Trump’s first week in the Presidency is turning the tone of political commentary on its head, and now the news at 6 resembles a dystopian soap drama. Investors are noticing. Despite positive performance yesterday for the US housing market, showing a massive improvement in new sales by 4.1% in a single month the Dollar struggled against the Pound for most of yesterday. It took some poor news about the Pound for the Dollar to make its biggest inroads in over 3 weeks against Sterling.
The euphoria in currency markets for Trump as the ‘pro-business’ candidate is being eaten into. Political discord, mass protests and legal challenges now threaten to hamstring meaningful reform for him, and the wave of demand for the US Dollar seems to have truly lost its momentum.
Yesterday he told the Christian network that Evangelicals will love his Supreme Court pick, and he said this will be announced today. Will this anger another large section of the US population?
News will be continually released from this Trump presidency, so if you have a US Dollar requirement, whether buying or selling, I strongly recommend that you detail this to your account manager in order to be kept abreast of the evolving situation and avoid falling foul of any sudden turns, or being ‘last to the party’ on any potentially uplifting news.
Today we will actually get an opportunity to measure how business confidence figures have been affected by President Trump’s first week behind the wheel.
A particular look at Chicago, and more general consumer confidence in the US are both predicted to show a slight fall, and this may translate into parallel drops in confidence for the US Dollar.
Similar dips are expected tomorrow for the manufacturing sector, so watch this space, as the losses on the US Dollar for buyers yesterday may be recuperated in short-order.
With the above in mind, and with the uncertainty set to continue you may be prudent to protect your currency position from further fluctuations. Speak with a member of our team on 01494 725 353 to learn more about how we can help you.
Would not hesitate to use again, Joshua from FCD looked after us very well and we were able to get a good rate of exchange, the whole process was very quick and painless.
This was a faultless service from start to finish. Our contact, Joshua, could not have been more professional and efficient. He guided us excellently through all the stages of transferring money to the UK. Joshua even managed to get us the best exchange rate available at the time, and he did this with a pleasant manner and exceptional politeness.