Pound reaches another high not seen since early August

Yesterday afternoon, the pound reached a four-month high against the dollar.  

One pound could buy nearly $1.23, the highest amount since 1 August, making imports cheaper for UK companies and consumers. 

The dollar fell against most currencies, signalling a waning dollar, but the pound also grew against the euro and on Thursday afternoon £1 could buy nearly €1.17 (€1.1695). 

A stronger pound is good news for businesses and could help lower inflation as importing goods becomes cheaper. 

Major Chinese cities have started to ease restrictions following protests. The lockdowns had dampened economic activity, which had weighed on global trade and disrupted global supply chains. 

To gain a better understanding of how changes in exchange rates can impact your business, join our Strive & Thrive – Managing Fluctuating Currencies. You’ll gain an overview of exchange rates, recent movements and the opportunities that could be available for your business.  

Visit our website to find out more and register for the workshop.   

The GC Business Growth Hub’s #HereForBusiness support package provides practical help and guidance and expert advice on a range of topics to help businesses manage the increasing cost of doing business.    

To find out more and access help and support get in touch now.