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U.K GDP Contracts 0.7 in Second Quarter
Revised second quarter GDP figures show the UK economy contracted -0.7% in the second quarter, slightly less than the -0.8% previously recorded. Economic and industrial confidence for the eurozone has come in positive this morning, while US personal consumption figures are likely to cause some currency volatility later in the day.
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Posted in Currency News, Euros, UK Pound Sterling
Tagged Asian currencies, Australian Dollar, bank of england, best rates currency, Buy Currency, commission free currency, Consumer Spending, currency exchange, Currency Forward, Currency Future, currency ideas, currency solutions, currency trading, UK Pound Sterling, US Dollars, Yen
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Sterling Slides
The pound remains weak this morning as markets digest news of a record budget deficit in the UK. The euro continues to rally following positive PMIs for the manufacturing and service sectors and the Canadian dollar was boosted yesterday by a recommendation to buy from Goldman Sachs. Continue reading
Posted in Currency News, Euros, Financial News, UK Pound Sterling, US Dollars
Tagged Asian currencies, bank of england, commission free currency, Consumer Spending, currencies, currency exchange, currency ideas, currency solutions, currency trading, European Central Bank, personal currency service, uk economy, UK Pound Sterling, US Dollars
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Dollar hits new lows
The US dollar has weakened against its international currency partners after minutes from the FOMC meeting showed the committee considered expanding the QE program in the US. Although equity markets are neutral this morning, international currency exchange rates have continued to rise, prompting speculation that we could be beginning to see an end to trading that exclusively shadows risk. Continue reading
Posted in Currency News, Euros, Financial News, UK Pound Sterling, US Dollars
Tagged Asian currencies, bank of england, best rates currency, commission free currency, Consumer Spending, currency exchange, Currency Forward, Currency Future, currency ideas, currency solutions, currency trading, Euros, UK Pound Sterling, US Dollars
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UK economy contracts 1.9%
The UK economy contracted -1.9% in the first quarter of 2009, more than economists expected with record declines in the manufacturing and service sectors. This news has sent the pound plunging against the dollar and euro as investors also remain…
Posted in Currency News, Euros, Financial News, Other Currencies, UK Pound Sterling, US Dollars
Tagged currency, currency exchange, currency ideas, currency solutions, currency trading, euro zone, Euros, swap currency, trade currency, UK Markets, UK Pound Sterling, uk pounds, US Dollars
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Euro climbs against US dollar
The euro has risen against the US dollar this morning with economic news from the eurozone showing the pace of recession easing in the last month. Yesterday market focus was on the pound with the UK budget and 6.7% unemployment…
UK budget released today
Foreign exchange markets will focus on sterling today with the annual budget released in the UK. Equity markets rallied overnight on the back of comments from US Treasury Secretary Geithner. This fuelled a bounce in currency exchange rates that failed…
Posted in Currency News, Euros, Financial News, Other Currencies, UK Pound Sterling, US Dollars
Tagged currency, currency exchange, currency ideas, currency solutions, currency trading, euro zone, Euros, swap currency, trade currency, UK Markets, UK Pound Sterling, uk pounds, US Dollars
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UBS to cut 8,700 jobs
Switzerland’s biggest bank, UBS, has said it will seek to cut costs by shedding 8,700 jobs by 2010. The news came as the bank announced it had lost about 2bn Swiss francs in the first three months of 2009. UBS…
Posted in Currency News, Euros, Financial News, Other Currencies, UK Pound Sterling, US Dollars
Tagged currencies, currency, currency exchange, currency ideas, currency solutions, currency trading, Euros, FTSE, rics, Royal Institution of Chartered Surveyors, sterling, surveyors, Swiss francs, Switzerland, ubs, uk pounds, US Dollars, US Markets
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Cut in VAT ‘boosts retail sales’
The government’s much-criticised cut in VAT is working and has led to a big boost in consumer spending, according to The Centre for Economics and Business Research. CEBR says that the cut, which took effect on 1 December 2008, has…
Posted in Currency News, Euros, Financial News, Other Currencies, UK Pound Sterling
Tagged CEBR, Centre for Economics and Business Research, currencies, currency ideas, Currency News, currency solutions, currency trading, Euros, Ministry of Trade and Industry, pounds, retail sales, Singapore, US Dollars, VAT
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Eurozone’s GDP revised downwards
The eurozone economy shrank more than previously estimated in the last three months of 2008, figures from Eurostat say. Gross domestic product in the 15-nation area (the figures do not include Slovakia) fell 1.6%, not 1.5% as predicted. The drop…
Unemployment to reach 3.2 million
Business leaders have warned that UK unemployment will reach 3.2 million in the third quarter of 2010. The British Chambers of Commerce said its survey showed a “worrying deterioration” in manufacturing, with exports reaching 10-year lows. The BCC said one…