Brexit – Sterling down US Dollar continues upward

In a recent blog article from Currencies4You, Brexit fears weighed heavily on the Pound last week, while the US Dollar went up again.

Currently 1 UK Pound = 1.39 dollars.

MAJOR CURRENCIES IN DETAIL:

GBP – With the date for the EU referendum now firmly set, Brexit concerns remain the main driver for Sterling. Boris Johnson and other prominent Tory leaders broke off with David Cameron’s campaign for the UK to stay in the EU. This was enough to spook currency markets and Sterling tumbled to its lowest levels against the US Dollar since the depth of the 2008 financial crisis.

USD – Stronger-than-expected economic data out of the US boosted the US Dollar against every other major world currency.

Durable goods orders in January fully unwound their December decline. Core capital goods orders rose by 3.9% on the month – this is a useful proxy for capital expenditures. The January rebound should allay any recession fears.

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