Since my last post GBP/USD exchange rates have fallen by around 1% after the U.S. Federal Reserve announced they will trim another $10 billion off of the current stimulus package. On Wednesday evening FED policy makers announced they will reduce their bond buying programme from $75 billion to $65 billion a month.
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It is the second consecutive month the FED have announced a cut and the dollars value immediately increased on the back of the news. Since Tuesday GBP/USD exchange rates have fallen form $1.6621 to a low of $1.6446, To put the move into monetary terms, $200,000 would now cost nearly £1300 more than it would have done on Tuesday afternoon.
The FED have now demonstrated that they are serious about tapering their quantitative easing programme and if it continues we could see all stimulus wound up by the end of the year.
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With no data releases coming out of the UK tomorrow the pound could be open to further losses against the dollar. The U.S, have a string of data releases due out tomorrow afternoon and if they beat expectations it is likely we will see the dollar claw back some of the ground it has lost over the past few months.
If you need to buy or sell dollars in the coming weeks and don't want to be caught out by the sudden movements we have witnessed over the past few weeks, I have a number of tools available to help you make the most from your currency transfer.
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