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 in just the last 30 days affecting USD rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
Wednesday evening Janet Yellen gave her last press release as Chairlady of the FED after the interest rate decision. She gave a hawkish statement and forecasters are now predicting that it is likely interest rates will be hiked at the next meeting in March. This is good news for any client that is selling US Dollars to buy GBP as exchange rates have increased by 8 cents in 3 weeks. However, the question for US Dollar sellers, is it worth waiting and taking the gamble as the Pound could continue to strengthen in the month to come?
In recent reports I have stated that US President Donald Trump continues to have a negative impact on exchange rates due to his behaviour causing uncertainty. At present the US are in negotiations with Canada and Mexico about the free trade agreement known as NAFTA.
The President has made it clear that the agreement needs to be changed or he will pull out, well at least try to pull out in the months to come, which again will create a cloud of uncertainty.
The President was back making headline news yesterday as he is unhappy with the new FBI Director Christopher Wray, as Wray does not want to back the publication from the White House that Donald Trump had no influence on the Russian investigation. Again, the President is making headline news for the wrong reasons and personally I believe the US Dollar will continue to devalue in the months to come due to his behaviour. Therefore, I would look to sell US Dollars sooner rather than later.
Today the US will release their latest Non-Farm payroll numbers and Unemployment numbers at 13.30. Regular traders will be aware that both releases have the potential to have a major impact on US Dollar exchange rates and the currency market in general. Unemployment in the US is at a record low and I expect the number to not change from last month (4.1%). Non-Farm payroll is a difficult one to predict. The consensus is for an additional 180k jobs to be created. Deviation from the figure will cause movement for US Dollar exchange rates.
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