The honeymoon period with the new Conservative government is over.
Sterling enjoyed a brief rally this summer, with a 2% rise against a basket of currencies of the UK’s major trading partners and rose around 9 cents to hover just below the USD $1.60 mark.Sterling has managed to perform relatively well because of the inherent weaknesses of other economies; the Euro was held back (the Greek economic crisis) and the US dollar has been suffering against every other major economy in the world as it struggles to shake itself out of the effects of recession.Now...
The UK National Statistics Office has reported that overseas spending by British holiday makers has dropped by 10%. However, at the same time, spending in the UK by foreign tourists has increased by 4%.
The UK was once regarded as the “workshop of the world”, and exports still account for a substantial portion of UK manufacturing and commercial activities today.
Transacting business overseas is a valuable commercial hedge against adverse market conditions at home as well as a mean of providing highly profitable opportunities to generate business growth.
Shop Around for Best Value Currency Exchange When Leaving the UK
The currency markets have started off the trading week with a whimper rather than a bang ,and GBP/USD has not been an exception to this trend. The pound lost over a cent on Friday, as the US dollar was broadly stronger following sharp consumer confidence numbers. In Monday trading the pound has edged higher, and pushed above the 1.52 line. There is only one US release today, as FOMC member Charles Evans speaks in Chicago. There are no events out of the UK, but the markets are keeping a...
The Australian dollar has managed to put the brakes on last week’s sharp plunge. AUD/USD has moved higher, and was trading in the high-97 range in Monday’s European session. The Aussie has had a miserable May, shedding a remarkable six cents since the start of the month. The US wrapped up last week on a positive note as UoM Consumer Sentiment posted a six-month high. There are no Australian releases on Monday, but the markets are eagerly awaiting the release of the RBA’s...
USD/CAD remains at high levels, as the pair continues to flirt with the 1.03 line. In early North American trading, USD/CAD was trading in the high-1.02 range. The US dollar looked sharp on Friday, climbing close to one cent, as the currency took advantage of weak Canadian inflation numbers. The greenback also got a boost as the UoM Consumer Sentiment hit a six-month high. In the US, today’s sole release is a speech by FOMC member Charles Evans. The Canadian markets are closed for a...
USD/JPY suffered early losses during Monday open, retreating from above 103 to hit 102 within 30 mins. The fast decline was attributed to Japanese Economy Minister Amari’s speech, in which he stated that the continued weakening Yen would eventually affect Japan negatively, and the Japanese Government’s job is to neutralize such threats. According to Amari, Yen has “corrected a lot”, suggesting that the Government may be viewing current Yen rate as too weak, with the...