Donald Trump has hit back against criticism regarding his meeting with Russian leader Vladimir Putin. The table below shows the difference in the amount of USD you could have achieved in return when selling £200,000.00 during the high and low trading points yesterday.

Currency Pair% ChangeDifference on £200,000
GBPUSD1.04%$2720

Trump suggested yesterday that his meeting with Putin was better than the talks he had with NATO at the end of last week. The President in a joint statement on Monday suggested that Russia was not behind the cyber-attacks during the US election even though US Intelligence has suggested they were.

Whilst US-Russian ties may not have an immediate direct impact on currency, if the US can negotiate expansive trade deals with Russia that could further boost the US economy. It’s safe to stay despite major criticism back home, the US Dollar is not suffering following the talks.

Will the US Fed Raise Interest Rates in December?

Jerome Powell Testimony

Yesterday afternoon the Chairman of the Federal Reserve faced questioning from the Senate where he alluded to positive growth in the next few years with inflation likely to remain around the 2% level. Like many central banks around the world, he suggested a trade war may throw US recovery off track but was confident despite this, the economy wouldn’t struggle too much.

There is still expected to be a few more rate hikes this year and the testimony today has suggested little has changed for the US rate hike plot. For those looking to buy the greenback this may be further indication to act sooner rather than later as a drop in the rate seems far more likely than an improvement due to global trade tensions offsetting their plans.

Tomorrow afternoon Jerome Powell will speak again, likely to reiterate todays points however there is always a chance of further information creating volatility. There will also be Building Permits for the month of June just after lunch which is expected to show a slight improvement from the previous month. If you do have an upcoming requirement make sure you’re in contact with your account manager here. There are so many different events taking place at the moment that the current market conditions could change at any point.

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.

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Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.