GBP hits high against USD

The Great British Pound (GBP) has reached a 14-year high against the US dollar.

Early today £1 was worth $1.956, its highest level since Black Monday in 1992, when Britain leave the ERM (Eurpean Exchange Rate).

The rise in currency value comes at a time when the Bank of England may be considering further rate rises in an increasingly unstable global economy.

Additionally, weak economic data in the USA is devaluing the USD.

Overall, the news will not be good for exporters due to the relatively higher prices of their goods on the US consumer markets.

However, for those of us who buy services internationally, where the USD is the major currency - such as for webmaster services and webhosting - this is a nice peice of news indeed. :)