Since the start of the month, cable rates have been on the decline with movement of over 3 cents over the period and current mid-market levels fluctuating around the mid 1.28s.
In monetary terms, this is significant, as well-timed transfers at the highest points could have achieved around $8000 more on a transfer of £200,000 than at the lower levels.
|Currency Pair||% Change in 1 month||Difference on £200,000|
Questions surround where cable rates will end the year, and whether the elusive 1.30 resistance will be exceeded once again, or if the pairing will continue to decline and edge closer to the 1.27 level which has only been briefly eclipsed twice in the last 12 months.
Clients considering exchanging USD for GBP couldn’t have found themselves at a better time to do so, but this being said, Sterling has regularly experienced sudden spikes in light of positive Brexit developments, such as suggestions of a potential exit deal, which seems to be all the more likely as the year comes to an end, and the March exit day edges closer.
US President Donald Trump's bullish approach to trade negotiation has regularly had investors considering their USD positions and consequent developments should therefore be of consideration to clients with an upcoming GBP/USD requirement.
Latest reports have suggested that the World Trade Organisation (WTO) is open to reviewing complaints from a range of nations over the current steel and aluminium tariffs that have been imposed this year.
The WTO’s Dispute Settlement Body (DSB) has agreed to hear concerns coming from the EU, China, Canada, Mexico, Norway, Russia and Turkey separately since the United States opposed a single panel hearing for all of them.
As global trade developments have been a key influence on global currency markets this year, I feel the latest reports could gain serious traction, as nations opposed to Trump's trade approach could pile further pressure on the US, which could see the USD impacted as a response and result in weakening of the greenback.
Clients looking to purchase USD could therefore see favourable opportunities to purchase their currency, so should keep in touch with their account manager in order to keep up to date with the latest developments.
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