FED Minutes Spark GBP to USD Exchange Rate Losses

As September’s Federal Open Market Committee (FOMC) meeting minutes indicated that policymakers remain on track to deliver further monetary tightening the Pound Sterling to US Dollar (GBP/USD) exchange rate came under additional pressure.

Exchange Rates and Other Fees

Exchange rates will vary as you travel, and in tourist areas you will frequently see traders who specialize in converting currency, including American cash and euros into British pounds. Rates are often very clearly posted (look for the codes USD for U.S. dollar and GBP for Great British pound) and might seem competitive, but if you look at the small print or ask the money changer, you will find that there are associated fees. These fees are either a flat charge or a percentage of the money changed, and they can add up. Other places to exchange currencies that usually offer lower rates include local banks in London and many larger post offices. Some hotels also offer currency exchange on site.

London traded nearly twice as much currency than did its nearest rival New York shows the latest data on foreign exchange markets provided by the Bank for International Settlements.
The daily average total turnover in foreign currency traded in London was $2.426BN in April 2016.
This is nearly double the size of trade sent through New York's institutions ($1.272BN) shows the latest data from the Bank of International Settlements (BIS).
The BIS offer the most comprehensive snap-shot of global foreign exchange trade via their Triennial Central Bank Survey of foreign exchange and over-the-counter (OTC) derivatives markets.
London has retained the top spot since 1995 when the data series was first produced.