The US dollar has been strengthening in the lead up to perhaps the weeks most anticipated event, and at the time of writing the cable interbank rate (GBP/USD) is trading at 1.2146, close to 1.20 annual lows.
The Jackson Hole Economic Symposium conference is an annual and exclusive banking conference sponsored by the Federal Reserve Bank. It’s been held in Wyoming since 1981 and focuses on important economic issues. As key central bankers and finance ministers will be attending. This year’s event is gathering a lot of attention as earlier this month the US Fed cut interest rates for the first time in a decade and there is pressure on them to cut rates once again.
Just yesterday US President Trump launched another attack on America’s central bank for not cutting rates faster or by a substantial enough amount in his eyes.
The US Fed Reserve Charmain, Jerome Powell will be speaking at the conference and markets may be watching his comments closely as last week the US Bond Yield Curve inverted last week. In its simplest term, this means that investors think that there is more risk in holding short-term government bonds than long ones when usually it’s the other way around. Hence the term inverted being used. There could be a correlation between this taking place and a potential recession taking place which is why the markets are likely to follow the comments closely this week.
Later today the US jobs market will be in focus when both Initial and Continuing Jobless Claims data will be released with drops expected in both areas from the previous month’s releases.
Manufacturing and Services data will also be released this afternoon. You may wish to contact a currency specialist at FCD to make us aware of any currency transfers you’re planning.
My experience with Foreign Currency Direct has been excellent, and my account Manager Joseph Wright has been First Class. He has provided me with all the information that I needed, in a very clear way, that made it easy to understand.
Successful transfer to France. I have used Foreign Currency Direct several times. Nothing is too much trouble to explain, and when it comes to the actual transfer, it takes place on time without fuss. Never had a problem. Thank you Joseph!
Very efficient and responsive. We had great service from Joe Wright who helped us (patiently and with humour) through our currency purchase and was then able to guide us through the process of sending money to France for our property purchase.
Joseph treated us very professionally as well as friendly, and advised and went beyond his duty. Would recommend and use him again.