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 Canadian dollar is steady on Monday, as USD/CAD trades in the mid-1.12 range in the North American session. On the release front, Canadian Wholesale Sales posted a slight gain of 0.2%. Itâ€™s a quiet day in the US, with no data releases on Monday. Canada posted key data on Monday, with Wholesale Sales posting a gain of 0.2%, matching the forecast. The indicator bounced back from a decline of 0.3% in the previous release. Meanwhile, inflation levels remain very low. On Friday, Core...
The Australian dollar is showing little movement on Monday, as AUD/USD trades in the mid-0.87 range late in the European session. Itâ€™s a quiet start to the week, with no releases out of Australia. Early on Tuesday, the RBA will release the minutes of its last policy meeting. In the US, Mondayâ€™s sole release is a speech from FOMC member Jerome Powell. The Australian dollar finds itself well below the 0.90 line, yet the RBA has stated more than once that the currency...
TheÂ new speculation about rate hikes is that they might come aÂ little later after all. This new view ofÂ interest rates has many Forex traders turning away from theÂ dollar, andÂ instead buying other currencies. (...)Read the rest of Dollar Drops on Rate Hike Speculation (135 words) Posted on Forex News.
Euro is trading mixed today, gaining ground against low beta currencies, but losing ground against its high beta counterparts. There is aÂ lot ofÂ concern about theÂ euro right now, andÂ theÂ 18-nation currency is only getting aÂ bit ofÂ aÂ boost asÂ risk appetite makes anÂ appearance. (...)Read the rest of Euro Trades Mixed on the FX Market (129 words) Posted on Forex News.