We have a new President in Donald Trump who has early this morning been elected President of the United States of America.
As yet the currency markets have not seen too much movement but do not be surprised to see a huge amount of volatility during today’s trading session.
The City expected Clinton to win but Trump has won with a clear victory. Gold prices have increased dramatically already and it will be interesting to see how the US stock market reacts when it opens up later on this afternoon.
The situation is very similar to Brexit as it has shocked the establishment but as the US Dollar is often used a safe haven currency this is possibly why we have not yet seen any negative movement for the US Dollar vs Sterling.
As with Article 50 it took some time for the negative sentiment to be felt for Sterling and in time I would expect the US Dollar to weaken. Indeed so far this morning at the time of writing we have only seen a small movement for GBPUSD exchange rates of just 40 pips.
Owing to the uncertainty over the short term it may be worth looking at buying a forward contract which allows you to fix exchange rates for a future date for a small deposit.
If you’re concerned by today’s movement and need to make a currency transfer in the weeks ahead it may be with looking at buying a forward contract which allows you to secure an exchange rate for a future date.
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 would like further information or for a free quote then contact me directly and I look forward to hearing from you.
Tom Holian firstname.lastname@example.org
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