Pound Fights Back vs The Dollar

Feb. 24, 2024 Vicky Vich

A mixed bag for the Pound at the moment.

After hitting highs for the year against the Aussie & Euro last week, downward trends have been consistent over the following 7 days.

In the last 24 hours, slight moves in favour of GBP continue and there is news from the Euro Area regarding inflation expected soon. This could alter the GBP/EUR rate further.

It hasn’t been all doom and gloom for the Pound though, especially vs the Dollar. Since the sharp fall in the GBP/USD rate after UK inflation data on the 14th, GBP has mounted a fight back.

Unlike others, the downward trend hasn’t continued, the Pound has seen a +0.44% gain over USD. Many are awaiting news about interest rates in the United States.

A contributing factor in its recent weakness. Elsewhere, the Pound has seen strong gains vs the Canadian Dollar, closer to its high levels seen in January.

However, GBP/NZD has suffered a similar trend to that of the AUD and the Euro rates.

To find out the latest rates, click below!