The Dollar gains against the majors
It looks like to Dollar did not take the day off for the Labor Day Holiday as it gained against the Euro, Pound and Canadian Dollar last week and has pushed through most resistance levels when it opened this morning. The Pound went from a high last week of 1.64 and opened up this morning at 1.60, the Euro fell from 1.45 to 1.41 and the Loonie from 1.02 to just over 1.00. It seems that even though the US economy is still in trouble, it is fairing a lot better than everyone else, the Swiss Franc is on everyone’s radar yet investors are still buying the Dollar, for want of a better alternative.
What does this mean for your clients? Well, if they have to make a transfer into USD, now is certainly the time to do it as the downward movement is expected to continue in the short term at least. For USD sellers, it’s a case of watching how low it will go. Taking advantage of Stop-Loss orders will help maximize any positions for sellers.
Contact Moneycorp today for more information about how we can help you and your clients on 407 352 5890