Yesterday afternoon Sterling moved to a recent high against the US Dollar with the rate spending most of the day above the 1.30 level. This is a significant movement considering that only three weeks ago the level touched 1.265. Information on political factors impacting cable rates both in the UK and US in the market report below; the table shows the difference in potential USD returns when selling £200,000.00 depending on when you carried out your transfer.
|Currency Pair||% Change||Difference on £200,000|
The majority of the movement in the last month has come from more positivity surrounding Brexit, however some uncertainty surrounding the US Federal reserve may also be creeping in.
Jerome Powell the Federal Reserve Chairman has been clear lately that on the interest rate front it’s still undecided how best to procced. The markets will no doubt over the next few weeks be anticipating any indications as to how many hikes are expected from the Federal reserve. There is thought to be at least one hike at the end of September, however there is talk that it could be the last for a while.
Today the Producer Price Index for August will be released and is expected to stay the same as the previous month. This is an indication in the changes in the costs of products used to manufacture goods. Then tomorrow the Consumer Price Index will be released which is an indicator of inflation. Currently the rate is above the Federal Reserve’s 2% target and it looks like the rise towards 3% could continue along with growth which is above 4%. There isn’t expected to be a change from last month’s reading of 2.4%, but any positive improvements could strengthen the Dollar pushing the rate below 1.30.
To finish the week the Retail Sales for August are expected to show a small decrease from the previous month falling from 0.6% to 0.3%.
If you’re looking to complete a US Dollar transfer either buying or selling make sure you’re in contact with us. With so much changing, setting a rate alert could make sure we are alerting you to any movements in your favour. Call our trading floor on 01494 725 353 or email me here.
Always a fast and efficient service, a good rate and a simple transfer.
Excellent customer service, very friendly and helpful staff. The process of money transfer is painless. Thank you.
The service was effortless to use and I was kept up to date all the way through the process with courtesy calls and advice from the same contact in the selling of my home abroad and returning the funds back to the UK. I would highly recommend this service to friends and colleagues in the future.
Efficient service and good rates. My currency reached my overseas bank same day!
I find the process to be efficient, uncomplicated, and very good value – the exchange rates used are unbeatable, and the fixed service charge is insignificant when sending a large-ish sum.