It was announced over the weekend that the investigation into alleged tampering into Trump's election campaign by Russian individuals and companies has developed into 13 individuals being charged. This has seemingly affected USD already with GBP making gains against the currency. The table below shows the difference in US Dollars you could have achieved over the past 30 days when buying £200,000.00 during the high and low trading points.
|Currency Pair||% Change||Difference on £200,000|
The investigation has been carried out by the FBI's Special Counsel, Robert Mueller, who has charged 13 Russians and 3 Russian companies with attempting to 'sow discord' in the US political system by posing as American citizens as well as organising and funding political rallies in the US that promoted Trump and disparaged Hillary Clinton.
The enquiry does not suggest that Trump's campaign colluded with the Russians who have been charged and President Trump has released a tweet claiming that his party has done nothing wrong and that this Russian intervention had no impact on the election results.
Since this news has been released we have seen the Dollar weaken against the Pound, with GBP/USD breaching the 1.40 level and offering an excellent opportunity for USD buyers. This enquiry is still on going and as it develops we could see further impact on the currency market, especially if tensions between Russia and the US start to rise. In such times we tend to see safe haven currencies like the USD strengthen, so we could see the Pound's gains against the Dollar reversed as this story develops.
Later on this week on Wednesday evening at 19.00 clients with a Dollar requirement should keep a close eye on the FOMC minutes. Throughout this year, and with new Fed Chairman Jerome Powell taking over from Janet Yellen this month, the Fed have maintained their stance that rates will continue to rise in 2018. If that is echoed in the minutes on Wednesday and there are any hints to a rate rise next month, which is widely anticipated, then we could see some gains for the Dollar.
On Thursday there are also jobs data from the US and a number of speeches from Federal Reserve members that are likely to have an impact on Dollar rates. Jobs data from the US has been positive in recent months and if that is echoed on Thursday then we could see a further spike for the Dollar. If the speeches from Fed members are also bullish and hint to a rate hike in March then we could see more opportunities for Dollar sellers.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.
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