USD growth has eased this week ahead of the nation’s day of independence, but despite this, the greenback is still up against all major currencies. The US Dollar report below looks ahead to a fairly busy week of data from the US and the potential outcomes of these releases. The table below shows the range of exchnage rates during the last 24 hours, showing the difference that timing your transfer well can make in terms of the returns you receive.
|Currency Pair||% Change||Difference on £200,000|
The DXY index, which is the measure of the value of the USD against a basket of its major trading currencies, is up almost 6% since February, which provides further emphasis on the country’s overall economic strength this year.
As the US economy has continued to grow and President Trump’s bullish approach towards global trade has continued, USD buyers have increasingly found themselves under pressure when timing transfers.
It is therefore going to be an interesting week for those looking to buy Dollars as there is an abundance of important US economic employment data this week, which will no doubt influence USD movement.
Thursday will provide new employment data for the US, with employment change and jobless claims for June released around lunch. Both are expected to show positive movement, which typically carries positive implications for consumer spending, thus stimulating economic growth.
Markit PMI data will then follow later in the afternoon which is also predicted to show signs of expansion.
The Federal Reserve will then follow with a release of the minutes from their meeting last month, which will provide an insight into what influenced the decision to raise interest rates and will likely provide an idea as to whether they are on track to raise them a further 2 more times this year, as suggested.
There will also be new figures for the average earnings and Non-Farm Payroll on Friday, so depending on the outcome of the data releases this week, Dollar buyers could benefit by securing their currency sooner, rather than later.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.
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