Weekly Market Headlines:
Recent market movements have brought positive gains for the British pound against the US dollar, reaching a four-month high. A weaker US dollar, driven by concerns over the US economy, has led major banks to lower their growth forecasts, pushing GBP to USD exchange rates higher. For example, a £100,000 transfer today would get you an additional USD $8,500 compared to early January.
- Key data ahead includes US inflation figures (released Wednesday) and UK GDP data (Friday), both of which could cause further volatility. Unexpected results may impact rates, so staying informed is crucial.
- Since EUR to USD influences 25%-30% of global trades, any shifts in the US dollar often have a ripple effect on euro exchange rates as well. If you’re transferring euros, it’s worth keeping an eye on these movements.
- With UK industrial and manufacturing data also due this week, we could see further fluctuations in sterling’s value. If the data surprises the market, it may create opportunities to secure a more favorable exchange rate.
Get in touch with Lumon to speak to a dedicated currency specialist about your international money transfers. Call +44 (0)204 506 5672 to explore your options.
What’s happening this week?
USA
- Wednesday: Inflation data
GBP
- Friday: GDP, Industrial and Manufacturing data
