Analysis of recent dollar → sterling forecasts for 2024. We collate forecasts from respected FX analysts together with the latest US dollar to British pound performance and trends.
Forecasts for USD to GBP
Recent forecasts for the USD to GBP exchange rate indicate a mixed outlook influenced by volatility in both currencies. As of the latest data, the USD is holding at 0.7736, which is a solid 1.1% above its three-month average of 0.7651, and has traded within a stable 5.7% range from 0.7454 to 0.7879. The US dollar experienced fluctuations driven by mixed economic indicators, such as unexpectedly strong ADP payroll figures contrasted with a slower third-quarter GDP growth, which led to a decrease in the USD’s strength. The upcoming release of the core PCE price index, key for gauging inflation, could further impact the USD’s performance, especially if inflation readings align with forecasts of a cooling economy.
On the other side, the GBP has seen strength on the expectations surrounding the UK’s Autumn Budget, which is anticipated to include increased public investment under Chancellor Rachel Reeves. This potential boost to public spending could influence interest rates set by the Bank of England, leading to sentiment that supports GBP appreciation. The outcome from the budget statement is poised to create considerable volatility in the pound, with analysts noting that a favorable reaction from the markets could see GBP gain ground against the dollar. As the election dynamics in the US unfold, notably the prospects of a Trump presidency raising inflation expectations, market analysts caution that further complications may arise, contributing to ongoing volatility in the "Cable" exchange rate. In summary, while the USD maintains a robust position, the GBP's trajectory hinges significantly on domestic policy developments and their economic implications.
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Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more