This US Dollar report will examine the factors that could affect exchange rates this week in order to help you stay informed if you need to make a currency transfer. The table below shows the difference you would have received when buying £200,000 at the high compared to the low during the past week.
|Currency Pair||% Change||Difference on £200,000|
President Trump, following the release of a tell all book chose this weekend to defend his mental health in which he declared himself “incredibly intelligent and undeniably right in the head”.
Following the release of the book, written by journalist Michael Wolff, Donald Trump has come under scrutiny that he isn’t mentally fit to be the US President.
Despite this, the US stock market rose to a record high which clearly suggests US investors are not to worried for the President's future. However, the GBP/USD exchange rate moved back above 1.36 for the first time since the EU Referendum 18 months ago. This suggests the currency markets may be fearing some uncertainty surrounding Donald Trump.
At the end of this week on Friday the latest Retail Sales data and Consumer Price Index figures will be released. Retail Sales unsurprisingly after record months are expected to fall, however the inflation level in the US is expected to remain at 2.2% although a slight increase may not come as surprise.
Over the last few months consumer and business confidence has been rising which has been proven of late in retail figures. Furthermore, with the expected tax cuts looming consumers and corporations are expecting an increase in expendable funds. This optimism could start to signal a boom on the horizon for the US.
The US Dollar has been fairly range bound of late when many expected the greenback to strengthen. The reason for this can be placed on more certainty in other currencies with several economies across the globe performing well. Normally when there is risk the US Dollar gains however there are more opportunities than just in the US. In my opinion this could mean that at any point should the appetite for risk decrease the USD could make quick gains, alternatively we could see Sterling and other currencies start to make inroads against the Dollar as they strengthen.
There are so many factors influencing the US Dollar, make sure you’re in contact with your broker to discuss the best strategy to maximise your trade.
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