This US Dollar update looks at the factors that could effect the rate of exchange for your currency transfers in the coming weeks. The table below shows the difference you would have achieved in Dollars when buying £200,000.00 during the high and low points of the past week.
|Currency Pair||% Change||Difference on £200,000|
Like him or hate him, Donald Trump has helped the U.S economy come on throughout 2017 and yesterday’s growth figures continued to back that up.
The Dow Jones has risen over 5000 points in a year for the first time in its 121 year history leading to hitting record highs once again following on from the U.S tax vote being passed earlier in the week.
Yesterday GDP (Growth) figures in the States once again backed up that the economy in America is going from strength to strength, and personally I feel that the U.S Dollar will remain fairly firm throughout 2018.
Expectations are for three more interest rate hikes from the Federal Reserve, this would push the U.S interest rate comfortably ahead of the Australian interest rate, assuming that does not move, and may lead to a flow of money from the AUD into USD due to a greater return for investors and a perceived ‘safer option’.
There is still a chance of seeing further movement for U.S Dollar exchange rates later today, as we have a flurry of economic data due out from the States from 13:30pm onwards.
Personal consumption, durable goods orders, new home sales and the Baker Hughes oil rig count are all due out over the course of the afternoon so we may see Dollar exchange rates move around on the final working day before the Christmas break.
If you are looking to make an exchange involving USD in the coming days then a limit order may be a sensible approach. A limit order allows you to set a specific rate of exchange that you would like to achieve and should our systems be able to secure this rate for you at any time 24 hours a day, 7 days a week then your currency will be purchased automatically.
To ask further questions about limit orders or for the very latest movements contact us today on 01494 725353 and we will be more than happy to keep you up to date with the very latest action.
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Excellent friendly service always. We have used Foreign Currencies Direct for many years and always get an excellent rate and service. Can’t fault them.
Everything was managed perfectly. I felt secure in my transaction with foreign currency direct. Nothing was too much trouble and I would certainly recommend their services.