It is now just over three weeks until Trump takes the mantle of President of the United States. According to him he’s already having an effect on the US economy. Consumer confidence reached fantastic levels this month, and he responded with a tweet stating ‘thanks Donald!. It’s best to keep in mind that it was also Christmas, it was also after the US had been posting months and months of positive economic data. But is this wildcard in the US election driving a believing populace into spending more?
Some economists think so, and if they are right we can already point to some of the current strength in the Dollar resonating from Trump himself.
Each President normally receives heavy support during their first 100 days in office when, arguably, when the greatest changes are passed into the US economy.
Serious volatility can be expected during this period. Trump has not had a policy press conference since July, so markets are largely in the dark about the specifics of his plans. His latest tweet sums these vagaries up by stating that his Presidency would follow two simple rules – ‘Buy American and Hire American!’.
Trump has a Republican majority in both Houses of Congress so his whims have a good chance of being carried out. News will be continually released, so if you have a Dollar requirement, whether buying or selling, I would strongly recommend that you are in regular contact with your account manager here to avoid being caught out by a sudden Trump tweet which could see the Dollar’s value change wildly. It’s important to remember he caused Lockheed Martin’s stock price to plummet when he slammed the cost of their new fighter jets.
With Trump set for the White House in late January, clients with a US Dollar selling requirement may look to benefit from the multi-decade highs against Sterling. Call our team today on 01494 725 35 if youd like to discuss a currency transfer.
Would not hesitate to use again, Joshua from FCD looked after us very well and we were able to get a good rate of exchange, the whole process was very quick and painless.
This was a faultless service from start to finish. Our contact, Joshua, could not have been more professional and efficient. He guided us excellently through all the stages of transferring money to the UK. Joshua even managed to get us the best exchange rate available at the time, and he did this with a pleasant manner and exceptional politeness.