A quiet week for US data ahead, it would appear that USD strength may have hit its peak with GBP/USD rates creeping back up to the 1.50 mark.
In my last report I suggested that the Dollar sell rates may be at their peak and so far this appears to be looking like it may be correct.
The four predicted interest rate hikes for 2016 now will be highly unlikely and yesterday members of the Federal Reserve were commenting that they may even wait on the result of the referendum before making their next interest rate hike. I personally would not be surprised to see GBP/USD through 1.50 in the next two weeks.
Today we have a fairly quiet day on the markets for the U.S with the most notable release being the Baker Hughes oil rig count, due out right at the end of the day.
At the last count, the number of oil rigs in operation was at the lowest point we have seen in years. The figure came in at 406 compared to 888 at the same time last year. This release can impact a number of currencies and really does go to show how much trouble the oil industry has found itself in.
If you have a dollar exchange to carry out or indeed need to exchange any currency pegged to the Dollar then it is well worth contacting us here so that we can explain the various options available to you. We can cater for large business transfers and property purchases/sale all the way down to small monthly wages payments so feel free to get in contact today.
There has been a small boost in US Dollar strength this week, despite GBPUSD rates moving towards the 1.50 mark. If youre looking to transfer funds to US Dollar, you may with to do so now. Call our trading floor on 01494 725 353 or email me here.
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