The British Pound Sterling, on Tuesday, June 13, has recovered after it reached a two-month low on Monday. GBP slumped to just $1.26411 against the United States of America dollar on Monday, but has surged back up to $1.27280 today (at the time of writing).
The UK exchange rate took a major hit against both the dollar and the pound on Thursday night as voting for the general election closed and exit polls were released.
It fell to it’s lowest yesterday morning as British politics remain in a volatile state, but has risen again today ahead of the Fed hike rates which will be released in the US tomorrow.
The rise also coincides with inflation levels this morning rising to the highest they’ve been since 2013.
Sterling inflation rates rose by 0.3% against the euro and dollar, following news that the cost of living came in at 2.9% in May. The pound to dollar exchange rate had leaped back from a two-month low
Caxton currency markets analyst, Alexandra Russell-Oliver previously told the Daily Star Online: “The key event this week for markets is an expected Fed rate hike on Wednesday.
Sterling is set to remain volatile due to Brexit uncertainty. Here finance experts reveal how to get the most for your travel money, take a look through the gallery.
Meanwhile, the pound to euro exchange rate has also recovered after it fell to a seven-month low following the hung parliament election result.
It fell to €1.12821 after voting polls closed on Thursday. The current exchange rate is now siting at €1.13540 to the pound
