Market Insights

6/9/22 Market Insights From the Financial Services Network

THE DOLLAR IS TOO STRONG. If you’re planning a trip abroad to the U.K. this summer, you may be in for a happy surprise. One British Pound Sterling currently converts to $1.22, a historically favorable exchange rate. Except for a brief period in early 2020, the last time the Pound traded this low against the dollar was in 2016; before that, the Pound briefly traded as low as $1.08 in 1985 when Reagan was President, the U.S. economy was coming out of recession, and the Fed funds rate hovered between 8-9%. (See Chart 1 below.) Measured against six other major currencies, the U.S. Dollar Index is at its highest level in nearly 20 years.

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