This US Dollar currency report looks at factors that could affect USD exchange rates in the short term. In the table below you can find high to low GBP/USD movement and see difference when exchanging £200,000 to US Dollars on Friday of last week:
|Currency Pair||% Change||Difference on £200,000|
Last week President Donald Trump stated he would withdraw the United States from the 2015 global agreement to combat climate change. This angered world leaders.
President Trump was again using the “America First” moto. He thinks the Paris accord would undermine the US economy, cost US jobs weaken national security and put the country at a permanent disadvantage to the other countries of the world. Trump has branded climate change a hoax in the past. Putting the US economy before climate change is highly controversial and will do little to help global relations.
He added “The same nations asking us to stay in the agreement are the countries that have collectively cost America trillions of dollars through tough trade practices and in many cases lax contributions to our critical military alliance.
“The decision made by US President Trump amounts to turning their backs on the wisdom of humanity. I’m very disappointed. I am angry”. This was the response from Japanese minister Koichi Yamamoto.
Although Trump has done this for the benefit of the United States this could prove costly as world leaders could choose to play hard ball in future trade negotiations. This could potentially cause significant USD weakness.
Later today we will see the release of US Services Purchase Mangers Index (PMI) data. This captures business conditions in the services sector. The services sector makes up a significant proportion of US GDP and is an important indicator of the overall economic condition in the US. Keep a close eye on the data as this could cause movement on the exchange.
Thank you for reading today’s USD report. I am more than happy to assist you with any of your currency requirements. Feel free to e-mail me directly at firstname.lastname@example.org.
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