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 for last Friday during trading hours effecting US Dollar rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
Hurricane Irma has now hit Florida. The 400 mile wide storm with 130mph winds is wreaking havoc. There has currently been reported three dead from car crashes in Florida and twenty five dead from when the storm hit the Caribbean. There are now three million people without power. The hurricane has reduced in strength however dropping from a category 5 to a category 2. Investors have been leaving the US dollar for fear of the economic fall out for the US economy. It has fallen in value against the majority of major currencies. It will be difficult to judge how much negative impact this will have on the economy and the value of the US Dollar until we have sufficient news in regards to the damage caused from the Hurricane. Our thoughts are with those who are effected.
The Pound now sitting at a near month high against the US dollar following the impact from hurricane Irma and the resignation of Stanley Fischer. Fischer was the vice chairman of the Federal Reserve since 2014 and has decided to call it a day following turbulent times for the FED.
The resignation has caused a decline in US economic confidence. His departure was not at the best time for the FED and there will now be four board seats from the seven vacant.
Chief economist for J.P Morgan, Michael Feroli stated “Fischer was the voice of experience and his international standing was impeccable. The resignation adds a further element of uncertainty to policy and who will be running policy next year. It adds to the cloudiness of the outlook of monetary policy.”
No doubt his boots will be very difficult to full. It is suspected his resignation is due to irreconcilable differences with Donald Trump over his economic policy. Since 2008’s economic crisis, banks and lenders have been under heavy regulation, if these regulations are relaxed there are fears the US could be brought back to the brink of another economic collapse.
Consumer Price Index data (CPI) is released on Thursday. CPI is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services.
It is a measure of inflation and has the power to move markets. I would expect a minor increase, but if figures come in away from expectations expect volatility.
Retail Sales data is released on Friday and is an indicator of consumer spending which gives an idea as to the health of the US economy. It is anticipated there will be a slight reduction which could cause dollar weakness.
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