Archived Daily FX News from the Money Transfer News Team...
Pound to US Dollar Exchange Rate Near Month-And-A-Half Worst as US Growth Report Comes In
Published: 25 Mar at 3 PM
The British Pound to US Dollar (GBP/USD) exchange rate has been tumbling this week, as investors seeking safer assets buy the US Dollar against a weaker Pound. While the pair flounders near lows, markets await tomorrow’s key UK and US data.
Since GBP/USD opened this week at the level of 1.3869, the pair has been trending with a bearish...
Pound to US Dollar Exchange Rate Gains Limited as Markets Digest BoE and Fed Decisions
Published: 18 Mar at 3 PM
After trending lower for half of the week, the British Pound to US Dollar (GBP/USD) exchange rate has been attempting to climb since last night’s Federal Reserve decision. However, today’s Bank of England (BoE) decision did little to bolster Sterling higher.
Since opening this week at the level of 1.3921, GBP/USD has seen mixed...
Euro to US Dollar Exchange Rate Continues Recovery despite ECB’s Dovishness
Published: 11 Mar at 4 PM
Investors continued to buy the Euro to US Dollar (EUR/USD) exchange rate today, with the pair still recovering from the lows seen at the beginning of the week. The US Dollar has been tumbling since US inflation data was published yesterday, which is boosting Euro appeal despite a cautious tone from the European Central Bank (ECB).
Pound to US Dollar (GBP/USD) Sinks as Fed Announces 'Unlimited QE' Program
Published: 23 Mar at 5 PM
The Pound to US Dollar (GBP/USD) exchange rate fell by over -1% after the US Federal Reserve launched an ‘unlimited’ quantitative easing program to boost the US economy. The pairing is currently fluctuating around $1.146.
Chris Rupkey, the Chief Financial Economist at MUFG Union Bank, commented: “Fed policy is shifting into a higher...
Pound to Euro Rises, UK Hopes to 'Turn the Tide' of the Coronavirus in 12-Weeks
Published: 20 Mar at 5 PM
The Pound Euro (GBP/EUR) exchange rate recovered from its 11-month lows against after the Bank of England (BoE) cut its interest rates to an all-time low of 0.1%. The Bank also announced £200bn of money creation to help the UK’s economy throughout the coronavirus pandemic.
Tom Stevenson, an Analyst at Fidelity International, commented...
Pound US Dollar (GBP/USD) Plummets to Lowest Level Since 1985
Published: 18 Mar at 5 PM
The Pound US Dollar (GBP/USD) plummeted by over -2% and is currently trading around $1.17, its lowest level since 1985. Traders have flocked to the safe-haven refuge of the US Dollar (USD) today with the ongoing coronavirus crisis threatening to push the global economy into a recession.
Thomas Flury, a Currency Strategist at the Swiss...
US Dollar South African Rand (USD/ZAR) Sinks as Fed Rate Cut Odds Rise
Published: 10 Mar at 3 PM
The US Dollar South African Rand (USD/ZAR) exchange rate fell by -0.7% today, with the pairing currently trading around R15.920 as the ‘Greenback’ continues to suffer from falling US bond yields and fears of another US Federal Reserve rate cut.
Michael Gapen, the Head of US Economics Research at Barclays, commented that the...
Euro to US Dollar Exchange Rate Sold from Highs as Spanish Inflation Disappoints
Published: 27 Mar at 5 PM
In response to some underwhelming Eurozone ecostats and a recovering US Dollar, the Euro to US Dollar (EUR/USD) exchange rate shed most of its Monday gains on Tuesday. If German inflation projections due on Thursday disappoint too, the Euro to US Dollar exchange rate could continue to fall.
After edging higher from 1.2296 to 1.2358 last...
UK Inflation Drops to 2.7%, Leaving Pound to US Dollar Exchange Rate Close
Published: 20 Mar at 4 PM
Pound to US Dollar Exchange Rate Close after Greater-than-Expected Drop in UK Inflation
The Pound has posted a minimal loss against the US Dollar on 20th March, following the announcement that UK inflation has fallen from 3% to 2.7% in February.
This was a lower reading than the expected 2.8% outcome and has led some to predict that the...
