With the currency markets moving every two seconds, it can be vitally important to be aware of what is driving the currencies in or out of your favour. The table below shows the difference in USD you would have achieved when buying £200,000.00 during trading yesterday.
|Currency Pair||% Change||Difference on £200,000|
Donald Trump is attempting to regain authority after a terrible week in his reign as President which saw him scrap three business councils after many of his corporate advisors recently left. They left following Trump’s comments on the unrest in Charlottesville which left many injured and one dead after a man drove into anti-racist protesters. He attacked the left wing protesters while claiming some members if the far right were “very fine people”. It doesn’t take a rocket scientist to realise the correct stance would be to condemn the racists.
Trump recently disbanded his panel on infrastructure which greatly reduces his chances of implementing the vast economic reforms he promised during his election campaign. The US Dollar suffered as a result as investors left the greenback.
Trump is doing his best to regain his authority and it seems the markets are reacting with GBP/USD currently sat in the 1.28s.
If you are a USD seller be wary of holding on for further gains as Trump does have the power to influence the markets quickly with his outrageous comments.
Services and manufacturing data give an idea as to the health of business in these specific areas and can alter the value of US Dollar. I would expect there to be slight increases in both sectors so there may be a small USD rally.
Initial jobless claims is due out tomorrow and can cause volatility on the markets. It measures the amount of people filing first time unemployment claims. It is predicted there will be an increase from 232k to 239k. Which could cause dollar weakness.
The Jackson Hole symposium is a gathering of academics, central bankers and various policy experts where they discuss current monetary issues and potential solutions. Janet Yellen the chair lady of the Federal Reserve is due to speak on Friday and could give an indication as to changes in monetary policy going forward. It would be wise to listen to a speech as this could have bearing on USD value.
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