Getting the best exchange rate can be achieved by understanding what is driving rates and the service of a specialist currency broker. Below are movements in the past week affecting exchange rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
Despite some impressive data out of the United States yesterday, the greenback was mixed during the day’s session against most major currencies, with the Pound to US Dollar rate trading within half a cent of 1.30.
The Dollar has gained a lot of value against the Pound in recent weeks after talk of the North Korean issue has subsided, although US Dollar sellers should bear in mind that the issue could re-surface as quickly as it takes him to post a tweet.
President Trump’s twitter feed has been quieter than usual recently as he’s been carrying out the longest tour of Asia by a US President since George Bush in 1991.
The US President has come under scrutiny for focusing on trade deals rather than human rights, particularly after visiting the Philippines. But with business in focus, we’ll see how fruitful his time in the region was as time goes on.
He’s currently presiding over one of the best performing economies in the developed world, and just yesterday it emerged that US producer prices rose by more than they were expected to in October due to a surge in the cost of services, meaning that inflation in the US is growing at its fastest pace in 5 and a half years.
Data such as this leads me to believe that the final rate hike from the Federal Reserve Bank is now looking almost certain, and this is probably why there was little reaction by the markets.
The USD does appear to be gradually climbing against the Pound and I wouldn’t be surprised to see the rate drop below 1.30 (GBP/USD), although those hoping for a stronger US Dollar must be aware that should the final rate hike from the Fed suddenly look unlikely, there’s a high chance the Dollar could weaken.
There could be a busy end to the week for US Dollar rates this week due to a high volume of data releases, and I think today’s Retail Sales data along with Inflation figures could be the main drivers.
If you wish to discuss your currency exchange plans before these data releases, do feel free to get in touch as they’re not released until lunchtime. I'd be happy to discuss any queries you have, you can get in touch on 01494 725 353 or email me here.
Simply the best FX dealer. The service was excellent and fast. The rate was the best at the time.
Prompt, efficient staff with excellent customer service skills. The whole process is simple and quick with very good rates and same day transfer into my foreign bank account.
Excellent service, easy to use one quick phone call and it’s done. Great rates
FCD were very professional and gave me an excellent rate.