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 table below shows the difference in USD you would have achieved when buying £200,000.00 during the high and low points of last week.
|Currency Pair||% Change||Difference on £200,000|
Sterling continued to make inroads against the Dollar yesterday afternoon as President Trump’s links to Russia during his victorious campaign continued to weigh on the Greenback. Charges were announced on 3 of Trump's key advisors as further explicit proof was provided to show potential cooperation from the President’s campaign with Russia in a bid to sabotage his rival’s push last year. One of the three, George Papadopoulos has pleaded guilty to manipulating the truth to the FBI pulling the Trump Administration’s credibility into doubt.
Sterling gained 0.65% against the dollar, making a $200,000 transfer nearly £900 cheaper.
If you are looking to buy Dollars, it may pay to capitalise on the question marks surrounding Trump at the moment. The investigations into Trump have been a constant theme since spring, but the markets have continued to favour the Dollar none the less.
Despite yesterday’s losses, there are still plenty of reasons for Dollar holders to remain optimistic. The US economy has continued to post positive data releases since the end of September which is prompting investors to gradually lean towards the greenback as 2017 comes to an end.
Yesterday was no different as US consumer confidence climbed to an impressive 17 year high with housing data also coming out strongly. Cable exchange rates have continued to remain range bound throughout October. Climbing to the mid 1.33’s before retreating. As November goes on, with more positive data expected, a pull back down towards 1.30 is certainly on the cards, particularly if the Federal Reserve reinforce the market’s belief another rate hike is on the cards before the end of the year.
Whilst the political tensions in Europe escalate and the UK continues to struggle to curb inflation, the US economy is showing no signs of slowing down. Its timing may well prompt the Federal Reserve to set the greenback apart in the eyes of investors. I expect it to become more expensive to buy as time goes on.
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