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
TheÂ main focus ofÂ theÂ past trading week was theÂ situation inÂ Greece, particularly theÂ upcoming referendum onÂ austerity demanded byÂ international creditors. Surprisingly, this did not mean another week ofÂ losses forÂ theÂ euro asÂ theÂ currency managed toÂ rally inÂ theÂ adverse trading environment.(...)Read the rest of Euro Avoids Weekly Losses, Greek Referendum in Focus (109 words) Posted on Forex News.
TheÂ Australian dollar sank today, reaching theÂ weakest rate since May 2009 against its US counterpart. TheÂ drop followed disappointing Australian retail sales andÂ bad news from China â€” Australiaâ€™s biggest trading partner.(...)Read the rest of Aussie Sinks to Lowest Since 2009 (93 words) Posted on Forex News.
TheÂ Swedish krona bounced today following yesterdayâ€™s drop byÂ 1 percent. TheÂ decline followed theÂ surprise decision ofÂ theÂ nationâ€™s central bank toÂ cut its repo rate even deeper into negative territory.(...)Read the rest of Swedish Krona Bounces After Thursdayâ€™ s Drop (67 words) Posted on Forex News.
It's been a volatile summer for currency traders thus far thanks to the ongoing Greek debt crisis. The International Monetary Fund's (IMF) June 30 deadline for Greece to pony up and repay ?1.6 billion in loans passed with no payment being made, and no sign of a new bailout deal for the cash-strapped nation in sight. Instead, Greek Prime Minister Alexis Tsipras called a referendum on July 5 for Greeks to decide if the country should accept what his government regards as a raw deal offered by...