The US Dollar has weakened of late, with political uncertainty surrounding trade negotiations with Europe and China, and the potential trade war caused by Trump's import tariffs. This USD report discusses how this could affect the Dollar in the coming months. The table below shows the difference in USD you could have achieved when buying £200,000.00 during the high and low points of the past month.
|Currency Pair||% Change||Difference on £200,000|
Donald Trump yesterday appointed Lawrence Kurdow to become the new Economic Adviser following the resignation of Gary Cohn. Trump has previously hinted that he didn’t see eye to eye with the person he was planning to appoint, suggesting that was a good thing. However, following the firing of Secretary of State Rex Tillerson earlier this week having a disagreement with the President doesn’t end well and could cause further disappointment down the line. Considering President Donald Trump is very specific on how he is running the country especially with so much focus on the economy it will be interesting to see if Kurdow is able to last for long.
At the moment Kudlow is an economic commentator and TV personality on CNBC, which has certainly raised some questions surrounding credibility. Since the announcement the US Dollar Index has dropped, which suggests the markets are unsure what to make of it and to what extent his appointment is going to be a good thing for the US economy.
Yesterday the GBP rate fell just short of the 1.40 level following the Kudlow announcement. Over the last few days the US Dollar has lost ground following an increase in political uncertainty and this could be set to continue. The 1.40 level is a psychological barrier for many looking to buy US Dollars and those looking to sell the Greenback might be encouraged to act sooner rather than later.
In the next few weeks the potential clarity on Brexit, coupled with the uncertainty surrounding talks with North Korea and the possibility of a trade war with Europe and China could prove problematic for the US Dollar.
Tomorrow there is a fluttering of US data with Import Price Index and Housing Market Index both indicators of economic performance which can move the market. If you’re looking to complete a US Dollar transfer in the near future market sure you’re in touch with your broker to maximise your return.
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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