Donald Trump has won the vote to become the 45th President of the USA.
Initial reaction saw Dollar weaken and investment move to safe havens Yen, Euro and Gold.
Trump briefly spoke of his plans to boost the US economy through infrastructure spending during his victory speech, which had a slightly more level-headed tone than speeches we have seen in the past. After Trump’s speech, we saw the dollar strengthen slightly.
The FTSE 100 fell by 2% in early trading, whilst Sterling’s value against the Dollar and Euro has now returned to yesterday’s values.
The volatility in currency markets that many predicted if Trump was elected has failed to materialise so far but further changes to the value of the Dollar can be expected every time news is released or speeches are made.
Whilst it is difficult to predict the long-term impact on the dollar, the only way of knowing how much travel money you will get for your Pounds is to load a FairFX Dollar Card now to lock in the current exchange rate for your next trip.
As always, we’re here to help you and we’re working hard to give you the best exchange rates we can.
Email our customer service team if you have any questions regarding Currency Cards, Travel Cash or online international payments.
If you’re making larger or more complicated payments, or are looking to reduce your exposure to the movement of currency markets, speak to our dealing team.
Here are our tips on how to get the best value for your money when travelling to the US:
1. Always pay in the local currency
If you’re given the option to pay – or withdraw cash – in Sterling rather than in the local currency when abroad, always pay in the local currency! Paying in Sterling allows the vendor to decide the exchange rate and it’s never in your favour.
2. Lock in great rates
Keep control of what you’re spending and lock in great rates on your FairFX Prepaid Mastercard® before you go.
3. Sign up to our Rate Alerts
Get a notification every time the rates are in your favour through our email Rate Alerts.
4. Don’t leave it until the last minute
Don’t leave changing your travel money until the last minute. Exchange rates at airports can be over 10% more expensive meaning you could lose £100 for every £1,000 you change.
5. Don’t worry about leftover currency when you get home
If you return home to the UK with currency left on your card, either leave it on your card for your next trip, or use it in the UK fee-free.
Once you’ve loaded your Dollar Card, check out our tips on what to see and do on your next trip to the US: