More positive new for the UK economy this morning helped the pound rise by over cent against the dollar during trading today. As I mentioned in Mondays post all eyes were going to be focused on this mornings UK unemployment figures and the numbers did not disappoint.
For a free currency consultation click here.
This mornings positive unemployment figures came as a bit of a surprise, the initial forecast had only been for the number to fall by 0.1% to 7.3% but this latest report takes us to the brink of the Bank of England target rate of 7% and a potential interest rate rise.
Want to know when your desired rate is available? Click here.
As I have already said this latest movement for GBP/USD is excellent news for anyone looking to buy dollars, but with any positive there will always be a negative and for those looking to sell dollars this latest rise will come as bitter blow.
Dollar sellers have had a rough ride over the last few months and unless there is a dramatic change in the U.S. economy or the Federal Reserve decide to speed up tapering things could get worse before they get better.
If you are looking at selling dollars the one thing I would say is not to get caught chasing your tail. If the UK continues to improve at its current pace we could quite easily see rates continue to rise, which means that when/if the dollar does start to strengthen exchange rates may only come down to the levels we are seeing now.
As a currency broker I have a range of currency contracts available, if you are selling dollars I can help protect you against any adverse movements or if you are buying I can help secure your rate for up to two years in the future to take advantage of this recent rise.
For more information use the link below and complete the contact form or call me directly on 0044 (0) 1442 892 065.
Click here to complete the contact form.
