The US Dollar is currently exceedingly strong and Wednesday night’s decision for a small interest rate hike would have done nothing to stop this current trend of Dollar strength.
Even with the uncertainty that Donald Trump can create the Dollar is still well and truly in fashion. The Dollar in fact was the best performing major currency of last week with the Pound actually losing the least amount of value to it with only dropping by 1.11%.
There appears to be a mix of opinion on where the Dollar exchange rate may head next, some analysts are predicting a drop as low as 1.145 may be imminent whereas Investec bank are predicting the GBP/USD rate to go up in 2017.
My personal opinion is that I would be fairly surprised to see the GBP/USD rates drop off a huge amount more than they are now, unless the Supreme Court ruling does lead to a huge Sterling sell off which of course cannot be ruled out.
Similarly to the other major currencies there isn’t a huge amount of data out in the early part of this week that may impact Dollar exchange rates however this does not mean that we expect Dollar exchange rates to remain stable.
The latter part of the week is when the action really hots up as we have a flurry of jobs data along with growth figures all released on Thursday afternoon.
Expectations are for good solid growth figures for the States which will add fuel to the speculative fire that we may be seeing more interest rate hikes for the U.S soon.
If you have US Dollars to sell or indeed any currency pegged to the Dollar then it may be sensible to contact us here so that we can run you through the various options available to you during this fantastic time to bring Dollars back into Pounds. Call us today on 01494 725 353 or email me here to find out more.
I have used Foreign currency direct on two occasions, both were stressful times for me but Daniel and staff were wonderful. Every step was explained and all queries answered fully and swiftly. I would not hesitate to recommend to anyone for an excellent service.
I decided to use this company after reading many blogs by Daniel Wright on the forecast of Sterling. He always seemed to get his predictions right and also seemed to have not only very good knowledge but a passion for the industry he is in. Daniel was not only informative but patient and gave us options on the lead up to our currency exchange.
I only have praise for the way this company make the stressful experience of Forex a simple process. Difficult to be specific but there is always the personal touch. Recently, with the BREXIT hysteria the dealers must have been very busy but Daniel Wright was always available or never failed to ring me when requested.
A totally reliable and trustworthy service. I have used them on three occasions now and my money has always come over on the agreed date at the agreed rate. Daniel Wright is a pleasure to deal with -patient, personable and professional.