Qualified advisers answering your
Financial Questions
call 0800 092 1245

Pound back above $2 mark

The pound briefly edged above the $2 mark this morning, edging close to record exchange highs.Shortly before 09:00 BST the pound hit a high of 2.006 against the dollar, breaking through the $2 barrier for the first time since May 1st.It dipped below the marker before rising again for close to half an hour before 10:00 BST, before falling as low as 1.9985.Today's brief reappearance follows the 26-year-high achieved on April 28th, when the pound briefly traded at an exchange rate of £1 to $2.01.Experts say last week's minutes from the June Bank of England interest rate decision are helping push the pound upwards against the dollar.The monetary policy committee (MPC) voted in favour of holding rates at 5.5 per cent, but four of the nine members supported a rise.With consumer price index (CPI) inflation remaining above the two per cent target at 2.5 per cent in May, the MPC is widely expected to approve a fifth quarter-point hike in 12 months in July's decision.Such a move would be likely to keep the pound high against the dollar â€" good news for British tourists heading stateside but bad news for the manufacturing sector, which relies heavily on exports.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details