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Markets Remain Muted
Equity markets remain neutral this morning ahead of retail sales figures and jobless claims due in the US this afternoon. Stocks posted minor rallies yesterday as JP Morgan Chase announced a profit in the first two months of 2009 although risk trends continue to drive international currency exchange rates. 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, best rates currency, Buy Currency, Canadian Dollar, commission free currency, currency exchange, Currency Forward, Currency Future, currency solutions, currency trading, Euros, Interest rates, personal currency service, quantitative easing, the pound, UK Pound Sterling, US Dollars, Yen
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Rallies exclude Sterling
Yesterday brought an improvement in risk appetite with the news that Citigroup operated profitably in the two months of 2009. Accompanied by a speech from Ben Bernanke, this news restored market confidence and equity markets rallied which was reflected in currency exchange rates. This rally however has excluded Sterling, which remains weak on the back of unease surrounding Bank of England policy and a sharp decline in industrial production figures. 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, Buy Currency, commission free currency, currency exchange, Currency Forward, Currency Future, currency solutions, currency trading, Euros, Interest rates, personal currency service, the pound, U.S GDP, uk economy, UK Pound Sterling, US Dollars, World economy
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U.S Unemployment
Markets returned to risk aversion on Friday as figures out in the US showed unemployment has reached a 25 year high. The Pound is significantly lower against the US Dollar this morning as the government is set to take control of Lloyds banking group. International equities remain risk averse as the World Bank has predicted the global economy will contract for the first time since WW2 due to the current downturn.
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Posted in Company News, Currency News, Euros, Other Currencies, UK Pound Sterling, US Dollars
Tagged Asian currencies, Australian Dollar, bank of england, best rates currency, Buy Currency, Canadian Dollar, commission free currency, Consumer Spending, currency exchange, Currency Forward, Currency Future, currency solutions, currency trading, European Central Bank, Euros, Eurozone, Interest rates, personal currency service, quantitative easing, the pound, U.S GDP, uk banks, UK Pound Sterling, US Dollars, World economy, Yen
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Risk Dominates markets
Risk trends remain the primary determinant of currency exchange rates this morning as the US cash injection for AIG yesterday renewed fears of institutional failure. Deemed too big to fail by the US authorities, AIG has received a further $30 billion in Federal funding and is now 77.9% taxpayer owned. Markets plummeted around the world on the back of this news sending the Pound and Euro to the bottom end of their trading ranges versus the US Dollar and Yen. Continue reading
Posted in Currency News, Euros, Financial News, Special Currency Offers, 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, European Central Bank, Euros, Eurozone, Interest rates, Japan, personal currency service, Retail figures, the pound, U.S GDP, uk banks, UK Pound Sterling, US Dollars, Yen
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Global equities plunge
Global stock and equity markets have plunged around the world following worse than expected US GDP figures released on Friday. The US economy contracted at an annualised 6.2% in the fourth quarter of 2008 and this sent investor confidence plummeting and fuelled a rise in risk aversion. Reports this morning of further trouble in the banking sector and a potential bail out of AIG have kept risk aversion high on the international agenda, capping currency exchange rates. Continue reading
Posted in Company News, Currency News, Euros, Financial News, Other Currencies, UK Pound Sterling, US Dollars
Tagged Asian currencies, bank of england, banks, best rates currency, Buy Currency, commission free currency, Consumer Spending, currency exchange, Currency Forward, Currency Future, currency solutions, currency trading, Euros, Eurozone, Interest rates, personal currency service, Retail figures, the pound, 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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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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Bank cuts to 1%
The Bank of England reduced the cost of borrowing yesterday to a new historic low of 1%. This was in line with market expectations and served to strengthen the Pound internationally. The ECB voted to leave rates unchanged at 2% and the Euro is coming under increasing pressure due to the lack of decisive policy action from the ECB. Continue reading
Posted in Currency News, Euros, Financial News, UK Pound Sterling, US Dollars
Tagged Asian currencies, bank of england, Consumer Spending, currency exchange, currency trading, European Central Bank, Euros, Interest rates, Oil Price, the pound, 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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