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 just a month affecting Pound Sterling rates when buying £200,000 during the high and low points of the past 30 days:
|Currency Pair||% Change||Difference on £200,000|
After hovering around the 1.30 mark since mid-July, it now seems GBP/USD, currently sitting at 1.285 has lost its grasp on the key resistance level.
With the dollar index, measuring the value of the USD against a basket of foreign currencies, having climbed by 8% this week and looking to post its second-best week this year a £200,000 GBP to USD transfer requirement would earn you $3,400 less now when compared to just two days ago.
It may be prudent to take advantage of current levels now before they disappear altogether, contact your personal account broker on 01494 725353 today to act now and lock in the current rate of exchange before we see GBP/USD potentially soften even further in the short term.
On Wednesday evening, it was announced the remaining members of both President Donald Trump’s Manufacturing Forum and Strategic and Policy Forum, made up of many of the country’s top CEOs had agreed to disband the groups following the numerous defections over the past couple of days stemming from Trump’s “blame is on both sides” comment over the recent Charlottesville violence.
The minutes for the most recent FED interest rate decision on 25th July were released yesterday evening. Containing mixed messages over the possibility of future interest rate hikes, some members are unwilling due to the current soft inflation levels, which have remained below the central bank’s target of 2% for more than five years. On the other hand, other members of the committee warned a delay in hiking interest rates could lead to an eventual “inflation overshoot” which is historically often much harder and more costly to correct.
This afternoon we see the release of initial and continuing jobless claims data for the US at 1:30pm, giving an insight into the strength of the labour market through the number of people that have started to and continue to claim state unemployment insurance. This is swiftly followed by capacity utilisation at 2:15pm, a bullish reading could allow future economic growth to cause inflationary pressures within the US economy, increasing the chances of a further interest rate hike by the FED later this year.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353.
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