Getting the best exchange rate can be achieved by understanding what is driving rates and the assistance of a specialist currency broker. Below are movements in just a month affecting US Dollar rates when buying £200,000 during high and low points:
|Currency Pair||% Change||Difference on £200,000|
Donald Trump has continued to meet with world leaders since his inauguration at the beginning of this year, with today’s meeting with India’s PM Narenda Modi being arguably one of his most important.
Trump is under the spotlight especially during this meeting, as a number of US lawmakers (both Republican and Democratic) have called on the President to pressure Modi into removing the outstanding trade barriers they claim India uses to protect its economy.
They wrote that previous high-level engagements with the world’s 2nd most populous country had failed to break down major trade and investment barriers, and not stopped India from implementing new ones.
The meeting comes as UK bank RBS has announced that it will cut 443 jobs in the UK and move many of them to India, and it’s worth noting that the 2017 World Bank report ranked India 130th out of 190 countries for ease of doing business.
The Dollar has gained a substantial amount of value against the Pound specifically in recent weeks, after looking like cable (GBPUSD) would consolidate above 1.30 at one stage.
Despite gaining around 5-6 cents against Sterling in just the last month or so, there could be headwinds for the Dollar later this year. On Friday, the Dollar posted its biggest 1-day drop in 3 weeks as the likelihood of further interest rate hikes this year diminished as Inflation pressures within the US appear to be easing. Should markets lose expectations of further rate hikes completely, I think we can expect to see the Dollar lose value across the board.
I expect the US GDP data out this Thursday to be the biggest release this week for the Dollar, so do get in touch if you wish to work around this event regarding your upcoming currency transfer. It’s also worth keeping an eye out for Janet Yellen’s (FED Chairlady) speech in London covering economic issues at 6pm tomorrow evening.
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