Question

How has the exchange rate been affected by COVID 19 - how has this impacted the Pound in comparison to the USD?

How was the Pound doing in comparison to the USD prior COVID 19?

Make a prediction for the future

Answer 1

The current conversion rate between Pound/ USD stands at 1.31564

As we know the rates fluctuate continuously depending on the market and all the world factors.

In the beginning of COVID-19 the graph and changes were very similar to the past year at around 1.3 only

But when the lockdowns were announced a lot of global trade went standstill as people stopped travelling and market exports were reduced. Sudenly we see a very sharp fall in this rate over a week to as low as 1.15 which was the lowest in last 10 years.

Seriously it was a shocking situation but like expected by many experts with the easing of markets and trade getting back the conversion rates are again returned to the normal era.

A correct prediction is obviously very difficult to make but in light of economic conditions and reports.

The rate will initially stay put around the similar range, before slowly moving down as the expected growth projects.