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The euro rebounds against the pound and the dollar

Published: 31 Oct at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, Money Transfers, Currency Exchange, Rupee Exchange Rate, Euro Crisis, Yen Exchange Rate, UK, Economy, Spain,

The euro made gains across the board yesterday after better than expected news in Greece, Spain and Italy bolstered sentiment in the euro zone. The markets remain quieter than normal as New York struggles in the aftermath of |Hurricane Sandy.

In Greece, Prime Minister Antonis Samaras announced that a deal has been reached with the so called 'Troika' (International Monetary Fund; European Central Bank and European Union) for a €13.5 billion austerity package in order for his country to qualify for the next tranche of funds from its bailout.

He did however warn that a chaotic situation could ensue if the measures are not approved by the coalition government. The Greek government will need to approve the austerity measures by 12 November when a crucial meeting of euro zone finance ministers is scheduled to meet.

In Spain, official statistics showed that the economy contracted further in the third quarter but the increase was less than had been feared by analysts.

Figures show that Spanish gross domestic product (GDP) declined by 0.3% quarter-on-quarter in the three months to September following a 0.4% contraction in the three months to June.

The euro received a third boost yesterday by a decline in Italy's borrowing costs following its latest successful debt sale.

The Japanese yen was the other major currency to make inroads yesterday, on the back of the latest monetary easing measures introduced by the Bank of Japan.

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The pound remains at the upper end of the last 200 day moving average against the Australian dollar after the boost it received last week from the much better than expected UK Gross Domestic Product (GDP) data for the three months to September 2012. This also reduced the chances that the Bank of England will embark on further monetary easing measures at their forthcoming meeting due in early November.

On the Australian side of things, whilst sentiment on China has steadied, most analysts still feel that the Reserve Bank of Australia are likely to cut Australian interest rates in the months ahead to bolster the domestic economy which has not been faring as well as the export led resource sector.