The US dollar has been on the rise lately, thanks in part to the support of the British pound sterling. The dollar rate has reached its best level at 1.2360, which is a significant increase from its previous levels.
One of the main reasons for this increase is the recent announcement by the Bank of England that it will not be cutting interest rates any further. This decision has boosted confidence in the pound sterling, which has in turn helped to support the US dollar.
Another factor that has contributed to the rise in the dollar rate is the ongoing uncertainty surrounding Brexit. With negotiations still ongoing and no clear resolution in sight, investors are turning to the US dollar as a safe haven currency.
In addition, the US economy has been performing well in recent months, with strong job growth and a healthy GDP. This has also helped to support the dollar and make it an attractive investment option for traders.
However, it is important to note that the dollar rate can be volatile and subject to sudden changes. It is always wise to keep an eye on market trends and news updates in order to make informed investment decisions.
Overall, the recent support from the pound sterling has helped to boost the US dollar rate to its best level at 1.2360. While there are still uncertainties in the global economy, the strength of the US economy and ongoing Brexit negotiations are likely to continue to impact currency markets in the coming months.
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