Getting the best exchange rate can be achieved by understanding what is driving rates and the service of a specialist currency broker. Below are movements during trading hours yesterday when buying £200,000 at the high and low points:
|Currency Pair||% Change||Difference on £200,000|
The US dollar is likely to see a volatile week starting with a speech from Fed Chair Janet Yellen this evening, and any clues that cement the expected interest rate hike in December could help strengthen the dollar. Minutes from the last Fed meeting are also released tomorrow and any hints of interest rate hikes in 2018 should help support the dollar further. As things stand there is a very high chance that the US Fed will hike in December which is helping to keep the dollar strong. The US markets will be closed for Thanksgiving Day on Thursday so focus looks to US existing home sales this afternoon. Data tomorrow in the form of jobless claims and durable goods orders will all help paint a picture of how well the US economy is performing.
Clients looking to buy dollars may wish to consider taking advantage of the higher levels as future interest rate increases should help see the dollar rally.
It is proving difficult to accurately forecast what the US Fed will do in the New Year as there will soon be a change of Fed Chair after Janet Yellen is replaced by Jerome Powell. He is expected to want to keep interest rates at the current lows and only gradually raise rates along the same lines as Janet Yellen. Whilst interest rates are expected to gradually climb higher Jerome Powell is however expected to deregulate the financial sector after the rules imposed immediately following the financial crisis of 2008. This is exactly what President Donald Trump is looking for to help boost the US economy which will coincide with the massive infrastructure project he has planned. Any decisions like this are likely to see the dollar make material gains if the outlook for the US is optimistic.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me on firstname.lastname@example.org.
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