The pound continued to fall against the dollar today after figures this morning showed the UK's services sector had fallen in December to its lowest levels since May 2013. The news had an immediate impact on the GBP/USD cross with exchange rates dropping to $1.5154 during todays session.
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Today's decline means the pound has lost nearly 4% against the U.S dollar since the 17th December and a staggering 12% since the six year high we witnessed back in July. With the UK economic recover slowing, investors favouring the safety of the dollar and the U.S Federal Reserve leading the race to raise interest rates, I wouldn't be surprised to see the dollar's value increase further over the next couple of months.
To put the move we have seen over the past six months into monetary terms, converting £200,000 into dollars will now see you receive nearly $41,000 less than in July and with things potentially getting worse before they get better it shows the importance of getting the timing right on your transfer.
As a dedicated currency broker I have a range of tools at my disposal that can help you on the timing side of things and reduce your exposure to the ever changing currency markets. So if you have a requirement to buy or sell dollars and want to make the most from your funds, 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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