The Pound fell against the dollar yesterday as the dust begins to settle following the monumental US election result. With President-elect Donald Trump already laying the foundations for his Presidency by speaking with global leaders last week, the currency markets are reacting accordingly. Whilst Trump continues to announce his appointments the dollar is likely be in for a volatile period as the kind of leadership he will bring is speculated upon.
Any taboo or unfortunate comments from Trump may also impact on Dollar exchange rates. President Trump will be inaugurated 20/01/2017 although it is clear that decisions are already being made now.
UK Prime Minister Theresa May might have been 11th on the list to receive a phone call from the President to be, but Boris Johnson was the first to receive a call from Vice-president-elect Mike Pence. Boris Johnson has signalled that Donald Trump would like a free trade agreement between the US and Britain. In short this so far bodes well for Britain and hence the Pound.
Nigel Farage had a meeting with Donald Trump over the weekend which has made the headlines and has supposedly annoyed a few people in government. It has been reported that Farage has been the first overseas politician to visit Trump and there may be more mileage in this relationship although the response from the government would suggest otherwise. Meanwhile both Boris Johnson and Francois Hollande snubbed an emergency meeting with the EU to discuss Donald Trump’s election victory. The less receptive tone from the Eurozone to the Trump win is likely to be one reason the Euro could fall lower against the Dollar. It is no surprise the dollar gained over 1% against the Euro yesterday to a nine month high following all the news developments over the weekend.
Breaking news: Leaked Brexit memo shows the UK has no plans for Brexit. As a result Sterling has fallen half a cent against the US Dollar. Get in touch with us today or email me here if you have an upcoming currency transfer as further movements against Sterling could occur.
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