With the currency markets moving every two seconds, it can be vitally important to be aware of what is driving the currencies in or out of your favour. The below table shows the difference in US Dollar you would have achieved when buying £200,000.
|Currency Pair||% Change||Difference on £200,000|
Arguably the biggest day on the regular monthly currency calendar is upon us – US non-farm payrolls. This is a measure of all non-agricultural sector jobs added to the economy that month, and is one of, if not the, major barometer for health in the US economy.
Last month’s reading was underwhelming, and this month a strong turnaround is expected, an additional 30% more than what was added in May.
Rumours of another low figure are lingering, and these weren’t helped by a slight rise in initial jobless claims yesterday. However, the higher forecast is based on a more confident US economy, enough to provide and interest rate hike last month, and one willing to hire more workers. So the expected positive data should assist Dollar sellers today.
Whilst we have a concrete release for the Dollar with non-farms at 12:30, with a high likelihood of a good reading and therefore a stronger Dollar, we have little understanding as to how the first meeting between Trump and Putin will play out today surrounding the G20 summit.
A visible weakening factor for the Dollar in recent months has been political turmoil in the US. A healthcare plan still struggling to be accepted, and a President lawyering up to deal with allegations of election collusion with Russian influence.
Both Putin and Trump have both slowly changed their stories to accept the likelihood of Russian interference, but without direct Government authority in the plot.
Will Trump be chummy or distant? Will he argue to lift Russian sanctions? All will feed into the very divisive image he has cultivated at home and traders will be looking for whether it is still worth holding onto Dollars or not. Unfortunately anyone buying or selling US Dollars will see their fate in the hands of the controversial US President. Anyone not wishing to gamble on him offering a helping hand should reach out to their personal account manager here for a live quote, or a discussion on your options, for an upcoming transfer.
Thank you for reading my US Dollar currency report, if you have any questions about an upcoming USD transfer I would be more than happy to discuss them – you can contact me with any queries here.
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This was a faultless service from start to finish. Our contact, Joshua, could not have been more professional and efficient. He guided us excellently through all the stages of transferring money to the UK. Joshua even managed to get us the best exchange rate available at the time, and he did this with a pleasant manner and exceptional politeness.