This US Dollar report will address the factors that are likely to affect USD exchange rates in the near future. The table below shows the difference you would have received when converting £200,000 to US Dollars at the high compared to the low yesterday.
|Currency Pair||% Change||Difference on £200,000|
The US Dollar has come under additional pressure after the probe into alleged Russian connections with the Trump campaign has now been expanded. The investigation led by special counsel Robert Mueller will now dig deeper and look into President Trump’s business transactions with specific reference to financial connections with Russia.
This was supposed to be a red line for the President and there is a possibility that he may seek to fire Robert Mueller along with all the other casualties since his inauguration or at least try to curb his powers. The President has already cited potential conflicts of interest from some of Robert Mueller’s team.
The US Dollar remains under pressure after economic data continues to show signs of weakness. The Philadelphia Fed manufacturing survey for July which measures the strength of the manufacturing sector weakened whilst US initial jobless claims spiked higher both proving marginally negative for the Dollar. The question now is whether or not there will be another interest rate increase from the US Fed this year or if tightening will now be put off until next year.
The Baker Hughes US oil rig count today could make for an interesting end to the week especially considering the recent surge in the price of oil.
In a repeat of what happened at the end of last month, the US Dollar has once again come under pressure after comments from ECB President Mario Draghi. Although he has hinted at a tapering of the central banks Quantitative Easing programme possibly in the Autumn the markets have reacted well in advance and the Dollar has lost ground on the back of it as funds start to flow from the US to the Eurozone. The ECB was quick to point out the markets had misinterpreted his comments last time so there could be a bounce back tomorrow if any statement is offered from the ECB.
For more information on USD exchange rates and how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me at firstname.lastname@example.org.
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