It has been a positive week for the GBP/USD cross as rates climbed just over 1%. From Mondays low of $1.6350 Sterling had the edge over the dollar and by Friday afternoon had reached $1.6514, the highest we have seen exchange rates since the 2nd Jan. This is great news for anyone looking to purchase U.S. dollars and once again highlights how important it is to get the timing right on your currency transfer.
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Most of this weeks gains for Sterling actually came this afternoon, following the highly anticipated U.S. job numbers. The non-farm payroll figures usually cause a fair bit of volatility in the FX markets and today was no exception.
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It had been forecast that 196k would have been created in December but when the actual number came in at only 74K the dollar quickly lost ground as markets reacted to the disappointing reading.
The U.S. economy had seemed to be performing well over the past few weeks and this was underlined when the U.S. Federal Reserve (FED) recently announced they would begin cutting back its existing stimulus programme by $10 billion per month.
Todays job numbers will come as a bitter blow to the FED and may lead to officials having to rethink how quickly the stimulus programme can be wound up.
If you need to buy or sell dollars in the coming weeks and want to ensure you are making the most from your currency transfer use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065 for a free, no-obligation consultation.
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