The Greenback’s remained bullish against its major currency counterparts and maintained its position as the strongest currency this year. The table below shows the range of exchange rates throughout the past 4 days and the difference in return you could have achieved when selling £200,000.00 for USD.
|Currency Pair||% Change||Difference on £200,000|
The US Dollar Index (DXY), which gauges the currencies value against a basket of major currencies, is currently valued at the highest level it has been since mid-2017 as investors have flocked to invest in the ‘safe-haven’ currency.
Cable rates have recently tested the 1.26 level, which for sterling sellers, is at the lowest levels seen in almost 14 months and its currently hard to see how ground can be made, considering the current concerns surrounding a no deal Brexit outcome and US president Trump’s hard-nosed approach to trade negotiation.
The lack of key US economic data releases early this week, has however seen USD pressures ease and some ground has been gained against the currency, particularly for GBP.
Attention will now turn to the industry data released today and employment data on Thursday, in addition to the consumer sentiment index released on Friday.
Retail sales data will be released at 1330 and the figure excluding automobiles, is expected to show a reduction of 0.1% whilst the gross figure is expected to show a more considerable drop of 0.4%. Similarly, industrial production data is also expected to show a decline.
If the data is in line with expectations, then the influence of the recent retaliatory tariffs that have been imposed on US exports and raw materials, could be starting to show and this could see favourable market movement against the Greenback.
Clients looking to buy Dollars could therefore see good opportunities to secure their currency this week, so it is worthwhile registering for a free trading account, as this will set up a platform to capitalise on any spikes in the market.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.
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