+44 (0)20 7740 0000
US GDP Contracts 0.5%
Wed, 24 Dec 08 06:00 am
The US economy contracted 0.5% in the third quarter sending global equity markets lower yesterday. The US accounts for 25% of global GDP and economic contraction there has significant implications for global market confidence. Otherwise, market movement is limited due to the holiday period.
Darling's PBR Boosts UK Markets
Tue, 23 Dec 08 06:00 am
Darling's Pre-Budget Report was released yesterday, detailing a £20 billion government plan to stave of deep recession by cutting taxes and increasing government spending in the short term. The Report was met with criticism by the opposition for its 'eye-watering' figures, as government borrowing is set to reach £118 billion next year.
UK GDP contracts 0.6%
Tue, 23 Dec 08 06:00 am
GDP figures this morning show a 0.6% contraction in the UK economy for the third quarter and new mortgage approval figures have declined to 17.773k for November. US equity markets have weakened after the S&P index labelled General Motors with a 'high likelihood' of bankruptcy.
$17.4 billion for US Automobile Industry
Mon, 22 Dec 08 06:00 am
The announcement of a $17.4 billion rescue package for the US automobile industry sent the US Dollar and equity markets higher on Friday. Despite bouncing from all time lows against the Euro, Sterling remains weak in the run up to third quarter GDP statistics released tomorrow and Japan has announced the largest export sector contraction on record.
Euro Rebounds as ECB Speaks Out
Fri, 19 Dec 08 06:00 am
The Euro rebounded yesterday from its 6 month low against the Dollar as ECB executive claims talk of interest rate cuts is premature.
Japan cuts rates to 0.1%
Fri, 19 Dec 08 06:00 am
The Japanese Central Bank slashed interest rates to 0.1% yesterday and the Pound slid further towards parity, hitting 1.0464 against the Euro as official figures revealed the extent of government budget deficits in the UK.
Pound nears Parity
Thu, 18 Dec 08 06:00 am
Sterling continued its decline against the Euro yesterday after the MPC minutes revealed a 9-0 vote in favour of a 1% base rate reduction. Labour market data in the UK revealed a 0.2% rise in the official unemployment rate, taking it to 6% for October and the Pound continued to plunge towards parity with the Euro.
Fed Slashes Rates to 0.25%
Wed, 17 Dec 08 06:00 am
The Federal Reserve slashed interest rates to an unprecedented 0.25% yesterday, making the current base rate the lowest in US history. The decisive reduction was announced amid further 'quantitative easing' measures to stimulate the economy and ward off deepening recession. The US Dollar depreciated following the news and global equities climbed.
Pound Remains Under Pressure
Tue, 16 Dec 08 06:00 am
The Pound fell to another new low versus the Euro yesterday while the US Dollar weakened ahead of an expected 0.5% reduction in the base rate from the Federal Reserve. The banking sector is reeling as the extent of Bernie Madoff’s fraud emerges, with major Spanish, UK and Japanese banks all posting billions of dollars worth of losses.
Markets await FOMC decision
Mon, 15 Dec 08 06:00 am
The Euro has been the major benefactor overnight as markets await a series of important data from the US and UK this week. The Dollar is broadly weaker in the run up to the Federal Reserve interest rate decision and Sterling remains low against the single currency as markets contend with more economic gloom in the UK.
Contact Us
Currency Converter
Today's Currency News
The Pound has begun to drop against both the Euro and the US Dollar following surprisingly poor data...
Currency Rates
| US Dollars | 1.5394 |
| Euros | 1.2006 |
| Swiss Francs | 1.5573 |
| Australian Dollars | 1.6915 |
| South African Rand | 11.128 |
| GBP indicative mid-market rate at 17:40. Please call for quote. | |
Currency Solutions Ltd is registered in England, Company No. 4864491. © 2003 - 2010
Registered address is 4th Floor, Hobbs Court, 2 Jacob Street, London SE1 2BG. Regulated by HM Revenue & Customs, No. 12162570 and authorised by the Financial Services Authority, No. 512130 as a payment service business.