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 a month affecting US Dollar rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
Wednesday is expected to be a very busy day over in the United States with an Interest Rate hike expected from the Federal Reserve and the latest inflation figures to be released. The year on year figure in November for the Consumer Price Index is expected to rise from 2.0% to 2.2%. The US economy has been showing signs of slow improvement after falling below two percent earlier in the year however it appears to be back on track to move to 3.0%. Should the figure come in above the expected level then there could be significant gains for the US Dollar.
Janet Yellen is expected to reveal that the Federal Open Market Committee will raise rates once again which will mean there have been three hikes this year. Yellen, in one of her last decisions before she is replaced by Jerome Powell could also lay out plans for more rate hikes next year. Trump has been keen to see interest rates rise in the US, questioning during his election campaign why rates weren’t going up. The hike tomorrow is priced in by markets which is why we have already seen the GBP/USD rate fall to the mid 1.33’s in the past few days.
To close the week the latest Retail Sales data will be released on Thursday and are once again expected to show a small 0.1% improvement from October to November.
There could be potential for the US Dollar with lots of positive news to take the GBP/USD level back to the 1.30 mark, providing a good window of opportunity to sell the Greenback.
If you’re looking to complete a US Dollar sale to Sterling you’re currently close to a two-week low. Selling $200,000 to Sterling now compared to the start of December as helped you achieve over £2,000. Get in touch with your broker to discuss how we can help you to maximise your transfer. Feel free to get in touch on 01494 725 353 or email me here to discuss an upcoming transfer.
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