This USD report will examine the factors that could affect exchange rates in the coming weeks to help you stay informed if you need to make a currency transfer. The table below shows the difference you would have received in Dollars when buying £200,000 at the high compared to the low for the past week.
We are currently seeing the best rates to buy U.S Dollars (and any currency pegged to the Dollar) that we have seen since before the referendum.
Comments earlier in the week from the Treasury secretary Steven Mnuchin suggested that he would welcome a weaker Dollar as it would benefit the U.S in terms of trade and opportunities going forward.
Since Donald Trump has been in power over in the States the Dollar has lost 15.2% against the Euro, 13.9% against the Pound, 6.8% against the Australian Dollar and 5.2% against its safer haven partner the Swiss Franc.
Because of the uncertainty hanging over the U.S politics at present we have seen a great opportunity for anyone that is in the position that they need to buy U.S Dollars.
If you are looking to sell USD in the coming days, weeks or months then it may be prudent to consider your position sooner rather than later to avoid any further losses.
Currency markets tend to move in trends and at present with the confidence rising in the Pound and uncertainty hanging over the head of U.S politics you do need to see something happen that either stops Sterling’s charge or makes the Dollar fight back.
Donald Trump arrived as the economic forum in Davos yesterday and he is due to speak today, so be wary of any further comments on the strength of the Dollar that back up those of the Treasury secretary.
We do have GDP (Gross Domestic Product) figures due from the States which will show how much the economy grew or shrank during the final quarter of 2017, expectations are for a slight improvement for the quarter, but will this be enough to stop the Dollar sell off? I personally would not bet on it.
To contact one of our experienced brokers to discuss Dollar exchange rates feel free to call our trading floor on 01494 725353 or email me here.
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