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USD vs GBP

In case anyone hasn't noticed the GBP is now selling for $1.15. That's down abot 18 cents in just a couple of weeks.

Posted by
11676 posts

I guess I won't be in a rush to cancel my July refundable bookings just yet. My deposits were made in ££ worth $1.30.

Posted by
6060 posts

This is why:
"Soaring demand for the dollar is exacerbating dislocations in markets world-wide, sending other currencies tumbling and pressuring those that need the U.S. currency to pay debts and meet other obligations"
Source: Wall Street Journal

When there is massive financial panic in the world, the dollar is seen as a safe haven. Indebted places like Argentina also like dollars more than Argentine pesos.

Posted by
1035 posts

Another reason is probably that there have been some signs recently that the UK might go for a no deal Brexit.

Posted by
3936 posts

The main reason is the international flight to the dollar which often happens in uncertain economic times. There is uncertainty about how the U.K. is going to fund the ever expanding financial assistance from the government that Coronavirus has caused.

Posted by
1024 posts

Oil is denominated in dollars and look how far that price has slid, there’s a demand for dollars which hurts the pound.

Posted by
5229 posts

Wow! I remember when an English penny was worth an American penny (GBP = $2.40)
Of course, at that time you could buy a VW bug for $2,000. And I could wear a size7 miniskirt.

Posted by
11676 posts

And remember what that one pence coin looked like? They were huge.

Posted by
2500 posts

Two weeks ago the € was 1.15, now it’s 1.07. If the border were still open, visiting Canada 🇨🇦 would be a dream trip! The Loony is now below $.70 USD.

Posted by
5229 posts

Lola, a friend who was an amateur magician used the 1p coins for practice -- similar in size to USD $0.50 coin, but much cheaper if they roll into the street.

Posted by
11676 posts

Although the pound was $2.40 in those days, the prices were much lower after conversion. In 1967 Inbought a beautiful and stylish wool coat in Carnaby Street for the equivalent of $19 US. And dinner at Simpson's in the Strand was around $3.50, for the serving cart with prime rib sliced at our table, Yorkshire pudding, etc.

I should look and see what the price equivalents are for these things today.