By Alex Ellis

If you are looking at changing pounds into a foreign currency, then you will want to know what current impacting factors are effecting the currency market and what implications these will have when sending money overseas.

This morning has seen Dollar exchange rates massively gain strength against Sterling, this follows the news from the FED last night that the cost of borrowing for the US banks has increased. This has been seen as a major positive for the Dollar and has caused rates to drop to the lowest levels for 9 months.

I personally believe that we may see levels hit the 1.52′s as this strength seems to be fairly prolonged and is showing no signs of improvement for the pound. This along with the possiblility of a slump in UK GDP figures later on next week, doesn’t bode well for the future of the pound.

Sterling hasn’t just been struggling against the USD, as Euro rates have been somewhat affected as well, previously Sterling exchange rates were showing strength against the Euro because of Greece. However it seems as is often the case with spikes such as these; we have reached the high point and are now experiencing the downturn.