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Monday 26th October Currency Market comment

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We buy and sell currencies such as GBP, USD, EUR, AED, CAD, AUD, JPY and make larger money transfers for businesses and private individuals. Our speciality is commercial transfers for larger sums including regular payroll transfers overseas, payments for international property, supplier payments in foreign currency and currency conversions for hedge funds.

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Market Comment:

October 26th, 2009.

Friday was interesting. The Pound started out well, until it was announced that the UK economy had actually contracted 0.4% between July and September. This went against all predictions that had pushed the Pound up, so we saw a dramatic decline in the value of GBP. In addition to this sharp drop, it would seem that we are back to a gloomy prediction for Sterling as this is the first time that the UK has ever seen GDP decline for 6 consecutive quarters since records started in 1955.

To make matters worse for the pound, Germany, France, japan and New Zealand have all come out of recession.

The US aren’t doing too well either, but the volatility of the GBP USD exchange rates is hard to predict as both the FED and BoE seem hell bent on driving their currencies down to help exports.

The trick seems to be, to let your currency dealer watch the rates and let them know a price that you’re happy to trade at and buy / sell at that price. If you’d like us to take care of this, let us know.

Have a good day

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