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The pound recoups some of its recent losses against the euro
Published: 6 Dec at 2 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, Currency Exchange, Euro Crisis, UK, Economy, Spain,
The pound reacted positively to the Chancellor’s Autumn Statement, recouping some recent losses against the euro yesterday afternoon.
Nick Beecroft, Chairman and Senior Market Analyst at Saxo Capital Markets stated “As predicted, whilst in many ways innovative, striking a careful balance between fiscal probity and growth promotion, and between rich and poor, this statement is all very boring and predictable, no diversion from the Plan A deficit reduction program”
The upward movement of the pound was aided by renewed pressure on the euro which came off a seven week high against the dollar as the results of the latest Spanish debt auction came through. The results disappointed the markets with demand for the Spanish bonds falling and yields rising.
This renewed fears that the fourth biggest economy in the euro zone will ask for an official bailout. Spain has already received two bail-outs specifically targeted on its banking sector.
Meanwhile, ratings agency Standard & Poor´s downgraded the long term credit rating of Greece to the ‘selective default’ category.
Better than expected US employment data helped the markets to stay positive and improved risk appetite, aiding the high yielding risk based currencies like the Australian dollar.
Today sees the monthly policy decisions from both the Bank of England and the European Central Bank.
Whilst the majority of analysts believe both policy making bodies will finish the year with a ‘no change’ statement, against a background where both the UK and euro zone economies continue to deteriorate it wouldn’t come as a huge surprise should either body make a more ‘interventionist’ announcement.
Security of funds when using a foreign exchange broker
A paramount consideration for any client will be ‘Is my money safe in using you to transfer my funds?’
To safeguard your hard earned funds, it is vital that you only consider using in the UK a firm that is not only registered with the Financial Services Authority (FSA) but also fully authorised with the FSA. Crucially, this ensures that any clients funds, in any currency are held in fully segregated clients account with the firm of your choice thus ensuring your funds are ‘ring-fenced’ and safe, even in the event of anything untoward occurring with the brokerage before your currency has been wire transferred into the bank account of your choice.
Nick Beecroft, Chairman and Senior Market Analyst at Saxo Capital Markets stated “As predicted, whilst in many ways innovative, striking a careful balance between fiscal probity and growth promotion, and between rich and poor, this statement is all very boring and predictable, no diversion from the Plan A deficit reduction program”
The upward movement of the pound was aided by renewed pressure on the euro which came off a seven week high against the dollar as the results of the latest Spanish debt auction came through. The results disappointed the markets with demand for the Spanish bonds falling and yields rising.
This renewed fears that the fourth biggest economy in the euro zone will ask for an official bailout. Spain has already received two bail-outs specifically targeted on its banking sector.
Meanwhile, ratings agency Standard & Poor´s downgraded the long term credit rating of Greece to the ‘selective default’ category.
Better than expected US employment data helped the markets to stay positive and improved risk appetite, aiding the high yielding risk based currencies like the Australian dollar.
Today sees the monthly policy decisions from both the Bank of England and the European Central Bank.
Whilst the majority of analysts believe both policy making bodies will finish the year with a ‘no change’ statement, against a background where both the UK and euro zone economies continue to deteriorate it wouldn’t come as a huge surprise should either body make a more ‘interventionist’ announcement.
Security of funds when using a foreign exchange broker
A paramount consideration for any client will be ‘Is my money safe in using you to transfer my funds?’
To safeguard your hard earned funds, it is vital that you only consider using in the UK a firm that is not only registered with the Financial Services Authority (FSA) but also fully authorised with the FSA. Crucially, this ensures that any clients funds, in any currency are held in fully segregated clients account with the firm of your choice thus ensuring your funds are ‘ring-fenced’ and safe, even in the event of anything untoward occurring with the brokerage before your currency has been wire transferred into the bank account of your choice.
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Source: moneytransfer.co.uk