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Currency Market News

Our blog is below, to help you understand what's moving currency rates and affecting the cost of your international payments. For some friendly guidance on your own transactions, either for your business or yourself, simply fill in the form above and an FCA-regulated currency broker will be in touch to assist you, without any cost or obligation.

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Currency Report 081012
08 October 2012

Last week saw sterling lose value against many currencies, notably the US Dollar and Euro. In the States, the main monthly labour market figures were released on Friday and showed US unemployment falling to its lowest level for 4 years, causing an increase in price for the dollar. Rates for sending USD (or pegged currencies such as the UAE Dirham) fell back but are still close to their best this year; the positive effect on rates from monetary easing in the USA may be wearing off so if you have dollars or dirhams to send, do consider fixing a rate sooner rather than later in case the trend continues.

For the Euro, it may sound like a broken record but the debt crisis rumbles on, with meetings between Chancellor Merkel and Greek PM Samaras, as well as Eurozone finance ministers meeting in Luxembourg, tomorrow. As always the Euro is sensitive to news in this area as it comes out, with last week's drop in exchange rates being partially due to ECB President Draghi's bullish speech on Thursday. Draghi testifies again tomorrow morning at 8.30am, and his talk of ECB bond-buying does seem to increase the value of the Euro.

In the UK this week there is not a huge amount of data due out, although tomorrow we have the latest trade balance figures and an independent GDP estimate which are both likely to cause some movement for sterling exchange rates.

One currency which is particularly good value at the moment is the South African Rand, as the South African mining crisis worsens making for worrying headlines in the region, the Rand has weakened significantly and we currently have the best rates since 2009 for sending money to South Africa. As with all currencies, rates can be secured up to 2 years ahead of your requirement with a reputable currency company if you would like to consider locking in to a rate now.

The Australian Dollar is also available at the best rates since June, after last week's unexpected interest rate cut in Australia. Interest rate decisions last week in the UK and Eurozone were unchanged as expected, and the Bank of England minutes out next week will give us the next clues as to whether there will be further Quantitative Easing in the UK.

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