{"id":82560,"date":"2019-11-25T03:00:54","date_gmt":"2019-11-25T08:00:54","guid":{"rendered":"https:\/\/currencylive.com\/?p=82560"},"modified":"2019-11-25T03:27:39","modified_gmt":"2019-11-25T08:27:39","slug":"101579-gbp-usd-pound-rises-on-boris-johnsons-election-manifesto","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101579-gbp-usd-pound-rises-on-boris-johnsons-election-manifesto\/","title":{"rendered":"GBP\/USD: Pound Rises On Boris Johnson\u2019s Election Manifesto"},"content":{"rendered":"\n\n\n
\"\"<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The pound trended steadily lower versus the dollar across the previous week. The pair declined for four consecutive sessions closing on Friday at US$1.2832. The pound is advancing against the dollar at the start of the new week.<\/p>\n

The pound ended the previous week on the back foot following the release of the Labour party election manifesto and dismal UK economic data.<\/p>\n

Data showing that UK businesses experienced their steepest downturn since mid 2016 sent the pound sharply lower on Friday. The IHS Markit\/ CIPS UK Purchasing Manager Index (PMI) showed that the manufacturing sector slipped deeper into contraction, whilst the dominant UK service sector also fell into contraction. The data puts the British economy on track for contraction of around 0.2% in the fourth quarter.<\/p>\n

As the markets reopen at the start of the new week investors will be once again focused on the political campaigns ahead of the elections 12th<\/sup> December. Last week the Labour leader Jeremy Corbyn unveiled his election manifesto. The high taxes, big spending drive and plans for nationalisation of some sectors unnerved pound investors, weighing on the value of sterling.<\/p>\n

Over the weekend, the Conservative leader Boris Johnson released his manifesto. The Tory leader\u2019s manifesto is much less extravagant, increasing spending by \u00a32.3 billion per year, compared to Labours \u00a383 billion increase. The manifesto is being viewed as more business friendly and more restrained than Labour\u2019s spending spree. As a result the pound is in demand in early trade on Monday. Investors will watch the polls closely to see how investors are responding to the two leaders plans. Any sign of Labour narrowing the gap on the Conservatives, could see the pound come under pressure.<\/p>\n

Dollar Lower After China’s Olive Branch To Trump<\/strong><\/h3>\n

The US dollar surged on Friday versus its peers following a couple of positive macro data prints. Both US manufacturing and service sector pmi readings beat analysts\u2019 expectations. University of Michigan consumer confidence also surprised to the upside. The data calmed investor concerns over a slowdown in the US economy and supported the Fed\u2019s analysis that the economy is in recovery mode.<\/p>\n

The dollar is on the back foot at the start of the new week as investors digest trade developments. China will increase penalties for theft of Intellectual Property (IP). This is seen as a gesture of goodwill towards Trump. Risk sentiment has improved in the financial markets dragging on demand for the safe haven dollar.<\/p>\n

This week is a holiday shortened week in the US. Even so there are still several high impacting US data points which could drive dollar movement. These include consumer confidence and durable goods numbers. Investors will continue to monitor trade headlines for clues as to whether the US and China are going to agree a trade deal before Christmas.<\/p>\n\n\n\n
\"\"<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n
What do these figures mean?<\/strong><\/td>\n<\/tr>\n
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

For example, it could be written:<\/p>\n

1 GBP = 1.28934 USD<\/em><\/p>\n

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.<\/p>\n

Or, if you were looking at it the other way around:<\/p>\n

1 USD = 0.77786 GBP<\/em><\/p>\n

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.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n
Currencylive.com<\/em> is a news site only and not a currency trading platform.<\/em><\/h6>\n
Currencylive.com is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

The pound trended steadily lower versus the dollar across the previous week. The pair declined for four consecutive sessions closing on Friday at US$1.2832. The pound is advancing against the dollar at the start of the new week. The pound ended the previous week on the back foot following the release of the Labour party […]<\/p>\n","protected":false},"author":163946597,"featured_media":5527,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[1396,1386,1657,1435,1389,1394,1457,1454,1400,1397,1398],"class_list":{"0":"post-82560","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-usd","9":"tag-boris-johnson","10":"tag-brexit","11":"tag-british-pound","12":"tag-consumer-confidence","13":"tag-elections","14":"tag-gbp","15":"tag-manufacturing","16":"tag-pmi","17":"tag-trump","18":"tag-us-dollar","19":"tag-usd"},"acf":[],"yoast_head":"\nGBP\/USD: Pound Rises On Boris Johnson\u2019s Election Manifesto - 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\/101579-gbp-usd-pound-rises-on-boris-johnsons-election-manifesto\/\" \/>\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\\\/101579-gbp-usd-pound-rises-on-boris-johnsons-election-manifesto\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101579-gbp-usd-pound-rises-on-boris-johnsons-election-manifesto\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/USD: Pound Rises On Boris Johnson\u2019s Election Manifesto\",\"datePublished\":\"2019-11-25T08:00:54+00:00\",\"dateModified\":\"2019-11-25T08:27:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101579-gbp-usd-pound-rises-on-boris-johnsons-election-manifesto\\\/\"},\"wordCount\":839,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101579-gbp-usd-pound-rises-on-boris-johnsons-election-manifesto\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100603-gbp-usd-dollar-dips-fed-cut-fears.jpg\",\"keywords\":[\"boris johnson\",\"Brexit\",\"british pound\",\"consumer confidence\",\"Elections\",\"gbp\",\"manufacturing\",\"pmi\",\"trump\",\"us dollar\",\"usd\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101579-gbp-usd-pound-rises-on-boris-johnsons-election-manifesto\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101579-gbp-usd-pound-rises-on-boris-johnsons-election-manifesto\\\/\",\"name\":\"GBP\\\/USD: Pound Rises On Boris Johnson\u2019s Election Manifesto - 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