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 Pound Sterling rates when buying £200,000 at the high and low points of the past 30 days:
|Currency Pair||% Change||Difference on £200,000|
Last week President of the United States of America Donald Trump announced that he would be pulling the plug on Obamacare. He has been battling with Congress for months and has now decided to take a different approach. He has announced two key changes.
Firstly, Mr Trump has announced that the US Government will not be paying federal subsidies for health insurers. It has been reported that the US Government has so far spent $7 billion this year helping to reduce medical bills for people with the lowest income. This news is expected to have a direct impact on 6 million Americans.
Secondly, new plans will allow small businesses to band together to buy cheaper health care cover for their employees. Professionals are expecting that this move could force younger healthier people to opt for cheaper plans, which would mean premiums for people that are already sick will rise dramatically, leaving sick people unable to afford their current bill. The feel in the US is that a lawsuit will be triggered against the President as the changes in some people’s words are barbaric, therefore this story could have a direct impact on US dollar exchange rates.
Over the last 6 months the dollar has shown a decline across the board and if the President fails to tread carefully a further fall for the US dollar could occur.
In other news the President has announced that he may not be signing the nuclear pact with Iran and instead could be reinstating the sanctions that were lifted in 2016. At present Iran have limits on the amount of nuclear energy the country can produce in return for sanction relief. Foreign ministers around the globe have openly criticised the President as they feel that it could force Iran to develop nuclear weapons in a bid to defend themselves as they are not receiving the support from the US.
German foreign minister Sigmar Gabriel has even suggested that Israel would not allow Iran to develop nuclear weapons which would in turn lead to war. At times of global uncertainty, the US dollar due to its safe haven status tends to perform well. However, with Mr Trump continuing to go against the grain I actually I expect this story could lead to the devaluation of the dollar as this a trend we have seen since Mr Trumps arrival into the White House.
The US are set to release a host of economic data releases this week. The key releases to look out for are FED’s Beige Book Wednesday evening, initial jobless claims Thursday at 1.30am and Janet Yellen’s speech late Friday evening. For more information surrounding the economic data releases feel free to call the trading floor.
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