US Dollar at multi year highs to sell

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.

Economic data out this week to impact the Dollar

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.

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Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.