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Monthly Archives: February 2009
Sterling under pressure
Sterling is under pressure this morning over losses in the banking sector. Lloyds is yet to strike a deal with the Treasury over inclusion in the Asset Protection Plan and HBOS has announced over £10 billion worth of write downs for 2008. GDP figures out in the US later today will be a source of interest for markets as growth prospects in the world’s largest economy remain a key driver of economic sentiment and currency exchange rates. Continue reading
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Tagged Asian currencies, bank of england, best rates currency, Buy Currency, commission free currency, Consumer Spending, currency exchange, Currency Forward, Currency Future, currency solutions, currency trading, European Central Bank, Euros, Eurozone, HSBC, Interest rates, Japan, Oil Price, personal currency service, U.S GDP, uk banks, uk economy, UK Pound Sterling, US Dollars, Yen
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Record loss for RBS
The Pound is sitting lower this morning against the Euro and US Dollar after RBS has posted the largest loss in corporate history. The bank which is now 68% taxpayer owned lost £24 billion in 2008. In combination with GDP figures which showed the UK economy contracted -1.5% in the fourth quarter, this news damaged the exchange rate value of Sterling, sending it back to the bottom end of ranges against its international currency partners. Continue reading
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Tagged Asian currencies, bank of england, banks, best rates currency, BOE, Buy Currency, commission free currency, Consumer Spending, currency exchange, Currency Forward, Currency Future, currency solutions, currency trading, European Central Bank, Euros, Interest rates, Japan, Oil Price, personal currency service, the pound, U.S GDP, uk banks, uk economy, UK Pound Sterling, US Dollars, World economy, Yen
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UK GDP contracts -1.5%
Figures released this morning show UK GDP contracted 1.5% in the final quarter of 2008. This takes annual growth to -1.9%; a figure largely in line with market expectations. Wall Street gained over 3% yesterday, the largest gain in a month, after comments from Head of the Federal Reserve Ben Bernanke quelled investor fears over the state of the US banking sector. Continue reading
Posted in Company News, Currency News, Euros, Other Currencies, UK Pound Sterling, US Dollars
Tagged Asian currencies, bank of england, best rates currency, Buy Currency, commission free currency, Consumer Spending, currency exchange, Currency Forward, Currency Future, currency solutions, currency trading, ECB, European Central Bank, Euros, Eurozone, Interest rates, Oil Price, personal currency service, RBS, the pound, uk banks, uk economy, UK Pound Sterling, US Dollars, World economy
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US Dollar Declines
The US Dollar has weakened overnight following reports the US government may nationalise major US banks as a result of the financial crisis. Sterling has staged a minor rally following the publication of retail sales figures for January and EU leaders met over the weekend to discuss economic strategy ahead of the G20 summit in London in April. Continue reading
Posted in Currency News, Euros, Financial News, Special Currency Offers, UK Pound Sterling, US Dollars
Tagged Asian currencies, bank of england, banks, best rates currency, Buy Currency, commission free currency, currency exchange, Currency Forward, Currency Future, currency solutions, currency trading, European Central Bank, Euros, Interest rates, uk banks, uk economy, UK Pound Sterling, US Dollars, World economy
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Euro Under Pressure
The Pound fell to a two week low against the Dollar yesterday as minutes from the MPC meeting revealed quantitative easing is increasingly likely for the UK. The Euro is under pressure due to concerns over the economic situation in Eastern Europe and the US has passed a $275 billion package to address the crisis in the housing market.
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Tagged Asian currencies, bank of england, Buy Currency, commission free currency, Consumer Spending, currency exchange, Currency Forward, Currency Future, currency solutions, currency trading, ECB, Interest rates, personal currency service, uk banks, uk economy, UK Pound Sterling, US Dollars
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MPC Votes 8-1
The Sterling-Dollar exchange rate has declined this morning after the release of MPC minutes which showed an 8-1 vote for a 0.5% reduction in the base rate. David Blanchflower was again the dissenting voice within the Bank as he argued the 1% reduction should be taken ‘without delay’. Global equities remain bearish as unease surrounds global recovery prospects and this is putting pressure on European and Asian exchange rates.
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Posted in Company News, Currency News, Euros, Financial News, Other Currencies, Special Currency Offers, UK Pound Sterling, US Dollars
Tagged Asian currencies, bank of england, banks, commission free currency, Consumer Spending, currency exchange, currency solutions, currency trading, ECB, Euros, Interest rates, Oil Price, personal currency service, the pound, uk economy, UK Pound Sterling, US Dollars
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Risk aversion dominates
Risk aversion has returned to global markets following reports that the Japanese economy contracted by 3.3% in the 3 months to December. This was the largest contraction in 35 years and triggered a round of risk aversion which strengthened the Yen and US Dollar at the expense of most other currencies. Continue reading
Posted in Company News, Currency News, Euros, Other Currencies, Special Currency Offers, UK Pound Sterling
Tagged Asian currencies, bank of england, best rates currency, commission free currency, Consumer Spending, currency exchange, currency solutions, currency trading, European Central Bank, Euros, Interest rates, Oil Price, personal currency service, uk economy, UK Pound Sterling, US Dollars, World economy
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G7 fails to inspire
Currency exchange rates and equity markets are lower this morning after G7 finance ministers failed to provide concrete plans for economic recovery after their meeting in Italy over the weekend. Issuing a statement that was heavy on rhetoric but light on policy, the leaders have inadvertently added to pressure on the Federal Reserve to produce a rescue package. Confidence and growth prospects remain crucial to global economic sentiment. Continue reading
Posted in Currency News, Euros, Financial News, Other Currencies, Special Currency Offers, UK Pound Sterling, US Dollars
Tagged Asian currencies, bank of england, commission free currency, Consumer Spending, currency exchange, currency solutions, currency trading, European Central Bank, Euros, Interest rates, personal currency service, uk banks, UK Pound Sterling, US Dollars, World economy
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Eurozone GDP down -1.5%
The Eurozone economy contracted -1.5% in the fourth quarter of 2008, dragging annual growth down to -1.2%. US retail sales figures yesterday showed an unexpected increase by 1% in January, providing a slight boost in risk appetite and allowing the Pound to recover some of the losses made earlier in the week. Continue reading
Posted in Company News, Currency News, Euros, Financial News, Other Currencies, Special Currency Offers, UK Pound Sterling, US Dollars
Tagged Asian currencies, bank of england, best rates currency, commission free currency, currency exchange, currency solutions, currency trading, European Central Bank, Euros, Eurozone, Interest rates, personal currency service, Retail figures, U.S GDP, uk banks, UK Pound Sterling, US Dollars, World economy
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Pound Slumps Overnight
The Pound has slumped overnight, under pressure from negative data in the UK and the return of risk aversion internationally. European and US equities remain lacklustre as the Federal Reserve rescue package has undergone ‘nips and tucks’ in the interest of a compromise in the Senate. Continue reading
Posted in Company News, Currency News, Euros, Financial News, Other Currencies, Special Currency Offers, UK Pound Sterling, US Dollars
Tagged Asian currencies, bank of england, best rates currency, commission free currency, currency exchange, currency solutions, currency trading, Euros, Interest rates, Oil Price, personal currency service, U.S GDP, uk economy, UK Pound Sterling, US Dollars, World economy
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