In the wake of a Brexit, US Dollar has naturally found strength due to its safe-haven status.
Since I have been working here this is the best rate there has been to sell U.S Dollars, AED and all other currencies that are officially pegged to the Dollar.
Clients have been rushing to send home their wages from Dubai, bring back their share profits from the States or bring home the Dollars they have from the sale of a property over in America. Where the Dollar exchange rate heads next is a tough question. Consider that we had initially been expecting a number of interest rate hikes this year from the Federal Reserve and the fact that this would be viewed as positive for the Dollar first and foremost.
These rate hikes have yet to surface and at the last Fed meeting Janet Yellen commented that she had concerns on a potential brexit and should this happen they may be put back even further.
I feel that we will find the 1.30 mark as a level of resistance against the USD and that rates will head back up closer to 1.40 in the coming weeks. We need to realise that surprises may happen and may completely change market conditions but I feel that we may have seen the main burst now for the Dollar unless further political turmoil takes the stage again for the U.K.
Once the announcement of rate cuts being placed on hold again in the U.S is made I would imagine this will lead to the Dollar losing back a little ground and this is where I feel Sterling may fight back a little.
I have used Foreign currency direct on two occasions, both were stressful times for me but Daniel and staff were wonderful. Every step was explained and all queries answered fully and swiftly. I would not hesitate to recommend to anyone for an excellent service.
I decided to use this company after reading many blogs by Daniel Wright on the forecast of Sterling. He always seemed to get his predictions right and also seemed to have not only very good knowledge but a passion for the industry he is in. Daniel was not only informative but patient and gave us options on the lead up to our currency exchange.
I only have praise for the way this company make the stressful experience of Forex a simple process. Difficult to be specific but there is always the personal touch. Recently, with the BREXIT hysteria the dealers must have been very busy but Daniel Wright was always available or never failed to ring me when requested.
A totally reliable and trustworthy service. I have used them on three occasions now and my money has always come over on the agreed date at the agreed rate. Daniel Wright is a pleasure to deal with -patient, personable and professional.