Latest Foreign Exchange Market Report

Sterling fades as a result of an unimpressive Budget

Currency High / Low Change Effect on £150k Purchase over the week
GBP v EUR 2.5 % £3750
GBP v USD 2.0 % £3000
GBP v CAD 2.4 % £3600
As shown above, through making the most of the high point on the week’s trading, a considerable amount of money could be saved. Your account manager can advise you of any movement in the markets, and through opening a trading facility with FX-Foreign Exchange you can be on hand to make a quick movement and capitalise on these ‘spikes’.
Important Upcoming Data Releases
Today – UK Nationwide housing prices data (MoM and YoY)
29th April – UK GFK Consumer Confidence
29th April – US Fed interest rate decision, GDP and Mortgage applications data released

GBP v EUR
Sterling saw substantial losses over the course of the last week. Early week gains against the single currency quickly disappeared and Sterling lost further ground on Wednesday when Chancellor Alistair Darling unveiled his 2009 Budget. We saw further losses on the back of GDP growth figures being negative for the third consecutive quarter as shown below.

The possibility of Sterling losing further ground on the single currency is a very real one, and with the Chancellor putting his hand in our pockets even more over the coming months, can you afford to take the risk of potentially losing further funds on your currency transfer?

At FX-Foreign Exchange we are able to hold the rates on a forward contract for anywhere up to 2 years for a small deposit, thus giving you the security that you know exactly how much any currency transfer will cost you now or in the future. For business clients, any savings made on a currency transfer can be translated into increased profits, which in such times of economic hardship is a very attractive proposal.

GBP v USD
Sterling had much the same story as above against the greenback last week, although with US new home sales data released on Friday being worse than expected, -0.6% as opposed to a predicted 0.9% increase, the pound did not lose quite as much ground as it did against most other currencies.

On Wednesday we see the US Fed release their interest rate decision at 7.15pm BST, this is after earlier releases of the US GDP results for the first quarter and the MBA (Mortgage Bankers Association) mortgage applications data released. With the Fed interest rate currently at 0.25%, any changes to this could see us witness large levels of volatility in the markets. If the Fed decides to increase the rate, we could quite easily see the Dollar strengthen against the pound. If you have an upcoming currency requirement for USD please contact a broker at fx-foreignexchange.com to discuss the best options for you and save money.

The Rich List
Yesterday The Sunday Times published its annual rich list, with it showing the biggest annual fall since it was first complied 21 years ago. Between the 100 richest people in the UK, £92 billion has been lost in the last year, including a staggering £16.8 billion solely lost by steel mogul Lakshmi Mittal, he still tops the rich list at £10.8 billion however.

Our currency exchange services provide a professional, efficient and cost-effective method for currency conversion. Our very personal service is suited to business users, needing to buy forex at the best currency exchange rates available, and for the private clients who wish to make a single money transfer, or regular payments such as overseas pension transfers. Call FX-Foreign  Exchange now on +44 (0) 1480.458400 .