Pound Euro (GBP/EUR) Exchange Rate Rises as Draghi Downplays Latest ECB Rate Meeting
Published: 9 Mar at 4 PM
- ECB Removes Easing Bias but Extends QE Measures until SEPTEMBER – Euro (EUR) Exchange Rates Suffer -
The Pound Euro (GBP/EUR) exchange rate climbed on Friday, capitalising on comments from European Central Bank (ECB) President Mario Draghi which downplayed the bank’s decision to remove its easing bias in the March statement.
Euro to US Dollar Exchange Rate Jumps as Risk-Sentiment Pressures US Dollar
Published: 6 Mar at 5 PM
Despite Eurozone political uncertainties and a lack of particularly impressive Eurozone ecostats in recent sessions, the Euro to US Dollar (EUR/USD) exchange rate easily surged on Tuesday thanks to political news made investors less eager to hold on to ‘safe haven’ currencies like the US Dollar.
If market demand for ‘safe haven’...
British Pound to Euro Exchange Rate Recovery Limited Ahead of Friday?s Key Brexit Speech
Published: 1 Mar at 3 PM
Thanks to some decent UK ecostats, the British Pound to Euro exchange rate edged higher from its worst levels on Thursday. However, as investors anticipated a major Brexit speech from UK Prime Minister Theresa May on Friday, the Pound has only had limited appeal against the Euro.
Since opening this week at the level of 1.1361, GBP/EUR has...
British Pound to Euro Exchange Rate Falls Back on Underwhelming UK Growth Stats
Published: 31 Mar at 11 AM
The Pound to Euro exchange rate slipped back from weekly highs on Friday, particularly after Britain’s final Q4 Gross Domestic Product (GDP) results failed to meet year-on-year expectations.
GBP EUR began this week trending at the level of 1.1545. After a brief fall to a two-week-low of 1.1451, the pair recovered in the second half of...
British Pound to US Dollar Exchange Rate Volatile on Historic Brexit Start Day
Published: 29 Mar at 2 PM
The Pound to US Dollar exchange rate has seen a wide variety of movement thus far this week, surging on Monday before slumping on Tuesday evening and hitting a one-week-low on Wednesday morning while investors awaited the beginning of the Brexit process.
GBP/USD began this week trending at the level of 1.2475. After jumping to a...
Euro to US Dollar Exchange Rate Hits Multi-Month Highs Amid Trump Disappointment
Published: 27 Mar at 1 PM
The Euro to US Dollar exchange rate outlook has improved notably in the last few weeks, as Eurozone political concerns abate slightly while the US outlook under the President Trump administration becomes increasingly uncertain.
EUR/USD put in a solid gain of around half a cent last week, rising from 1.0745 to 1.0805. Monday morning saw the...
US Dollar to Japanese Yen Exchange Rate Tumbles to Multi-Month Lows as Trump Rally Unravels
Published: 23 Mar at 1 PM
The US Dollar to Japanese Yen exchange rate has plunged this week, remaining weak on Thursday as investors begin to increasingly doubt that US President Donald Trump will be able to push through key fiscal policy overhauls.
USD/JPY began the week trending at the level of 112.71 but during Wednesday’s American session hit a low of 110.81....
GBP CAD Exchange Rate Tumbles as Brexit Jitters Return
Published: 22 Mar at 4 PM
The GBP CAD exchange rate declined today as the rapid approach of Brexit caused markets to begin shying away from the Pound.
<h2>Pound Canadian Dollar (GBP CAD) Slides as Brexit Looms</h2>
The Pound Canadian Dollar (GBP CAD) exchange rate cut some of its recent gains this afternoon as concerns over the UK’s exit from the...
US Dollar to Japanese Yen Exchange Rate Plummets after Dovish Fed Rate Hike
Published: 16 Mar at 11 AM
The US Dollar to Japanese Yen exchange rate plunged on Wednesday evening as investors showed disappointment in the Federal Reserve’s relatively dovish US interest rate hike and the Bank of Japan (BoJ) left policy frozen.
USD/JPY began the week trending at the level of 114.75 and trended flatly until Wednesday evening, when it dropped...
GBP NOK Exchange Rate Strengthens as Oil Prices Continue to Plummet
Published: 15 Mar at 5 PM
Pound Norwegian Krone (GBP NOK) Rises as Crude Prices Tumble
The Pound Norwegian Krone (GBP NOK) exchange rate struck higher today as crude prices continued to fall during early trading.
