IN THE wake of one of the most turbulent US elections in recent history, thousands of business owners and managers across the country are left wondering what impact, if any, the result will have for their business.
TransferMate are calling on Irish operations that have dealings in the US to “act fast” and to take the necessary steps now to protect themselves from any impending volatility in the currency market. Barry Dowling, Co-Founder at TransferMate advised, “we’re likely to see a sell off of the dollar by as much as 5-10 per cent and further volatility is likely.
Uncertainty rocks the currency markets, and while the results of the election will have an immediate impact on the markets, the residual effects are likely to play out over the coming days and weeks. He said that the Trump win is very likely to lead to an initial fall in the strength of the dollar and Irish businesses that import from the U.S. could benefit from this, but those that export across the Atlantic may take a real the financial hit.
The US election result, he said, could have a bigger impact than when Britain voted to exit the Eurozone earlier this year and the reality of the Trump win could prove to deliver ongoing volatility for the foreseeable – which may well prove costly for those Irish businesses that don’t plan for it. Locking in exchange rates is key to protect businesses against rising currency costs, he said.
by Andrew Carey
