All you need to know about GBP to USD conversion
The influence of GBP and USD is huge in the foreign exchange market. Apart from being one of the oldest, these curries are being used as a standard tool for viewing the values of other countries currencies. For a long time, these two were the indicators of the currencies of other countries. They also got a nickname “cable” as to transmit currency prices between the two worlds, the first cable was used which ran across the Atlantic connecting Great Britain and the United States of America.
The size of the UK economy is huge and that is why it has been a point of great interest among the traders from all over the globe. In the ’40s the Bretton Woods system was the centre which was responsible for the governance of the post-war exchange rates. In the year 1940, Great Britain Pound was pegged with the United States Dollar. GBP to USD conversion is of great interest. Every day traders look into these rates.
As of 23 rd January 2019 (3.49 am UTC), the GBP to USD is 1 pound sterling is equal1.30 USD. The forex market and the traders look into the rates with massive interest. Over the years various factors influenced the rate of the British pound and the United States dollar. The value of pound actually decreased after the Brexit vote.
Factors Influencing GBP and USD:
There are several factors that influence the rates of British Pound. Here are some of the factors that influence the British pound domestically and internationally –
- Economic Indicators
- GDP growth
- Labour market data
In the case of the United States dollar, there are several factors that influence the dollar rates domestically and internationally. Here are few of those –
- Labor Market Data
- NPF (Non-Farm Payroll)
- Inflation Data
- Interest Rates
- US GDP
GBP and USD have been a great indicator for valuing different currencies of the world. So it remains a topic of great interest among the traders all over the globe.. Start earning with the Forex trading system by opening an account here with us.