Exchange rates for US Dollars today

Today's Dollars Currency News

Tuesday 13th May 2008 Interbank
G BRITISH POUND / US DOLLAR 1.9510

Fed member suggests US is less likely to pause in interest rate cuts.

US Dollar:
The dollar eased up on its gains against the euro but did rally against the pound as poor economic data was released from the UK. We saw a gain against the pound of just under 2 cents from $1.9663 to $1.9488.

Federal Reserve Bank of Chicago President Charles Evans said yesterday that the current net stance of monetary policy is accommodative and this is appropriate in order to address the way we see the sluggish economy unfolding in 2008. His remarks may have suggested that the Fed is less likely to pause from cutting interest rates, as many market participants believe.

This week sees quite a lot of economic data due in the and the markets will watch closely for any indication on future monetary stance.

Data at 1.30pm: Import Price Index expec 15.0% from 14.8%, Advance Retail Sales expec –0.2% from 0.2% previous.

 Pounds US Dollars News archives

Case study one:
On 5th November 2006 Mr. & Mrs. Phillips had found a property in US with an asking price of $300,000 which they agreed to purchase by placing a deposit of $40,000. As an off plan property they had a balance of $260,000 to pay by 1st March 2007. 
With some urgency to buy the property they approached there bank who they had used for 25 years with a request to pay there deposit to the US. They subsequently found out what they thought would be a fairly straight forward process soon became a time consuming hassle. 
First of all the bank clerk had no idea what exchange rate they could provide on purchasing $40,000 so they had to wait at the counter for the clerk to speak to various bank personnel. Secondly when they did establish a cost in sterling the clerk had little understanding of how foreign currency transfers worked and stated it could take up to a week for the money to arrive. 

Last of all and perhaps most importantly, the bank provided a very poor exchange rate of 1.7600 and charged £40 to transfer the money. 

When Mr. & Mrs. Fletcher came to preparing for the final payment in March, they decided to carry out some research on the internet to see if any company was offering better exchange rates and service than their bank. 

It was at this point that they found www.dollarstoday.co.uk on Google by typing in Pounds Dollars in the search field. Here they were put in contact with a reputable FSA regulated broker who specialised in helping people transferring currency for property purchases overseas. From the first point of contact a currency expert explained how the process worked and what the associated costs were. 

On 26th February 2007 Mr and Mrs Phillips with some helpful advice purchased the remaining US DOLLARS they required from their very own personal broker. They purchased at a much improved exchange rate of 1.9550 for $260,000 required. The bank quote offered was over 3% lower at 1.8924 saving them over £4000! In addition to saving money they experienced a far more specialist, personal service and paid no transfer charges or additional fees. The broker simply charged less than the bank for carrying out the same process and even ensured the money was in the US the same day. 

In hindsight they only wish they turned to the internet before using their bank but are grateful they used a broker when completing the largest chunk of their property purchase.

For more information please complete the form at the top of the website page. 

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"Just to confirm that the exchange was brilliant, quick, efficient and most importantly very friendly Great. I will have further transactions in 2006 as my house moves from Architects plans to reality and everyone requires payment! "

"For our opinion of your service, I’m only too happy to say that we have been very satisfied. Both you and Oliver were very friendly and helpful which made the process less daunting, and the money transferred efficiently at good rates of exchange. As a result, we have just returned from a weekend in France where we signed the papers for our new house. The money you saved us will enable us to furnish it now.
Thank-you for all your help – we will definitely be using your service again in the future."


Susan Ingram
Saffron Walden
Buying a property in France