Foreign Exchange
Sterling spiral speeds up against major currencies
We have seen Sterling flounder to its lowest this week against a raft of major currencies - hitting an 8-year low against the US Dollar at $1.38 and holding €1.06 against the Euro - and it’s not set to get any better, according to foreign currency specialists FC Exchange.
Europe still a holiday contender as pound pulls back
Holidaymakers planning trips to Europe may find the pound in their pocket stretching further than they thought because the euro has fallen in value against sterling by over seven per cent since late December - bringing many other European currencies with it.
Investors continue to capitalise on FX markets
While Sterling experienced record falls in 2008 and has experienced new lows against the dollar this week, the savvy investors have consistently used this as an opportunity to generate returns by trading more actively in FX markets.
Sterling punished by UK bank bail out
Bob Munro, Senior Currency Strategist at HiFX comments, "Yesterday's huge UK banking bailout package was completely overshadowed by RBS announcing a UK corporate record GBP28 billion loss, leading to their share price falling 70%.
Dollar dashes Sterling strength
Commenting on the Pound's fall against the Dollar, Stephen Heath, Chief Executive of FairFX.com, said: "Despite getting off to a good start in 2009 the Pound looks to be in a sorry state again already, falling to just 1.3950 against the US Dollar - a seven year low - and 1.08 against the Euro.
Brits still keen to travel and Eurozone tops the list
Consumers are still keen to travel abroad during 2009, according to research by Travelex. Already 71% of respondents have travel plans for 2009 and only 17% don’t plan to leave the UK, while 12% don’t know yet.
Affordable alternatives available to UK holidaymakers
The recent decline in sterling, particularly against the euro and the US dollar, is expected to alter UK holiday makers travel habits, according to the Halifax. An estimated 47 million UK residents visited a country in the euro-zone, an average of 2.96 million visitors per member country.
Sterling rallies amidst base rate cuts
Commenting on the Pound's further gains against the Euro, Stephen Heath, Chief Executive of FairFX.com, said: "The Pound has rallied amidst news of the base rate cut, gaining one per cent against both the Euro and the Dollar.
Muted but positive response for sterling
Marc Cogliatti, Currency Strategist at foreign exchange specialists HiFX comments on the news that the MPC have cut UK interest rates by 0.5% to 1.5%: "The reaction in GBP has been broadly positive as the market is relieved that a more aggressive cut was not deemed to be required just yet.
Sterling set to rise phoenix-like from the ashes
Commenting on the Pound's gains against the Euro, Stephen Heath, Chief Executive of FairFX.com, said:
Don't get caught short on your travel money
With sterling in the doldrums, thousands of keen skiers are forgoing the slopes of Europe this winter despite of some of the best skiing conditions for years.
"Still falling but undervalued" - HiFX outlook for Sterling in 2009
Over the course of 2008, the Pound fell 26% against the Dollar and 23% against the Euro. The tough year left Sterling weak and still falling, however pressures on the pound mean early into 2009 it is now looking undervalued against both the Dollar and the Euro, according to foreign exchange specialists HiFX.
Ten years of the euro
On 1st January 2009 the euro will celebrate its tenth birthday. To mark the anniversary Halifax takes a look at the history of the euro and its highs and lows:
Sterling falls to €1.0229 to £1
Commenting on the Pound falling to just €1.0229 to £1, Stephen Heath, Chief executive of FairFX.com, said: "It looks as if Sterling is the biggest sale item in town after falling to just €1.0229 to £1, an all time low for the beleaguered currency.
Why is sterling weakening so much against the euro?
Sterling’s recent falls have been dramatic to say the least, and people who were ‘waiting out’ what they considered to be a bad rate a few months ago have been badly burnt.