GBP/USD graph
Why is the dollar weakening?
The dollar is starting to feel the effect of President Trump's administration. For the second consecutive day the U.S. dollar has fallen during the Asian trading session as markets become more and more concerned about Trumps protectionist views.
Do you want the best GBP/USD exchange rates? Click here.
Since Trump won the election in November the dollar's value has soared, after he promised to increase fiscal spending and cut taxes in order to boost the U.S. economy.
However, so far he has failed to provide any major insight into those plans, and is currently focusing on renegotiating existing trade deals. He has already withdrawn from the Trans-Pacific Partnership (TPP) which is a twelve nation trade deal, and investors are now concerned Trumps protectionism could do more harm than good for the U.S. economy.
Supreme Court ruling
In the last half an hour the Supreme Court have announced that they will uphold the decision made by the High Court in November.
The Supreme Court confirmed parliament must vote before Article 50 can be triggered and the news has seen the pound give up some of the gains it has made since yesterday afternoon.
Many within the market were expecting the pound to rise if the government lost its appeal, and is one of the reasons why the pound has been rising over the past few days. However, parliament have already said they will not block Theresa May plans, which means today's announcement has very little impact, and has actually caused the pound to give up some of the ground it has recently made.
Do you need to buy or sell dollars?
If you are looking to buy or sell dollars in the weeks and want to make sure are making the most from your transfer, contact me today for a free, no-obligation currency consultation.
As a specialist in currency exchange I have a range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.
For more information about how I can help or to find out what rate of exchange I can offer, complete the contact form by click on the link below.
As a specialist in currency exchange I have a range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.
For more information about how I can help or to find out what rate of exchange I can offer, complete the contact form by click on the link below.
