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 on 26.09.2017 affecting Pound Sterling rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
Tensions between the US and North Korea continue to escalate after US President Donald Trump last night said the US is totally prepared to use “devastating” military action if necessary.
It follows a recent tweet that North Korea won’t be around much longer which read: “Just heard Foreign Minister of North Korea speak at U.N. If he echoes thoughts of Little Rocket Man, they won't be around much longer!”
The response from Pyongyang is that Trump has declared war on North Korea and North Korea reserves the right to shoot down US bombers. Kim Jong Un also responded in person calling Trump a “mentally deranged US dotard”.
After US bombers flew into North Korean airspace this week unaware, defences have been bolstered on the ground and jets moved highlighting the growing unease in the area. The dollar could see a hugely volatile period if there is any further escalation. As things stand there is probably a one in three chance of war breaking out so any change here could see a flight to safety to the dollar.
The dollar hit a one month high against the Euro yesterday after a slightly hawkish speech from Janet Yellen last night. She maintained that the US Fed should stick to its rate path and would suggest that December could see the next hike.
New York Fed President William Dudley also spoke out this week after the Fed’s decision to hold rates last week. He gave reference to the hurricanes and suggested their impact could make the economic data tricky to read although his view was that the effects would be short lived and there is often a boost in economic activity when rebuilding commences. His comments also hint that there is a strong chance that the Fed will hike for the third time this year in December. It is worth highlighting that the Fed has hiked in the month of December for the last two years and clearly feels comfortable to do so in the Christmas run up.
There is host of US data this afternoon to include US mortgage applications, durable goods orders, pending home sales and speeches from two other Fed members. Any further suggestion that there may be a rate hike in December could help support the US dollar further.
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