November has been a turbulent month for the pound so far amid the latest bout of Brexit uncertainty. As a result we have seen the pound suffer significant losses against the dollar. In the past 7 days we have seen GBP/USD fall by almost 3%, which has been one of the pound’s worst performing periods this year.
|Currency Pair||% Change in 1 month||Difference on £200,000|
To put that into perspective, if you were buying $250,000 now compared to this time last week it would cost an extra £4,662. This goes to highlight just how important it can be to have an expert currency broker who can keep you up to date with all the latest market movements and help you consider the best time to make your currency transfer.
Data yesterday from the US failed to impress, with jobless claims showing a rise and durable goods orders slowing. This could have given the pound an opportunity to make small gains against the dollar, but the uncertainty ahead of Theresa May’s meeting in Brussels to iron out the remaining issues in her Brexit deal kept the pound at bay.
The dollar has also benefitted from its safe haven status amid the current global uncertainty due to Brexit and tensions in the Eurozone, but also the US’ ongoing trade conflict with China. At the end of this month Presidents Trump and Xi Jinping are due to meet in an attempt to reduce tensions, but the US released a statement earlier this week stating that China have failed to alter their ‘unfair’ and ‘unreasonable’ trade tariff practices against the US, which sparked the initial tariff war between the two nations.
This report from the US could stir up the pot ahead of the meeting later this month, and the US have even threatened to double tariffs on Chinese goods earlier this week. If you have an upcoming currency transfer involving USD keep an eye out for how this topic develops, as I believe it is likely to have an impact on Dollar rates and the wider currency market. With Thanksgiving today the US markets will be closed, so it is likely to be Brexit developments and the fallout from Theresa May’s failed attempts to strike a deal with the EU last night ahead of Sunday’s leaders’ summit that will determine rate movement.
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