Sterling has now had its eighth consecutive day of gains against the US dollar bringing levels for GBP/USD to their highest levels since the Brexit vote of June 2016. During this run we have seen the pound rally from a low of 1.3960 to this mornings high of 1.4375 – a near 3% increase. Is this the time to buy US dollars?
Sterling’s fortunes have increased in the last few weeks following positive movements and discussions surrounding Brexit with the risks of a hard Brexit diminishing. In fact the pound has been the strongest performing currency for 2018 out of the G10 currencies. The G10 currencies are the United States dollar, the euro, the Japanese yen, the British pound, the Swiss franc, the Australian dollar, the New Zealand dollar, the Canadian dollar, the Swedish krona, and the Norwegian krone.
To compound this the on-going uncertainty surrounding Syria has removed some of the US dollars safe haven tag meaning many investors are looking to move their funds into what they perceive to be safer currencies. We also have the prospect of a US trade war with China and Donald Trump’s desire to have a weaker currency in order to help US exports. All these factors could cause the dollar to weaken further meaning there could be some further strong opportunities for those looking to buy US dollars.
Should you need to make an international wire involving US dollars, whether this be through your business or for a property then we can help. This website is designed to give clients as much information as possible to help you with the timing of your transfer. We can also help you get the best price for your deal. For more information or to get a free quote please get in touch here or email me.