With petroleum products accounting for over 60% of Norway’s exports its economy is extremely sensitive to movements in the oil market.
GBP JPY Exchange Rate Rallies despite Push for Second Scottish Referendum
Published: 13 Mar at 5 PM
The GBP JPY exchange rate advanced on Monday despite the announcement from Scottish First Minister Nicola Sturgeon that she would seek a second independence referendum before the end of Brexit negotiations.
<h2>Pound Japanese Yen (GBP JPY) Rallies as Markets Shrug of Fears of UK Split</h2>
The Pound Japanese Yen (GBP JPY)...
GBP ZAR Exchange Rate Rallies from Three-Year Low as Commodities Slide
Published: 9 Mar at 1 PM
The GBP ZAR exchange rate reached a new weekly high this morning after depreciating commodity prices prompted the pairing to rally.
<h2>Pound South African Rand (GBP ZAR) Rallies as Commodities Weaken</h2>
The Pound South African Rand (GBP ZAR) exchange rate rebounded from a three-year low yesterday as commodity prices for a...
US Dollar Tight against Japanese Yen ahead of US Employment Stats
Published: 8 Mar at 10 AM
US Dollar sees Limited Demand as Fed Rate Hike Odds Hang in the Balance
The US Dollar has trended tightly against the Japanese Yen at a rate of 113.93 today, ahead of a major US data release.
This will consist of the Adp employment change for February, which has been forecast to show a shift from 246k employed persons in January to 190k...
US Dollar Jumps against New Zealand Dollar
Published: 1 Mar at 5 PM
‘Trump Bump’ In Action as US Dollar Soars against New Zealand Dollar on Market Optimism
The US Dollar has been in high demand today, rising notably against the New Zealand Dollar after strong support came from President Trump and the US Federal Reserve.
In the former case, Trump’s recent address to congress has had a major...
Pound Sterling Takes the Lead against Euro Today after Domestic Data Windfall
Published: 9 Mar at 1 PM
The Pound has managed to grab an early lead against the Euro today, with the advance being attributed to highly supportive industrial and manufacturing production results for January. In all areas but yearly production, outcomes rose out of negative areas, and even for the loss-based printing, this was a better result that had been expected...
Pound Sterling to US Dollar Exchange Rate Climbs Today after Soft Opening
Published: 3 Mar at 4 PM
Trilogy of Weak CPI Stats Weakened GBP’s Chances Overall Today
While it has recorded a favourably sized gain against the US Dollar today, the Pound has elsewhere been in a state of decline overall. This has come from a recent spate of disheartening PMI printings for UK sectors in February.
The first was Tuesday’s manufacturing...
US Dollar Dives against South African Rand Today on Day of Turbulence
Published: 1 Mar at 3 PM
US ‘Super Tuesday’ Limits Investor Action Today as Speculators Wait for Voting Results
The US Dollar hasn’t been a particularly safe bet so far today, due to the coming of ‘Super Tuesday’, a key event in the 2016 presidential election. The day is ‘Super;’ because it will include votes from a bulk of the US states, despite...
US Dollar to Indian Rupee Trends in Narrow Range before Confidence Data
Published: 31 Mar at 12 PM
End of month US Dollar selling among local businesses saw the USD/INR exchange rate gain on Monday. The ‘Greenback’ was also able to advance on its Indian counterpart thanks to better-than-expected US Personal Consumption Expenditure and Pending Home Sales figures. Economists had forecast that core PCE would advance by 1.4% on the year in...
South African Rand (ZAR) Broadly Softer ? Trade Data Ahead
Published: 30 Mar at 3 PM
With a host of influential ecostats still to be published this week, the Rand began trading by softening against peers like the US Dollar, Pound and Euro. The uncertainty of the Greek bailout negotiations, persistent energy supply concerns in South Africa and below-forecast domestic data all contributed to the Rand’s underlying weakness....
Japanese Yen (JPY) Softer Against Pound, Holds Gains Against US Dollar
Published: 27 Mar at 4 PM
The Pound to Japanese Yen currency pair advanced on Friday as two high-profile officials from the Bank of England supported UK interest rate hike expectations. The GBP/JPY exchange rate climbed by 0.3% to hit a high of 177.9300 during the European session after BoE Governor Mark Carney intimated that interest rates will be increased rather...
