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 30 days affecting Pound Sterling rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
Speaking over the weekend, Janet Yellen has raised further expectations of another interest rate hike in the US by the end of this year, stating that the strength of the jobs market and overall strength of the economy at the moment warrant a ‘gradual rise’ in interest rates. There are a number of speeches from FOMC members this week, as well as another speech from Janet Yellen on Friday, and any hints from these speeches as to the timing of the next rate hike could result in Dollar strength. As per Yellen’s previous comments, jobs data looks set to have a big impact on the FOMC’s decision when it comes to raising interest rates, so Thursday’s jobs data could prove particularly significant.
It is worth keeping an eye on tomorrow night’s Fed Beige Book report, which gives an overview of the economic situation in the US at present and could once again provide hints to future monetary policy decisions depending on the strength of the report.
Since the beginning of October anyone buying Dollars has seen a gain of almost 2% when selling Pounds, which is a difference of over £3,500 on a purchase of $250,000. With the potential for an interest rate hike in the US at their next meeting on November 1st, coupled with the uncertainty surrounding the Pound at the moment, taking advantage of these gains may prove to be a wise move.
Although all appears rosy as far as the economic situation in the US is concerned, politically there is still some instability, particularly in the past few days since Donald Trump has said that he will not rectify the 2015 nuclear deal that was struck with Iran, something that his predecessor Barack Obama was heavily involved in.
There has been an immediate backlash following his comments, with the UK, France and Germany issuing statements that showed their commitment to the deal. One of George W Bush’s former advisors, Lawrence Wilkerson, yesterday claimed that he believes trump is following in the footsteps of Mr Bush and could send the US in to a war with Iran that could be even worse than the Iraq war in 2003. It’s no secret that Trump’s actions have caused USD volatility since he took office in January and this topic certainly has the potential to weaken the Dollar if tensions rise further.
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