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 in just a month affecting USD rates when buying £200,000.00 over the course of the past 30 days.
|Currency Pair||% Change||Difference on £200,000|
The Pound has enjoyed a good run of form against the Dollar since the beginning of August, and yesterday we saw a significant spike in the Pound’s value against the Greenback.
Over the course of the day, a $250,000 purchase could have been almost £2,000 cheaper if timed effectively, which goes to show just how important it is to have an experienced currency broker at the other end of the phone who can provide you with information that will allow you to make an informed decision on when might be a good time to trade your currency.
With UK services data highlighting the slowest growth in almost a year yesterday, you would have been forgiven for thinking that the GBP/USD rate would have dropped, but it was comments from a Federal Reserve Bank policymaker that weakened the Dollar and saw cable rates climb higher. Ms Brainard, a member of the FOMC, stated in a speech yesterday that with inflation well below the bank’s target, the Fed need to be very cautious about raising interest rates and should uphold a dovish stance in their next interest rate meeting.
The Dollar had strengthened at the beginning of the year, as investors estimated that there would be 4 interest rate hikes this year, but as the chance of this has begun to dwindle, so have the Dollar’s fortunes. If Brainard’s speech is anything to go by, we could see further Dollar weakness in the coming months, so USD sellers may be sensible to move sooner rather than later.
Later this evening the Fed’s beige book report will be released, giving an overview of the strength of the US economy. If the sentiment from Brainard’s speech is echoed, we could see some further Dollar weakness. Tomorrow could also be key for the Dollar, with jobs figures released in the early afternoon from the beginning of September. With the destruction that Hurricane Harvey caused last week, there is a chance that this could already be impacting on jobs, and therefore we could see a rise in the number of people filing for unemployment in the short-term.
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