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 this year to date, and how a purchase of £200,000 would have been affected when buying at the high levels compared to the low.
|Currency Pair||% Change||Difference on £200,000|
US President Donald Trump is being tested once again as almost 12-years exactly since Hurricane Katrina hit the States, the US now has another natural disaster to deal with in the form of Hurricane Harvey. Much of the southern territory of Texas is now at or below sea level after the most powerful hurricane in 50-years has hit the state; yesterday afternoon it was announced that the Houston dam had overflowed as 10s of thousands of volunteers did their bit to help. As it stands the total cost to the region hasn’t been announced, but oil prices have fallen as a number of oil refineries have been forced to close which could result in less demand for North American crude. At the same time US gasoline prices surged to a 2-year high so we’re already seeing the impact on the economy.
The issues surrounding the unfortunate unfolding’s in Houston have added to the issues the US is already facing. Financial markets are now of the opinion that there is less chance of a rate hike after Fed Chairlady Janet Yellen opted not to comment on rate hikes during her speech last week at the Jackson Hole Symposium, and there is also the issue of whether Trump will replace her next year.
Add this to Trump's quick reaction to North Korea's actions late on Monday night, it appears that many investors would rather hold funds in other safe haven currencies for now rather than the greenback or at least that’s what the US Dollar Index is suggesting (the USD index currently sits at a 15-month low).
At 2.30pm today we see the release of US GDP data for the 2nd Quarter this year. The expectation is for an improvement to 2.7%, so expect any deviations from this figure to result in movement for the US Dollar. There is a lot of data scheduled for release this Friday out of the states but I expect the Non-Farm Payroll figures released at 1.30pm to be the standout release as it covers new jobs in the US excluding agricultural ones.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.
Straightforward, efficient and pleasant to deal with. Have used them before and will do again. Joseph is always efficient and pleasant to deal with. The transactions are very straightforward.
Very efficient, reliable and professional service. Joseph Wright couldn’t be more helpful. Excellent company – no reservations about them.
Joseph Wright has been an excellent account manager. Joseph is very knowledgeable on events happening in the markets and kept me well informed on my transactions.
Joe Wright was efficient and very clear in explaining and effecting the transaction. He was also empathetic and never irritated by all the questions I insisted on asking. He certainly inspired confidence in your product and I will have no hesitation in recommending your services.