Convert British Pound to US Dollar GBP USD Exchange Rate

Retail sales plunged 0.7% in October, more than double the expected 0.3% decline, reflecting weaker consumer spending. PMI data also showed a contraction in business activity for the first time easiest way to change ada to usd in over a year, raising fears of a broader economic slowdown. The oil markets are particularly anxious about the potential for Ukraine to damage Russian energy infrastructure, which could disrupt oil production and tighten global supplies. This concern has been a crucial factor supporting crude prices. “It’s really one main geopolitical factor that’s at play here in the gold market over the course of the last several days — the increased tensions between Ukraine and Russia,” he said.

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Germany, the region’s largest economy, grew just 0.1% in Q3, below an already modest estimate of 0.2%. Spot gold rose 1.3% to $2,698.78 per ounce, while US gold futures edged 0.9% higher to $2,698.10 at the time of writing. Retail sales, a key indicator of consumer spending, fell by 0.7% month-on-month in October, far below market expectations. The previous month’s sales growth was also revised down to a modest 0.1%, from an initial 0.3% estimate.

How to convert British pounds sterling to US dollars

The precious metal has benefited from heightened concerns over the Russia-Ukraine conflict, which has kept investors flocking to gold as a secure store of value. However, trading activity top 100+ linux interview questions and answers 2022 in China, the world’s largest consumer of gold, remains relatively subdued, according to Hugo Pascal, a precious metals trader at InProved. Gold prices extended their gains for a fourth straight day on Friday, heading towards their best weekly performance in a year, driven by strong safe-haven demand amid ongoing geopolitical unrest. Wise is a Money Service Business registered with FinCen. In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. The U.S. dollar is the currency most used in international transactions.

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Exchange rates can fluctuate by the minute while markets are open. However, the period between 3-4 PM GMT is often a good time to convert US Dollars to British Pounds because currency market liquidity and trading volume tend to be the highest during this time. Additionally, it’s advisable to convert US Dollars to British Pounds early in the week if you need GBP urgently.

1. However, the period between 3-4 PM GMT is often a good time to convert US Dollars to British Pounds because currency market liquidity and trading volume tend to be the highest during this time.
2. The pound fell to $1.2496 after a series of disappointing economic reports.
3. The euro fell to $1.0389, its weakest point since November 2022, after eurozone PMI data revealed a sharp contraction in services and deeper recession in manufacturing.
4. Goldman Sachs has forecast that Brent crude prices will average $80 per barrel this year amid ongoing geopolitical uncertainties and tightening supply conditions.
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Looking ahead, analysts are eyeing key resistance levels, with Jim Wyckoff, senior market analyst at Kitco Metals, noting that the next upside target for gold is a close above the $2,700 per ounce mark. “Bulls’ next price objective is to produce a close above solid resistance at $2,700,” Wyckoff said in a note. “Premiums continue to oscillate between positive and negative territory, showing no clear directional trend,” Pascal told Reuters. The pound has dropped to a six-month low against the dollar, following a weaker-than-expected retail sales report that underscored growing economic concerns.

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Schedule international transfers and manage foreign exchange risk across 130 currencies in 190+ countries. You can send a variety of international currencies to multiple countries reliably, quickly, and safely, and at a rate cheaper than most banks. Compare our rate and fee with our competitors and see the difference for yourself. You’ll now see the value of the converted currency according to the most 7 smart ways to invest $1000 recent exchange rate. Traders should monitor upcoming U.S. core PCE inflation data and key ECB and Bank of England statements, which could set the tone for currency markets in the weeks ahead. Looking ahead, the investment bank expects Brent prices to average $76 per barrel in 2025.

Geopolitical risks, including heightened tensions in the Russia-Ukraine conflict and political instability in Germany, are further dragging the euro lower. Markets now see more than a 50% chance of a 50 basis point rate cut by the European Central Bank (ECB) in December—a stark signal of deteriorating confidence in the region’s economy. The euro fell to $1.0389, its weakest point since November 2022, after eurozone PMI data revealed a sharp contraction in services and deeper recession in manufacturing.