With Donald Trump making his first visit to the UK as the US President his comments regarding the potential “soft Brexit” approach led to the pound falling back to a near month high against the pound. Since the beginning of the week the dollar has now rallied close to 2% although we have seen a slight recovery for the pound this afternoon.
During his historic meeting with the Prime Minister Theresa May it was suggested that Trump had said that Theresa May had ignored his advice by opting for a soft Brexit and warned her that any attempts to maintain close ties with the EU would make a lucrative US trade deal very unlikely. He was later to say that his comments were indeed “fake news” and hailed the “highest level of special” relationship with Theresa May.
As a result we have had a mixed day for GBP/USD with a high/low range from 1.3215 to 1.31.
Do you need to buy or sell US dollars?
Should you have an upcoming money transfer to arrange involving the US dollar we are seeing some significant market movement of late. For this reason it is important to make sure you get as much information relating to the currency markets as you can. By using the cervices of a currency broker you will have access to key market data that can have a major impact on the cost of your currency transfer. There are many benefits of using a broker other than just the exchange rate. By using a specialist currency broker, you gain access to multiple contract types. This can help safeguard your money transfer from adverse market movement. You will also find the process to be efficient and far less time-consuming than the banks.