Since the beginning of March, the GBP/USD pair fell as low as $1.3744. Pound Sterling has been further affected by the resignation of UK Home Secretary Amber Rudd whilst the US Dollar is progressing.
As pressure builds on UK Prime Minister following Rudd’s resignation, Pound Sterling is trading low at 0.15% at roughly 1.3760 against the US Dollar.
Factors including the GDP data last week and lower retail sales look likely to strengthen the dovish stance of BoE policymakers. The likelihood of interest rate rises in May look less and less slim.
In other news, the oil industry seems to be back on track after the oil prices slid drastically in 2014.
With the prices reaching back to where they were before, Shell, Chevron and French outfit Total are among many energy firms to state that in many years, they have experienced some of their finest profit figures.
However, Exxon is earning less than investors expected, due to the harsh results from their refining business for the second quarter in a row.
Since the beginning of last year, oil prices have risen around 30% whilst during the same year, energy stocks increased by only 6%.
Many oil companies are benefiting from the increase in oil prices and have announced greater dividends to attract the attention of investors.
The value of their stock may possibly begin to increase as they pay back their profits to shareholders.