Canadian Dollar to US Dollar (CAD/USD) Exchange Rate Higher on Oil Price Rise
Published: 26 Mar at 4 PM
Although Thursday’s US reports impressed, the Canadian Dollar to US Dollar (CAD/USD) exchange rate held a 0.4% daily gain. The ‘Loonie’ surged against a number of its peers as the price of crude oil, Canada’s main commodity, climbed by 0.6% in response to geopolitical conflict. With Saudi Arabia launching airstrikes on Yemen, the...
RBI Intervention Sees USD/INR Exchange Rate Gain
Published: 25 Mar at 12 PM
After dropping to a two-month low against the US Dollar earlier this month (weakening to 63.0025) the Rupee has staged an impressive rebound. The Rupee gained on the ‘Greenback’ after the Federal Open Market Committee issued a surprisingly dovish policy statement following its latest meeting and bets that the Fed might delay adjusting...
Australian Dollar (AUD) Moves from 4-Week High after Chinese Data
Published: 24 Mar at 11 AM
Ahead of the publication of the latest batch of inflation figures for the US, the Australian Dollar was trading in the region of a four-week high against the US Dollar. The South Pacific currency was supported against its US peer as a run of below-forecast ecostats for the world’s largest economy and comments from some industry experts...
Pound to Euro exchange rate falls from best conversion levels
Published: 24 Mar at 11 AM
The Pound fell sharply against the Euro after it was weakened by increased concerns over the outcome of the upcoming May 7 general election and as domestic economic data came in worse than forecast. The Euro meanwhile advanced on hopes that a deal will be reached between Greece and its creditors.
Also supporting the single currency was a...
Turkish Lira (TRY) Exchange Rate Stronger after FOMC Announcement
Published: 20 Mar at 9 AM
A slight change of tone from the Federal Open Market Committee helped the Turkish Lira advance this week. Although the prospect of higher US interest rates is a negative for emerging-market economies like Turkey, the FOMC statement triggered an uptick in the Istanbul stock exchange and the Lira was pushed higher with it.
As projected by...
Pound Sterling (GBP) Exchange Rate Softer after BoE Comments
Published: 19 Mar at 5 PM
Wednesday saw the Pound decline against most of its major currency counterparts as the UK published disappointing average earnings figures. The UK’s unemployment rate also failed to decline as expected, putting further pressure on the Pound. However, the data did show that employment had advanced to a record level of 73%. According to...
Canadian Dollar (CAD) Gains Despite Sliding Oil Prices, FOMC Announcement Ahead
Published: 18 Mar at 2 PM
Despite the fact that the price of crude oil, Canada’s main commodity, fell to its lowest levels of 2015 this week, the Canadian Dollar was able to gain on several of its peers ahead of the Federal Open Market Committee policy meeting. Divided opinions as to whether the central bank will adopt a hawkish or dovish tone in this month’s...
Australian Dollar (AUD) Exchange Rate Tumbles after RBA Minutes
Published: 17 Mar at 10 AM
During the local session the Australian Dollar fell to a low of 0.5132 against the Pound and 0.7610 against the US Dollar as minutes from the latest Reserve Bank of Australia policy meeting were published. At the last gathering, policymakers opted to leave interest rates on hold after issuing a 0.25% cut at the previous meeting. As a second...
South African Rand (ZAR) Halts Downtrend before FOMC Announcement
Published: 16 Mar at 11 AM
Last week a number of factors contributed to the South African Rand hitting a 13-year low against the US Dollar. Local energy supply concerns, the introduction of quantitative easing in the Eurozone (one of South Africa’s main trading partners) and a bullish US Dollar all dragged the Rand down. However, at the beginning of a data-heavy...
New Zealand Dollar (NZD) Surges as RBNZ Signals Interest Rate Stability
Published: 12 Mar at 10 AM
Earlier this week the New Zealand Dollar crashed and burned as a threat made against New Zealand’s primary export reduced demand for the commodity-driven currency. It was revealed that environmental activists had threatened to contaminate the nation’s supply of baby formula if the government didn’t ban the use of certain pesticides....
