Home » USD » US Dollar to Pound Sterling (USD/GBP) Exchange Rate – Dollar weakens on strong UK PMI data

US Dollar to Pound Sterling (USD/GBP) Exchange Rate – Dollar weakens on strong UK PMI data

Wall Street sign
The US Dollar has weakened against Sterling after the UK currency continued to ride high on the back of strong economic data. Against the Euro the ‘Greenback’ stayed stronger against the single currency as political uncertainty in Portugal renewed concerns over a revival in the Euro crisis.

The Pound made gains after economic data showed that service sector activity in the UK expanded at the fastest pace since March 2011 in June.

The GBP/USD currency pair hit 1.5244 after hitting a session high of 1.5274. Cable is likely to hit a session low and a possible monthly low of around 1.5128.

Markit said the U.K. services purchasing managers index rose to a 27-month high of 56.9 in June from 54.9 in May. Analysts had expected the index to decline to 54.5 last month.

“The buoyant picture for June means the economy is on course to expand by at least 0.5% in the second quarter, with more growth to come,” Chris Williamson, chief economist at Markit said.

“With growth this strong it’s hard to see how any of the members of the Monetary Policy Committee could make a case for further quantitative easing” he added.

Concerns over political instability in Portugal have raised doubts over the nation’s coalition government following the resignation of two senior cabinet ministers.

Adding to the ‘Greenbacks’ strength against the single currency was the release of data showing that US companies added more workers than expected in June as businesses prepare for a increase in consumer demand in the second half of 2013. Unemployment increased by 188,000. Economists had been calling for the creation of 160,000 new jobs.

The nation’s trade deficit increased in May as imports climbed more than expected highlighting an economy that is overcoming government cutbacks and higher taxes.

US Dollar (USD) Current Exchange Rates

The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6596

The US Dollar/Euro Exchange Rate is currently in the region of: 0.7731

The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.1017

The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 99.9701

The US Dollar/Canadian Dollar Exchange Rate is currently in the region of: 1.0545

The Pound Sterling/ US Dollar Exchange Rate is currently in the region of: 1.5160

The Euro/US Dollar Exchange Rate is currently in the region of: 1.2935

The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9076

The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9482

The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.7734

(Correct as of 14:45 pm GMT)

Comments are closed.