All the printing of money that has been going on over the past nine months might make you wonder about the overall economy and the value of our money. It is relative. This is a global pandemic so other countries are likely doing the same, with the exception of China – assuming they aren’t covering up more activity over there.
When comparing U.S. dollars vs. Brit pounds, an interesting observation is that our currency is not abnormally high or low. About in the middle actually.
There was a low point in March when all hell was breaking loose. There has been about a 15% change in the value of the U.S. dollar since. Not being a currency exchange expert and looking at various charts, it looks like the value of the U.S. dollar saw a spike in March but since has declined and for 1M pounds, you could currently get about $1.35M dollars. That leads me to think that if I had sent $1.12M dollars over to a British bank in March, converted it to pounds and then converted it back to dollars today, I would have made a profit of about $230K, less any conversion fees.
With the additional bailout possible within the next few weeks, my guess is that the difference will grow a bit and we will probably see the value go to about 1:1.42 again within the next 3-6 months.