This US Dollar currency update look at factors that could affect USD exchange rates over the coming days. In the table below you’ll find high to low GBP/USD exchange rate movement when exchanging £200,000 to US Dollars yesterday.
|Currency Pair||% Change||Difference on £200,000|
We saw GBP/USD rates hit the highest levels we have seen this year in yesterday’s trading, leading to great opportunities for those looking to buy USD, AED or indeed any other foreign currency directly pegged to the Dollar, of which there are many.
GBP/USD levels got close to the resistance level of 1.30 and then within a whisker were back down into the lower 1.29s. Movement of just 1 cent makes the difference of nearly £2000 when selling $300,000 to buy Pounds so with so much volatility for USD/GBP exchange rates at present it really is important that you keep a close eye on market movements.
For those with an interest in Dollar exchange rate and those that have a currency exchange to make involving the Dollar in the near future, this is a currency pairing to approach with caution and one to watch very closely.
With Trump's recent actions, well covered in yesterday’s report I would be concerned that should we have any more surprises pop up we may well see another bout of USD weakness.
If you have USD to sell then it is easy to forget that the average rate for GBP/USD over the past 5 years is still 1.47 so to be 17 cents better than that represents a fantastic opportunity. In fact 2016 the average was 1.35, 2015 we had 1.52 and 2014 saw an average of 1.65!
With this in mind if you are someone who is paid in Dollars or you have a property to sell in the States then you are still at some of the best levels we have seen in the last 30 years.
We have a fairly quiet end to the week in terms of economic data for the Dollar, however as mentioned previously in the report there is plenty of political matters that will be high on the media’s agenda as we head to the end of the week.
Sometimes this data can lead to the most volatility as it comes without warning and can throw up some large surprises, so do not expect a quiet end to the week for market movement.
Tomorrow we have the Baker Hughes Oil rig count which measures the number of active oil rigs and this is out late tomorrow afternoon so do expect a little activity as the week ends.
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