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 below table shows the difference in USD you would have achieved when buying £200,000.00 during trading hours yesterday.
|Currency Pair||% Change||Difference on £200,000|
Yesterday saw speeches from Federal Reserve members Esther George and Stanley Fischer but they had a dovish tone and failed to boost Dollar strength reiterating Janet Yellen’s comments earlier in the week in regards to the US’ interest rate strategy.
Janet Yellen, the head of the Federal Reserve spoke on Tuesday and did not cause any great shakes when she stated that the Fed’s plans were to stick to it's current strategy which would indicate a rate hike in December as we have seen in previous years.
A key market mover and something that is almost impossible to predict is the actions of Donald Trump. Stanley Fischer, vice chair of the Fed has stated the unpredictability of Trump was one of the contributing factors in his decision to step down from his position.
The current hostilities between the US and North Korea has the potential to seriously impact US dollar value. Trump and Kim Jong-un’s back and forth comments are cause for concern. Let us hope it is nothing more than posturing as opposed to a real threat of war.
Trump clearly has a fearless, gung-ho attitude which is expressed clearly through his comments on twitter and predominantly through his hair style. A worrying trait in any world leader who has the power to influence markets.
I would expect him to cause large unpredictable swings in dollar value and he is already managing to damage the US dollar’s reputation as a safe haven currency.
Core personal consumption is released today and is the average amount of money that consumers spend in a month. It is a measure of inflation and does have the power to influence the value of the dollar. There is expected to be a small rise which could benefit dollar sellers.
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