GBP/USD exchange rates have fallen to some of their lowest levels in the past 31 years, again providing some fantastic opportunities for those clients looking to sell US Dollars.
Personally, I did not expect to see the US Dollar gain so much value, even with the uncertainty surrounding the Pound, which has resulted in its current woes. As such I do feel that Sterling is likely to find some support above 1.20 on the exchange.
With so much focus on the US elections and with the UK now moving forward with the triggering of Article 50 early next year, I do get the sense that we are seeing the Pound bottom out around the current levels. Whilst there is no guarantee that this is the case are you prepared to risk the recent gains, considering every time in recent history that the US Dollar has threatened to realign itself against the Pound, momentum has switched and the Pound moves back to levels we are more accustomed to on Cable exchange rates.
Last night was the final televised debate between Presidential hopeful’s Hilary Clinton and Donald Trump and it didn’t fail to live up to expectations.
The Republican nominee came out fighting but refused to say whether or not he would accept the result of next month’s election if he failed to win. He committed to appointing a hard line Supreme Court Justice to change the legalisation of abortion in the US, a stance that is sure to upset many of the female population who he has already alienated with the recent reports of his sexual misconduct. He also called Clinton a “nasty woman” and as usual vowed to “make America great again”.
Clinton on the other hand said she would not get dragged into a “dog fight” and vowed to fight for woman’s rights and protect the American people.
The debate did little to shift GBP/USD exchange rates however and the pair is still trading just South of 1.23 but with the elections drawing nearer I expect the US Dollar to come under pressure due to the political tension and uncertainty it will cause.
Thank you for reading my US Dollar currency report, if you have any questions about USD exchange rates I would be more than happy to discuss them. Please feel free to email me directly here.
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