On Wednesday night, the US Dollar began to fall against the Pound in the run up to the much anticipated 3rd and final presidential debate between Trump and Clinton. And it didn’t fail to live up to the hype, with the pair coming to blows over immigration, gun rights and abortion. Some of the comments were particularly controversial, with Trump claiming that there are some bad ‘hombres’ and drug dealers in the US, who he would be looking to deport. Probably the biggest headline since the debate however has been Trump’s alleged unwillingness to accept the result if Clinton is victorious.
We have seen the US Dollar recover some ground since the debate, and accordingly to the polls, 52% of viewers believed that Clinton emerged victorious. Clinton is probably seen by the markets as the safest option for President as the is the least volatile personality of the two, and as a result I believe that if she does become President, we could see further USD strength in a run that has already seen the Dollar at 31-year highs against the Pound in recent weeks. Bookmakers have already paid out over $1 million on Clinton becoming President, so anyone with a USD purchase to make may be wise to move sooner rather than later. We offer contracts that can help you secure your exchange rate now for up to 18 months in advance, so contact your account manager here for more information.
There were some signs of Dollar weakness yesterday however, with jobless claims showing an increase. These have been viewed under particular scrutiny of late as jobs figures have been used by the Fed as a barometer for the strength of the economy in terms of whether or not interest rates will rise further. There is a speech this afternoon from Daniel Tarullo, a member of the Fed and his comments may allude towards the timing of the next much anticipated interest rate hike. With limited data from the US economy today, attention will now shift to GDP figures and durable goods orders next week, both of which will give a good assessment as to the strength of the US economy and therefore the strength of the USD.
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