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BoE to introduce quantitative easing
The Bank of England announced yesterday that it is to take unprecedented steps to ease the recession; £75 billion will be injected into the British economy over the next three months. Continue reading
Posted in Currency News, Euros, Other Currencies, UK Pound Sterling, US Dollars
Tagged Australian Dollar, bank of england, best rates currency, BOE, Buy Currency, Canadian Dollar, currency exchange, currency solutions, Euros, Interest rates, personal currency service, quantitative easing, recession, uk economy, UK Pound Sterling, US Dollars, World economy
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Eyes on MPC
Markets are anticipating the release of interest rate decisions from the Bank of England and ECB this afternoon. Both are expected to make a 0.5% reduction to the current base rate with quantitative easing looking likely for the UK economy in future. It is unclear as yet how this will affect the value of Sterling. Some economists predict added uncertainty will damage the Pound, while others maintain an end to rate reductions could provide support for Sterling. Continue reading
Posted in Company News, Currency News, Euros, Financial News, Other Currencies, Special Currency Offers, UK Pound Sterling, US Dollars
Tagged Asian currencies, Australian Dollar, bank of england, best rates currency, BOE, Buy Currency, Canadian Dollar, commission free currency, Consumer Spending, currency exchange, Currency Forward, Currency Future, currency solutions, currency trading, European Central Bank, Euros, Interest rates, Japan, personal currency service, 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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U.K Unemployment 6.3%
Sterling has taken a dive against its major currency partners as the UK unemployment rate has risen to 6.3%. Global equities are in negative mode after market reaction to the Federal Reserve rescue package was luke-warm, fuelling gains in the safe haven currencies overnight. Continue reading
Retail sales up
Retail sales figures in the UK are up 1.1% in January despite the grim economic climate. Labour’s School Secretary Ed Balls has claimed the recession is the worst in 100 years and balance of trade figures out this morning reflect reduced domestic consumption and export demand. Global equities remain neutral pending the announcement of the Federal Reserve rescue package.
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Posted in Company News, Currency News, Euros, Other Currencies, UK Pound Sterling, US Dollars
Tagged Asian currencies, bank of england, BOE, Consumer Spending, currency exchange, currency solutions, currency trading, European Central Bank, Euros, Eurozone, Interest rates, Retail figures, U.S GDP, UK Pound Sterling, US Dollars, World economy
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Rate decisions due
Trading is volatile this morning ahead of the Bank of England and ECB interest rate decisions due this afternoon. US unemployment figures have risen by over 500,000 in January alone and shares in Europe’s major banks have declined as Swiss Re and Deutsche Bank have reported massive profit losses for 2008. Continue reading
Posted in Currency News, Euros, Other Currencies, UK Pound Sterling, US Dollars
Tagged bank of england, banks, BOE, currency exchange, currency trading, ECB, European Central Bank, Eurozone, Interest rates, the pound, uk banks, uk economy, UK Pound Sterling, US Dollars, World economy
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UK GDP contracts -1.5%
UK GDP has contracted -1.5% in the fourth quarter, taking annual growth rates to -1.8% confirming an entrenched recession. Growing speculation that the government will have to move to more unconventional policy measures is turning investors away from the Pound, while economic uncertainty internationally is supporting the US Dollar.
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Pound Slumps along with Market Confidence
The Pound declined to a 6 year low against the Dollar yesterday as market confidence was shattered by the announcement of the largest profit loss in history from RBS. The EU has revised growth predictions downwards to -1.9% for 2009 and equity markets are awaiting a fiscal stimulus package announcement from the US. Continue reading
UK Government to Insure Banks
The Government has announced a second series of measures this morning aimed at insuring banks and alleviating toxic assets. Financial think-tank Ernst & Young has predicted UK unemployment is to hit 3.4 million by the end of 2010 and equity markets around the world have staged a minor rally boosted by the announcement of rescue packages in the US and UK.
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ECB cuts to 2%
The ECB reduced its base interest rate to 2% yesterday in a move that was widely expected by markets. A volatile day of trading saw Bank of America shares lose over 20% and the London FTSE 100 also closed with significant losses. Consumer inflation and industrial production figures from the US are likely to be the major market movers today.
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Posted in Currency News, Euros, Other Currencies, UK Pound Sterling, US Dollars
Tagged bank of england, BOE, Consumer Spending, currency exchange, currency trading, ECB, European Central Bank, Euros, Eurozone, HSBC, Interest rates, uk economy, UK Pound Sterling, US Dollars, World economy
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