The surging dollar is taking its toll on another currency — the British pound just hit its lowest level since April.
The pound hasn’t moved too much, and is down only around 0.2% in midday trade on Monday. But this morning it dropped below the $ 1.50 mark for the first time in more than six months, a significant sign of just how strong the dollar is right now.
The fact that the pound went below $ 1.50 is pretty significant. In June last year, £1 was worth more than $ 1.70.
Expectations that the US Federal Reserve will raise interest rates for the first time in around nine years are growing, and have helped make the dollar incredibly strong in the past 18 months.
Fed chairman Janet Yellen has already publicly stated her desire to raise interest rates, and will speak at the Economic Club of Washington on Wednesday, where she is expected to repeat her belief that interest rates should go up in December.
NOW WATCH: How a successful investment banker used insider information to bankroll his mistress and child