The US stock market was impacted by comments made by Trump, when he stated that tech companies within the US would be subject to higher tariffs and operating costs. The table below shows the difference in USD you could have achieved when buying £200,000.00 during the high and low points of trading yesterday.
|Currency Pair||% Change||Difference on £200,000|
An interesting statistic that falls outside of macroeconomic data, and perhaps into the realm of probably is that GBP/USD has gained during April for 12 years in a row. Past performance should never be relied upon as a future indicator within the currency markets, but the pattern has got the market talking and GBP/USD did gain yesterday, even if ever so slightly. If you don’t wish to leave the rate movement to chance and would like to discuss the current rates, do feel free to get in touch. Otherwise, you can set up rate alerts on the homepage of our website!
The US Dollar has been coming under pressure recently as Donald Trump looks to implement trade tariffs and there are concerns of a trade war with China after they’ve retaliated.
My personal opinion is that the US Dollar has remained quite resolute despite the headline making moves from Trump. Many economists are advising against the tariffs and highlighting that isolationist approaches to economics usually result in a weaker economy.
He is also turning his attentions to the tech sector within the US, with Amazon feeling his wrath at the moment.
There have been some major stock market movements as a direct result of Trumps comments and threats of higher taxes/operating costs, and if the currency markets are going to follow suite there could be a lot of movement to come.
This Friday will be the first Friday of the month, and therefore Non-Farm Payrolls will be released along with the US Unemployment rate which is expected to show just 4%.
Non-farm payrolls are a key event as they give us an idea as to the health of the US jobs market minus the agricultural sector.
There is an expected drop to 198k new jobs in March expected to be announced, so expect movement if the figures impresses or disappoints.
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.
My experience with Foreign Currency Direct has been excellent, and my account Manager Joseph Wright has been First Class. He has provided me with all the information that I needed, in a very clear way, that made it easy to understand.
Successful transfer to France. I have used Foreign Currency Direct several times. Nothing is too much trouble to explain, and when it comes to the actual transfer, it takes place on time without fuss. Never had a problem. Thank you Joseph!
Very efficient and responsive. We had great service from Joe Wright who helped us (patiently and with humour) through our currency purchase and was then able to guide us through the process of sending money to France for our property purchase.
Joseph treated us very professionally as well as friendly, and advised and went beyond his duty. Would recommend and use him again.