Getting the best exchange rate can be achieved by understanding what is driving rates and the service of a specialist currency broker. Below are movements for yesterday affecting US Dollar rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
A healthy number of long lasting goods were ordered during the month of September, rising by the most since June this year and highlights the strength of the US economy as it looks towards raising rates one more time in the last quarter of the year. This data release is always seen as positive for the dollar as long term items being ordered are seen as business investments, however this release holds more significance as the recent hurricanes in the US were expected to have a negative effect on the US economy. Whilst the hurricanes have affected people’s ability to get to work in the form of below par unemployment data of late, the latest durable goods orders point to a continued optimism in the manufacturing sector.
The main event for the US Dollar this week is the GDP data on Friday. A rise of 3.0% GDP for the 3rd Quarter is expected, and yesterday’s Durable goods data supported that this could very well happen despite the lag that the hurricanes would have had on the southern states earlier this year.
I would expect the dollar to strengthen tomorrow if this is the case. A strong GDP figure will not only support the case for one more rate hike this year but will likely point that the US is on track to raise rates another 3 times throughout 2018 which has recently been speculated by investors. Buying dollars could about to become a lot more expensive based on this speculation if GDP data is as strong as predictions on Friday, it may be worth buying today if that is the case. With a small deposit you could eliminate the risks involved. Get in touch to find out more.
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