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Will Sterling fall further against the US Dollar in the run up to the election (Tom Holian)

Friday, October 28, 2016 23:25
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We are now less than 2 weeks before the US goes to the polls to deicde whether Hillary Clinton or Donald Trump will become the next US president. At the moment it appears as though Clinton is leading in the polls with 49% compared to 45%. However, as the Brexit proved polls can be very unreliable.

The US economy is going from strength to strength and yesterday GDP figures for the third quarter came out at 2.9% in the three months to September according to the US Commerce Department. Jobless claims also showed that unemployment levels are falling so everything looks to be on course for an interest rate hike in the world’s leading economy.

To me I think the US Federal Reserve have more than enough reasons to increase interest rates but with the election looming I think they are waiting to see what happens with the next president.

The GDP figures for the year showed 0.4% better than the expectation of 2.5% and this has seen GBPUSD exchange rates fall to close to their lowest level in 31 years.

Even though this week the UK posted better than expected GDP data this did little to improve the Pound vs the Greenback and this highlights the problems that the UK is facing with the announcement that Article 50 will be triggered by March 2017. Since the Brexit Sterling has fallen dramatically and I think we could see further falls ahead for Sterling exchange rates against all major currencies. Indeed, Sterling is the world’s worst performing currency on the global money markets this year.

Having worked in the foreign exchange industry since 2003 I am confident that I can offer you bank beating exchange rates and also help you with the timing of your currency transfer.

If you have a currency transfer to make and want further information or for a free quote then contact me directly and I look forward to hearing from you.

Tom Holian

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