Australian Dollar (AUD) Fluctuates after Chinese Data, RBA Comments, AUD/USD Softer
Published: 11 Mar at 10 AM
During the Australasian session the ‘Aussie’ put on a mixed performance against the US Dollar as a number of factors affected demand for the South Pacific currency. Initially, the Australian Dollar fell below the 0.76 level in response to less-than-impressive economic reports from China and Australia. China’s industrial production...
Canadian Dollar (CAD) Benefits from BOC Interest Rate Decision but Pares Gains on Thursday
Published: 5 Mar at 2 PM
The Canadian Dollar advanced over the course of the week due to a number of factors. The commodity-driven currency initially benefited from an uptick in crude oil prices and better-than-expected domestic growth data. The North American nation was shown to have expanded by an annualised 2.4% in the fourth quarter of last year, smashing...
Pound (GBP) Exchange Rate Trading Mixed after UK Services Data
Published: 4 Mar at 12 PM
The Pound remains trading at comparatively elevated levels against several of its peers, but has come away from recent highs as a result of mixed UK reports. While the nation’s manufacturing and construction purchasing managers’ indexes (published on Monday and Tuesday respectively) showed stronger-than-anticipated growth, the services...
US Dollar to Indian Rupee Exchange Rate News ? India?s Services, Current Account Data Ahead
Published: 3 Mar at 1 PM
During the local session the Rupee edged slightly lower against the US Dollar. The ‘Greenback’ managed to display remarkable resilience on Monday as the US ISM Manufacturing index fell by more than expected. While the less-than-impressive US ecostat would normally have weighed on demand for the US Dollar, the belief that the measure for...
Australian Dollar (AUD) Exchange Rate Weaker before RBA Decision. More Declines Ahead?
Published: 2 Mar at 1 PM
The Australian Dollar broadly gained following the People’s Bank of China’s decision to cut interest rates. This sign of additional easing in Australia’s largest trading partner gave the ‘Aussie’ a boost, as did an increase in China’s non-manufacturing PMI. The gauge of the services sector improved from 53.7 to 53.9 in February....
The pound reached a 3 week high against the euro
Published: 28 Mar at 10 AM
The pound reached a 3 week high against the euro yesterday after the Office for National Statistics (ONS) reported that UK retail sales rose by more than expected in February with sales volumes rising by 3.7% in February 2014 compared to February 2013, a much higher figure than had been forecast by analysts.
The ONS data also showed that...
Pound trading at a 4 month low against the Australian dollar
Published: 27 Mar at 8 AM
The pound picked up for a second day in a row against the euro but continues to fall against the high yielding currencies and reached a new 4 month low against the Australian dollar.
In a quiet news day, the UK Treasury announced that it had sold a 7.8% stake in its holding of Lloyds bank plc for £4.2 billion and also announced that it...
The pound enjoys a better day in the markets
Published: 26 Mar at 8 AM
The pound steadied against the euro yesterday after some decent data out of the UK and on the back of a hint from a senior European Central bank (ECB) policymaker that it might embark on a bout of Quantitative Easing (QE) to boost activity in the euro zone.
The Office for National Statistics (ONS) reported yesterday that the UK Consumer...
The pound continues to slowly sink
Published: 25 Mar at 9 AM
The pound continues to fall away from the multi-month and year high’s registered in January.
Yesterday, the pound fell against the majority of the 16 most actively traded currencies despite some better than expected data out of the UK. The Office for National Statistics (ONS) reported that the UK public sector’s net borrowing...
Pound Money Transfer News: GBP Sterling Recovery Falters
Published: 21 Mar at 10 AM
The pound’s strong recovery against all 16 of the most actively trade currencies faltered yesterday. After the better than expected UK employment data and the well received budget, there was some decidedly mixed data out yesterday.
The Council of Mortgage Lenders (CML) reported that total gross mortgage lending fell by 6% in February...
A budget for 'makers, doers and savers'
Published: 20 Mar at 4 PM
A busy day on the markets saw a largely well received budget delivered hot on the heels of a better than expected UK employment report and then a surprise from the Federal Reserve in the US.
Chancellor George Osborne presented his latest budget, now just over a year ahead of the June 2015 general election.
Osborne claimed that...
