Daily News | GBP and USD drop

It looks like we will have another great day of trading today! The currency market seems ripe for the taking, so be sure to read on, as we look at the most important changes of this Wednesday. We start the day off with the British pound sterling, which experienced a drop from $1.3303 to $1.3183. This could be a cause for concern for any buyers out there, so caution is advised. Especially since the Bank of England has warned consumers about the dangers of high levels of debt following the Brexit referendum. House prices are also in danger due to this, especially if people who are buying in order to let houses afterwards abandon the market. The currency is still pretty unstable, so it’s difficult to make any detailed predictions on daily basis. In other news, we turn to the US dollar. This currency has also experienced a drop, from €0.8973 to €0.8963, which could be a sign of trouble. Minimum wage workers across the States have been clamoring for higher wages, which they, in large part, received. This could potentially be a good resolution to the problem, with higher wages potentially increasing consumer spending numbers. It could also lead to companies being fearful of potentially more expensive employees. We will have to wait and see all the specifics of what this new development brings and only then will we be able to see if the drop will continue.

Daily News | Take this opportunity

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Author: Max Rothstein

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