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 Canadian dollar soared today with theÂ help ofÂ rising price forÂ crude oil. This allowed theÂ currency toÂ ignore negative domestic macroeconomic data though it was unable toÂ outperform theÂ US dollar.(...)Read the rest of CAD Ignores Negative Domestic Fundamentals, Unable to Outperform USD (110 words) Posted on Forex News.
Today, theÂ Federal Open Market Committee released its last monetary policy statement this year. TheÂ US dollar dipped after theÂ release but theÂ drop was short-lived asÂ theÂ currency rebounded quickly.(...)Read the rest of Dollarâ€™s Drop After FOMC Meeting Short-Lived (133 words) Posted on Forex News.
TheÂ Russian ruble jumped asÂ attempts ofÂ theÂ Bank ofÂ Russia toÂ stem theÂ currencyâ€™s drop resulted inÂ aÂ success, atÂ least forÂ now. TheÂ central bank was selling dollar andÂ pledged toÂ help companies toÂ meet their foreign-currency debt obligations.(...)Read the rest of Ruble Gains with Support from Bank of Russia (83 words) Posted on Forex News.
TheÂ Great Britain pound dropped against theÂ US dollar today but rose versus theÂ euro andÂ theÂ Japanese yen. TheÂ minutes ofÂ theÂ latest central bankâ€™s policy meeting revealed that some policy makers want toÂ raise interest rates. UK employment data was good, supporting theÂ currency.(...)Read the rest of GBP Gains vs. EUR & JPY After BoE Minutes & Employment Data (117 words) Posted on Forex News.