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 you would have achieved when buying £200,000.00 during the high and low points of the past 2 weeks.

Currency Pair% ChangeDifference on £200,000
GBPUSD2.06%$5386
USD Exchange Rates React to Trade

President encourages Japan to buy US weapons

Trump yesterday met with Japanese President Abe on a state visit taking the opportunity to congratulate Abe on purchasing US Arms. In comments to the press he suggested that the weapons bought will help the Japanese defend themselves from North Korea whilst also helping US jobs. He encouraged the Japanese President to buy more weapons so he could shoot down North Korean missiles, suggesting the US makes the best defence equipment by far. Trump was also keen to encourage Japanese car makers who sell millions of cars in the US every year to make more. However, following the comments, a report emerged that showed 4 million cars were made by Japanese car makers in the US, contributing already to 1.5 million jobs across the country.

US Commerce Secretary in Paradise Papers

Wilbur Ross, US Commerce Secretary who is a member of Trump's cabinet has been found to be dealing with several sanctioned Russian companies. The billionaire has been involved in sanctioning certain Russian shareholders who appear to have stakes in the very businesses he contracts work to in Russia.

Whilst there isn’t likely to be any major changes to currency markets much like with Theresa May in the UK, it puts more pressure already on a Government with battles on every front.

Trump is currently trying to push through major tax reforms that are being met with resistance at every corner, however he is still optimistic these changes will take place. It has emerged that within the new tax bill EU based businesses could be some of the hardest hit with as much as 20% increases on goods that currently have little or no tax.

Currently with so many changes taking place within the US, there is always a potential for major currency movements. Keeping in touch with your broker could make sure your trading at right time for the requirement you have.

Thank you for reading today’s market report, I would greatly appreciate any feedback you have and would take pleasure in replying personally. I am more than happy to assist you with any of your currency requirements. Feel free to e-mail me at brf@currencies.co.uk.

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Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.