The US Dollar has continued to capitalise against its major currency counterpart’s courtesy of on the ongoing political uncertainty surrounding Brexit. The Dollar hit 2 week highs yesterday and was able to partially hold its ground with cable rates holding firm around the 1.24 mark. The added resistance may have stemmed from the US’ strong trade balance release, hitting a surprisingly low $44.3 BN with exports rising to just over $5 BN for the year. Wells Fargo pinned the rise in exports to the drive in aeronautic products being assembled in the states rather than abroad.
Trump’s ability to act on his promises was put into question yesterday as Noah Purcell, a Lawyer representing Washington and Minnesota fronted the block of Donald Trump’s targeted travel ban.
Purcell called for the federal appeals court to consider the effect it will have on thousands of active residents in both states, potentially costing the state’s tax revenue greatly. A ruling is expected towards the end of the week and should the result go against Trump, I wouldn’t be surprised to see a chain reaction slowing down other policy changes in coming weeks which could pile pressure on the President and drive Dollar weakness as a result.
With the Fed’s multiple interest rate hikes planned throughout the year being the main source of concern for investors on the hunt for higher returns for their placements any positive economic data that is likely to encourage the Fed Chair Janet Yellen to go ahead with her plans could potentially strengthen the US Dollars hold over sterling. If you are selling Pounds, it may well be worth acting before these releases come into play.
Thursday’s insight into US employment and statements from Fed figureheads later on in the week should be taken into consideration.
Do you have any questions about todays US Dollar report or would like further information on how political and economic events may impact your US Dollar requirement? Call us on 01494 725 353 or email me here and Ill be happy to respond personally.
First class foreign currency provider, great rates and outstanding customer service.
Great service very professional but with a personal touch. Everything went smoothly with no fuss. Would highly recommend.
It was really refreshing to go through a process that had absolutely no hiccups at all, the service that we were offered exceeded our expectations. We would unreservedly recommend the company to anyone seeking to exchange currency.
Very efficient service. I’ve never used a service like this before & was purchasing a house in France. It was all explained very well & I was kept informed all along the process. Putting a deposit down to pre-book the rate also saved us a fortune.