The pound slips to new 2014 low?s
Published: 19 Mar at 9 AM
The pound fell against all 16 of the most actively traded currencies yesterday to reach new 2014 low’s against both the euro and the New Zealand dollar ahead of today’s budget announcement from Chancellor George Osborne.
The Bank of England (BoE) dominated the news wires yesterday with Governor Mark Carney announcing the appointment...
A relief rally to start the week
Published: 18 Mar at 8 AM
The markets reacted in a positive mood at the start of the trading week, mainly on relief over the lack of violence in the Crimea with the European and US stock markets registering strong gains and risk appetite driving forward the high yielding currencies like the Australian and New Zealand dollars.
In yesterday’s referendum,...
Risk aversion returns
Published: 13 Mar at 10 AM
A mixture of a heightening of political tension in the Ukraine and some poor trade data out of China reversed the markets back into risk aversion yesterday.
Ukrainian Prime Minister Arseniy Yatsenyuk met with US President Barack Obama yesterday ahead of the looming Crimea referendum due to be held on 16 March. The referendum will allow...
The pound has a steadier day
Published: 12 Mar at 3 PM
The pound enjoyed a steadier day against both the euro and the US dollar yesterday. The Office for National Statistics (ONS) reported that UK industrial production rose by 0.1% (month-on-month) or by 2.9% (year-on-year) during January in line with market expectations.
Meanwhile, a survey by recruitment group Manpower reported that for...
GBP/EUR Money Transfers: The pound hits a 2 month low against the euro
Published: 11 Mar at 9 AM
The pound continues to decline from the high’s seen in January and hit a 2 month low against the euro yesterday afternoon.
This despite an upbeat assessment of the UK economy by the British Chambers of Commerce (BCC) who now predict that the size of the overall UK economy will overtake the peak level it was at before the 2008 financial...
Money Transfer News: UK Sterling, Euro, Australian Dollar Exchange Rates
Published: 7 Mar at 11 AM
As expected, the Bank of England’s (BoE) Monetary Policy Committee (MPC) decided to keep UK monetary policy unchanged for at least another month with UK interest rates staying put at 0.5%, a level they have now been at for 5 years and the size of the asset purchase program also remains unchanged at £375 billion.
Meanwhile, the Halifax...
Money Transfer UK News: Pound Sterling Exchange Rates Rise Again
Published: 6 Mar at 10 AM
Ahead of the latest policy decision from the Bank of England, the pound enjoyed another decent day in the market, rising against all 16 of the most actively trade currencies in the market.
Yesterday, Markit reported that the latest UK services sector purchasing managers index slipped slightly in February but showed capacity under pressure...
The market?s rebound from yesterday?s sell-off
Published: 5 Mar at 11 AM
The latest data from Markit on the state of the UK construction industry came in slightly below forecasts yesterday at 62.6 for February, down from the 77 month high registered in January although activity rose for the tenth month in a row and job creation is at a three-month high.
For once, this was no great surprise given the adverse...
The pound enjoys a good start to the month
Published: 4 Mar at 9 AM
The pound enjoyed a good start to the trading month with solid gains registered against the majority of the 16 most actively traded currencies in a turbulent day in the financial markets as the crisis in the Ukraine intensifies.
Property website Hometrack reported that UK house prices increased by 0.3% month-on-month in January with the...
Euro Pound Transfer Rates at 2 Month Low as Cyprus Weighs in on EUR Currency
Published: 28 Mar at 11 AM
The euro opens this morning at a 2 month low against the pound and a four month low against the US dollar as ongoing jitters about Italy and Cyprus continue to dominate market attention.
Yesterday, a weaker than expected Italian bond auction on the back of concern about a lack of progress in the formation of a new Italian government kept...
Euro Transfer News: EUR Currency Continues to Struggle
Published: 27 Mar at 11 AM
The euro continues to struggle as the fall-out from the Cypriot bail-out continues to dominate market sentiment.
The Banks in Cyprus are due to re-open today but it is more than likely that the Cypriot government will impose a weekly limit on cash withdrawals in an attempt to prevent a bank run. The Cypriot government is also rumoured to...
The euro endures another volatile day in the markets
Published: 26 Mar at 12 PM
The Euro endured a day of ‘two-halves’ yesterday. In the morning, it enjoyed a rally after the overnight announcement that a deal had been struck between the eurogroup and the Cypriot government that would enable the proposed €10 billion bail-out of the tiny island state to go ahead and avoid a damaging default. The rally was not long...
