Overnight Janet Yellen and the Federal Reserve left interest rates on hold and hinted at the potential of an interest rate hike in December, however made it clear that they would await more evidence of continued economic progress before making the move.
Expectations of a rate hike have dampened ever so slightly this week as Trump’s rise in the polls has added a little uncertainty to the market in the run up to the election.
Personally, whoever wins I would be extremely surprised if they did not make their move in December, just like they did in December 2015.
For those watching the market during that time, this was the start of the US Dollar gaining considerable strength on the Pound and although I don’t expect this move with the same force, I would not be surprised to see rates dip back below 1.20.
If you are exchanging Dollars, Arab Emirate Dirhams, Saudi Riyals or any other currency pegged to the US Dollar then it is important to keep in close contact with us here. Expect large swings in the next week or so in your favour and against you. If you have an exchange to carry out then it is imperative that you get yourself fully prepared for an exciting week.
Well the election is well and truly warming up and this will more than likely lead to a shaky US Dollar in the coming week or so.
November 8th is the big day over in the States and on Wednesday 9th, I would expect to wake up to a fairly different rate than I saw when I went to sleep. I don’t expect movements as sharp as we witnessed during the 24 hours of the referendum but no matter what currency you have to buy or sell this election will be important to you.
U.S economic and political data can impact global attitude to risk which may impact all major currencies as any release can lead to a lot of money moving between riskier currencies and those perceived as ‘safer havens’.
The US election is no doubt one of the biggest releases in this calendar year so you need to be well and truly on top of rate movements during the course of the results filtering through to the markets.
The US Dollar has entered a period of volatility as a result of narrowing polls. With some polls now suggesting Trump ahead, clients looking to buy or sell US Dollars may wish to email me to discuss a transfer.
I have used Foreign currency direct on two occasions, both were stressful times for me but Daniel and staff were wonderful. Every step was explained and all queries answered fully and swiftly. I would not hesitate to recommend to anyone for an excellent service.
I decided to use this company after reading many blogs by Daniel Wright on the forecast of Sterling. He always seemed to get his predictions right and also seemed to have not only very good knowledge but a passion for the industry he is in. Daniel was not only informative but patient and gave us options on the lead up to our currency exchange.
I only have praise for the way this company make the stressful experience of Forex a simple process. Difficult to be specific but there is always the personal touch. Recently, with the BREXIT hysteria the dealers must have been very busy but Daniel Wright was always available or never failed to ring me when requested.
A totally reliable and trustworthy service. I have used them on three occasions now and my money has always come over on the agreed date at the agreed rate. Daniel Wright is a pleasure to deal with -patient, personable and professional.