Good afternoon,
Over the past week Sterling has continued to rise against the dollar pushing the GBP/USD cross back towards $1.50. During today's session alone the pound has gained over a cent with rates climbing from $1.4856 to $1.4959, which means GBP/USD has now risen by nearly four cents since the 13th April.
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GBP/USD graph
What does the recent move mean in monetary terms?
Four cents might sound like a small rise but it can make a big difference to your transfer. If you were looking to convert £200,000 today, you will now receive over $7,600 more compared to the same transfer on the 13th April. The move we have seen for the GBP/USD cross over the past week shows just how important it is to get the timing right on your transfer, as diving in headfirst without knowing what options are available could end up costing you thousands.
Why has the dollar's value dipped?
The last couple of weeks have not been the best for the U.S. economy as a string of disappointing data releases seem to have put pay to the Federal Reserve (FED) raising interest rates anytime soon. It seemed the FED were on course to hike rates in June but with production falling, exports suffering and a growing concern over wage growth and inflation, we might not see interest rates increased until the end of the year.
Best exchange rates
If you have an upcoming requirement to buy or sell dollars and want to make sure you are getting the best rate of exchange, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.
As a specialist currency broker I can achieve rates of exchange up to 5% better than those offered by the high-street banks, and with a range of currency contracts at my disposal I can look to reduce your exposure to the ever changing FX market.
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