Euro Exchange Rate Continues on the Back Foot
Published: 22 Mar at 10 AM
The euro continues its decline as Cyprus continues to dominate the market’s attention.
The European Central Bank has given the Cypriot government a deadline of Monday to reach an agreement with its international creditors or warned that it will cut off the emergency liquidity funding for Cypriot banks after its proposal for a one-off...
A budget for an 'aspiration' nation
Published: 21 Mar at 11 AM
UK Chancellor George Osborne presented his fourth budget yesterday. He plans to stick to the path of deficit reduction saying he has cut the deficit by a third and UK interest rates remain at record lows. Headlines include a cut in the rate of corporate tax of another 1% to 20% in 2015, making the UK tax regime the lowest corporation rate of...
Money Transfer News: Cyprus continues to dominate market attention
Published: 20 Mar at 10 AM
For the second consecutive day, the tiny island of Cyprus continues to dominate the market’s attention sending the euro to a four month low against the dollar.
The euro fell heavily last night after the Cypriot parliament rejected a one off levy on savings to meet the terms of a bail-out from the European Union. The Cypriot government...
Exchange rates update: Euro to Pound 1 month low, Dollar to Pound 3 month low
Published: 19 Mar at 12 PM
The euro fell to a one month low against the pound and a three month low against the dollar as markets reacted negatively to the news over the weekend that the European Union, in exchange for an agreeing a bail-out of the Cypriot economy was insisting that the Cypriot government impose a one-time tax levy on all bank accounts in the...
Money Transfers from UK: GBP has a Better Day
Published: 15 Mar at 3 PM
The absence of any fresh economic data until next week and some unusually positive comments from the Governor of the Bank of England, Sir Mervyn King saw the pound pick up against both the euro and the US dollar.
Sir Mervyn said that an economic recovery in the UK is 'in sight' and that there has been 'good progress' made towards a new,...
Exchange Rates: Pound Sterling Helped by Lack of Fresh Economic Data
Published: 14 Mar at 6 PM
The pound was helped yesterday by the lack of any fresh economic data out of the UK, a poorly received Italian bond auction and much better than expected data out of the US.
The Italian Treasury had to pay the highest yields so far this year to investors to secure the bond placement as investors reacted to last Friday’s decision by...
Money Exchange Rates: The UK faces stagflation
Published: 13 Mar at 12 PM
The tide of poor economic data seems to have no end in sight in the UK.
Yesterday, the Office for National Statistics (ONS) reported that industrial production in the UK fell at a seasonally adjusted rate of 1.2% on the month (-2.9% on the year) in January.
UK manufacturing output was even weaker, contracting at a 1.5% month-on-month...
Currency Exchange Forecast: Pound Dollar Lowest Level Since June 2010
Published: 12 Mar at 10 AM
The pound reached its lowest level against the US dollar since June 2010 at the start of the trading week as the effect of the loss of the UK’s AAA credit rating and the likelihood of further action by the Bank of England continues to weigh on the pound sterling.
This morning, further poor economic data has been published with the Royal...
Money Transfer News: Australian Dollar Boost, Euro Remains on Front Foot vs Pound Sterling
Published: 6 Mar at 12 PM
Risk appetite came back into the markets with a vengeance after the sell-off on Monday.
In New York, the Dow Jones Industrial Average rose to 14,254, its highest level in its 116-year history. London followed, closing yesterday at 6,432, extending Tuesday's gains into near record territory.
Worldwide stock markets have been propelled...
Quiet start to trading week ahead of key central bank rate meetings
Published: 5 Mar at 10 AM
The trading week started with worse than expected data out of China which caused a wave of selling leading to big falls in the world wide stock markets and a sell-off in risky assets. This allowed the pound to retrace some of the recent losses against the high yielding currencies like the Australian dollar.
China’s official service...
Dollar Exchange Rates: USD Continues to Strengthen
Published: 1 Mar at 10 AM
The US dollar continues to strengthen against both the euro and the pound on the back of better than expected US manufacturing data and the continuing fall-out from last weekend’s Italian elections which are increasing ‘safe-haven’ flows into the dollar.
The Chicago PMI index increased from 55.6 in January to 56.8 in February,...