The US Dollar is trading higher against the Pound as investors seek shelter in the safe haven currency as fears of a possible US led military strike against Syria continue to spook the markets; upbeat economic data has also bolstered the ‘Greenback’.
According to the latest Consumer Confidence data US consumers are feeling more optimistic over the state of the nation’s economy. The sentiment index improved to 81.5 from the revised figure of 81 recorded in the previous month. Economists had been calling for a figure of 79. The figure is just below the 82.1 figure from June, which was the highest since June 2008.
After hitting the low of 25.3 at the depths of the Great Recession in February 2009, the index has bounced back. But it has yet to get back to the 90 reading that signals a healthy economy.
Despite recent data hinting that the US economy may not be recovering as strongly as first thought, the ‘Greenback’ is trading higher against most of its peers due to speculation that the Federal Reserve could begin to taper its monetary easing policy in September. Currencies such as the Turkish Lira and Indian Rupee fell to new record lows earlier in the session.
The Dollar looks set to make further gains against many of its peers as the week progresses as military action could begin as soon as Thursday. According to US Defence secretary Chuck Hagel, American forces are ‘ready’ to attack if President Obama gives the order.
Current US Dollar (USD) Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6446
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7494
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.1171
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 97.7426
The US Dollar/Canadian Dollar Exchange Rate is currently in the region of: 1.0527
(Correct as of 16:05 pm GMT)
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