The US Dollar remains at a 30-year high against Sterling. But with the prospect of a Trump victory exchange rates could easily shift direction.
GBP/USD rates have settled around 1.30 on the exchange and my personal opinion is that we are unlikely to see an aggressive move for the greenback under this threshold. The current levels remain close to a 31 year high for USD sellers and based on the current climate these rates should be taken advantage of, as we could see the landscape change over the upcoming months.
As discussed in yesterday’s report by our Head of Affiliate Partnerships Robert Harold, the first televised debate between presidential hopefuls Hilary Clinton and Donald Trump took place on Tuesday. After some heavy exchanges, the general perception is that Clinton came out on top but with a long few weeks ahead before we head into Novembers polls, expect further twists in what has become one of the most interesting races of our generation.
Whatever your feelings on each candidate there is no doubt both have their flaws and it is almost a case of who will make the least mistakes, rather than who is likely to gain overwhelming public support.
The markets still look at a Trump victory with distaste and in my opinion we could well see the US Dollar weaken due to the uncertainty of the result and this is another reason to take advantage if you have US Dollars to sell.
Looking ahead we have the head of the US FED Janet Yellen speaking today and as history tells us, any poignant comments could certainty shift USD rates before the close of trading. Tomorrow we have US employment data, followed on Friday by the Baker Hughes Oil Rig count, a key barometer for the drilling industry and its suppliers.
Personally, with so much uncertainty clouding the markets and a hard fought election to come, US Dollar sellers may find that these levels are the best they will receive and should, in my opinion, react accordingly.
Similarly to the Brexit vote, whilst many hold the view that a Trump victory is inconceivable it is a very real possibility. Get in touch with our brokers to discuss a contract option.
From the initial contact with the broker, through my dealings with the compliance folk, the experience was the same, a great blend of efficiency and friendliness, plus I got a great rate, well done Matt and the team.
Matt and Jonathan were excellent and most professional. Through out I felt I was in good hands – they took time to explain everything to me and were very patient when I was experiencing some technical problem with my own bank.
Matt was very helpful and efficient, very good service.