the Best Time to Exchange Pounds to Dollars
Revealed Secrets on the Best Time to Exchange Pounds to Dollars.
Did you know that money is not everything on earth but everything needs money? Well, now you know. The foreign exchange market is organized to exchange or trade foreign currencies. It is important to note that the exchange rate table states how the price of one currency trades in terms of another foreign currency and dictates the direct or indirect exchange rate quotes for each currency. So, are you a newbie interested in the foreign exchange business? Are you a foreign exchange trader interested in increasing your sales? Or better still are you interested in the Pound versus Dollar currency pair? If yes, is the answer to all these questions, I am sure you are probably thinking about the revealed secrets on the best time to exchange Pounds to Dollars.
Allow me to decipher!!
Best time to exchange Pounds to Dollars.
The best time to exchange Pounds to Dollars is when the Pound currency is stronger compared to the US dollar. At the specific time where the Pound is stronger than the US dollar, you will gain more US dollars during the currency exchange transaction.
For you to understand how you will gain more dollars, a little knowledge on a practical numerical example will go a long way in helping you to understand the transaction.
Practical numerical example.
You have in your possession £1,000,000 which you wish to exchange to US dollars. You need the dollars to buy a house in California. The current exchange rate of Pounds to Us Dollars is 1.20 this directly implies that you will get $1,200,000 from the exchange transaction. But according to your knowledge of the foreign currency exchange market, you have predicted that tomorrows Pounds to Us Dollar exchange rate will be 1.30, this implies that you
will have $1,300,000 by tomorrow from your foreign exchange transaction.
From the above practical numerical example, it is true that the best time to exchange your Pounds to Dollars is when the Pound is stronger than the US Dollar. With that said, I am sure you are probably wondering what some
of the factors that contribute to the Pound being stronger than the US Dollar?
Allow me to elaborate!!
Factors that contribute to the Pound being stronger than the US Dollar.
The best time to exchange the Pounds to the US Dollar currency is when the Pound is stronger than the US Dollar. Here are some of the factors:
· The America and the UK’s Economic Performance.
If the United Kingdom’s economic performance looks like it is performing better than the United States of
America’s economy, the Pound will become stronger than the American dollar. To understand the best time to exchange Pounds to Dollars, you should evaluate the economic performance of both countries by reading the newspapers and looking at the economy news evaluating and predicting the UK’s economy going up. Look also for facts from the news that predicts a negative trend in the American economy.
· Political factors.
Political factors may also influence the strength of the Pound compared to the US dollar. A good example is when the current American president Mr Donald Trump advocated that “the US Dollar is too strong that it is killing the American Economy.” This statement implies that the American government would embark on policies to intentionally weaken the American Dollar. This political news should favour your transaction of exchanging your Pounds to Dollars since this is the best time for the trade. You will gain more dollars because the Pound will be stronger compared to the US Dollar.
· Because of the Brexit.
The Brexit may cause the Pound to strengthen against the US Dollar. When the Theresa May, the UK’s prime minister
confirmed that the Parliament will get a final Brexit deal vote, you can predict that the parliament will vote a favourable Brexit deal that will strengthen the Pound and improve the UK’s economy. The good news about the Brexit
will definitely strengthen the Pound over the American dollar. This is the best time to exchange pounds to dollars.
· The foreign exchange market is organized to exchange or trade foreign currency.
· The best time to exchange Pounds to Dollars is when the Pound is stronger than the American Dollar.
· To predict the change read the newspaper and look at the economic news of both countries. Look for factors that strengthen the UK’s economy and the sterling pound and factors that promote a negative trend in the American economy and weakening the US Dollar.
· Good economic performance in the UK, political factors that might strengthen the Pound and good news about Brexit will strengthen the Sterling Pound over the US Dollar.
Now you know about the revealed secrets on the best time to exchange Pounds to Dollars. Read the newspaper and keenly look at the economic performance news and use this guide to predicting the best time to exchange your pounds for Dollars.