-gbp-usd-pound-steadies\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100597-gbp-usd-pound-steadies.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\\\/100995-gbp-usd-pound-steadies\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100995-gbp-usd-pound-steadies\\\/\",\"name\":\"GBP\\\/USD: Pound Steady As Investors Watch Political Developments - 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