This US Dollar report will examine the factors that could affect exchange rates this week in order to help you stay informed if you need to make a currency transfer. The table below shows the difference you would have received when buying £200,000 at the high compared to the low for the past month.
|Currency Pair||% Change||Difference on £200,000|
US President Donald Trump has reignited his war of words with North Korea Dictator Kim Jong-Un, calling him a “madman who doesn’t mind starving or killing his people”.
The dictator’s retort was similarly aggressive, with the current dialogue once again threatening to reignite the already growing tensions between the two nations.
The USD has found life tough going of late, with the current animosity and threat of military involvement putting pressure on the greenback. Investors are fleeing the usually safe haven currency as they fear a full-scale escalation, as the rhetoric on the Korean peninsula intensifies.
Whilst war is still some way off, the current stand-off is hardly likely to boost investor confidence in the USD and as such, I would not be gambling on a major spike for the Dollar against Sterling. This is despite the on-going uncertainty surrounding the UK economy, as the government scrambles to find ways of moving Brexit negotiations forward.
Add to this Trump’s comments about prominent sports stars public defiance against the US national anthem and questions regarding the current establishment are likely to continue. Those clients holding USD should consider that historically, the current levels still provide very attractive sell opportunities and in my opinion, should be utilised as global economic stability remains fragile.
Looking ahead and tomorrow New Home Sales figures are released and after last month’s slowdown, any further drop could put pressure on the USD.
However, Thursday is likely to dominate headlines with the latest GDP price index providing investors with a key insight into the current health of the US economy. This alongside employment data could shape the greenbacks value as we head into the weekend but I don’t anticipate any aggressive move back towards 1.30 against Sterling as things stand.
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