Sat Worldwide

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Selling US Dollars

The currency markets, notorious for their sheer size and volatility, have become more and more volatile since the UK General Election as concerns over debt levels in the Eurozone continue. With the volatility there are opportunities for buyers and sellers but also risk.

The worries over debt levels in Greece has forced the European Central Bank, the IMF and EU to create a huge bailout plan for Greece to protect Eurozone growth and the single currency. It seems that now Spain, Italy and Portugal have similar problems and that the debt problems are not confined to Greece.

These developments have spooked the market and sapped confidence in the Eurozone, leading investors to adopt risk averse strategies, investing in “safe-havens” such US Government bonds and Gold.

As the uncertainty continues, investors’ have bought billions and billions of US Dollars which has strengthened the US Dollar on the currency markets. In fact, the US Dollar strengthened to reach a 14-month low against Sterling at £/$ 1.4233 and a 4-year low against the Euro at €/$ 1.2148.

If you are moving back to the UK from the US and need to sell US Dollars, you might not think that events in Europe can have an effect on how much Sterling you receive when you sell your US Dollars. If you had sold your property in Florida for example, movements in the currency markets can directly impact how much Sterling you receive when you sell US Dollars.

For example, if you had $200,000 to sell from your property on the 1^st May, you would have received £130,719 at a rate of £/$ 1.53 compared to £140,845 at a rate of £/$ 1.42 just two weeks later.

At SAT Worldwide, your experienced account manager will act as your eye’s and ear’s in the market, advising you of market movements and market trends so that you can make the most informed decision about when to trade your currency. When the time is right, you will receive an excellent exchange rate at no cost to save you money compared to transferring money through a UK bank.

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