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 US dollar was mostly flat against its major-traded peers with theÂ notable exception ofÂ theÂ Great Britain pound that demonstrated aÂ substantial rally against theÂ greenback, erasing theÂ previous weekâ€™s losses. There were two important events forÂ theÂ US currency during theÂ week, andÂ one turned toÂ be supportive while theÂ other one was not so much.(...)Read the rest of Dollar Flat After Week of Mixed Fundamentals (111...
Attention will remain very much on the U.S. economy and the Federal Reserve as we head into week and month-end. The Fed statement released on Wednesday gave few clues on the timing of the first rate hike but left the door open to September while reiterating its data dependency. There appears to be a clear preference for a rate hike this year but the Fed is keeping its cards very close to its chest. Yesterday's GDP release didn't really change much, with growth in the second quarter falling...
TheÂ Canadian dollar was extremely weak today, falling even against theÂ soft US dollar. TheÂ Canadian currency was dragged down byÂ theÂ slump ofÂ crude oil prices andÂ theÂ unexpected decline ofÂ Canadaâ€™s economy.(...)Read the rest of Canadian Dollar Dragged Down by Oil Prices & Falling GDP (115 words) Posted on Forex News.
TheÂ US dollar started theÂ last trading session ofÂ this week onÂ aÂ strong footing but was unable toÂ retain its strength toÂ theÂ end ofÂ trading. TheÂ currency is now broadly lower against other majors, falling more than 1 percent against theÂ euro.(...)Read the rest of Dollar Loses Strength in Fridayâ€™s Trading (98 words) Posted on Forex News.