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Rand hits 10-month high

Tue, 30 Jun 09 06:00 am

The South African Rand hits its strongest level in ten months due to more risk appetite and positive stock futures.

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Largest UK first quarter loss in 50 years

Tue, 30 Jun 09 06:00 am

The United Kingdom economy posted the steepest decline in more than half a century in the first quarter.

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Euro inflation falls

Tue, 30 Jun 09 06:00 am

GDP figures in the UK for the first quarter have contracted sharply, by -2.4% show ONS figures released this morning making this the greatest economic contraction in 50 years. However despite the negative results, sterling exchange rates have retained support 1.66 on the dollar and 1.18 on the euro. Consumer inflation in the eurozone is falling for the first time on record and we could see some currency volatility with personal consumption figures out in the US this week.

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Sterling rises to eight-month high

Tue, 30 Jun 09 06:00 am

The UK currency continues to rise, hitting an eight-month high against the US dollar as hopes remain high for economic recovery.

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US metro area unemployment rises

Tue, 30 Jun 09 06:00 am

The jobless rate in United States metro areas has increased dramatically in the past year, hitting all 372 metropolitan areas.

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China's virtual currency

Tue, 30 Jun 09 06:00 am

China issued regulations today in fear that underground economies are developing virtual currency through online gaming.

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UK mortgage lending reaches new low

Mon, 29 Jun 09 06:00 am

UK mortgage approvals have hit a 13-month high while the mortgage lending is at new record lows.

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Euro Confidence climbs

Mon, 29 Jun 09 06:00 am

Economic confidence in the eurozone has climbed to the highest level since November, suggesting that the pace of recession is easing in the eurozone. With light economic data out late last week, currency rates have remained confined to recent ranges as investors position themselves ahead of UK GDP and US unemployment data due later in the week.

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Record low Euribor lending rates

Mon, 29 Jun 09 06:00 am

The Euribor interbank lending rates hit new record lows, surpassing the previous record low set last Friday.

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Poland's quest for the euro

Mon, 29 Jun 09 06:00 am

Poland is looking to adopt the euro as their form of currency, but the economic crisis might say otherwise.

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New Greek tax measures

Fri, 26 Jun 09 06:00 am

The Greek government has announced EUR2.3 billion in new tax measures in an effort to try and slow the country's ballooning budget deficit.

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KC manufacturing activity on the rise

Fri, 26 Jun 09 06:00 am

Kansas City manufacturing activity for the month of June saw large index increases from previous months.

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NZ GDP contracts 1%

Fri, 26 Jun 09 06:00 am

The New Zealand economy contracted 1% in the first quarter of 2009, marking the country's worst recession in three decades. Currency rates for sterling, the euro and Australian dollar have climbed overnight as markets digest the Federal Reserve interest rate decision, driving demand for the higher yielding currencies.

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Belgian consumer prices fall

Fri, 26 Jun 09 06:00 am

Consumer prices in Belgium fell 1.1% on the year in June after a fall of 0.37% in May, the country's economics minister has said.

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No alternative to the US dollar

Thu, 25 Jun 09 06:00 am

The US dollar remains unchallenged as the world's reserve currency and is the reason the US's credit rating has remained static.

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Federal Reserve holds rates

Thu, 25 Jun 09 06:00 am

The Federal Reserve has decided to leave interest rates unchanged with signs that economic contraction is slowing.

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Fed rates on hold at 0.25%

Thu, 25 Jun 09 06:00 am

Currency exchange rates remain within recent ranges as the Federal Reserve decided to leave interest rates on hold at 0.25%. Foreign exchange investors were particularly interested in the accompanying Federal statement which indicated that while the Fed is no longer expanding their quantitative easing programme, they are nowhere near ready to begin discussing exit strategies or raising interest rate levels yet.

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Speculation of Swiss intervention

Thu, 25 Jun 09 06:00 am

There is speculation by analysts that the Swiss National Bank weakened their currency to stimulate the economy.

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Spain's recession woes set to continue

Wed, 24 Jun 09 06:00 am

Forecasts by different sources are predicting miserable economic figures for Spain, showing no signs of a slowing recession.

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Sterling loses steam

Wed, 24 Jun 09 06:00 am

Sterling had been benefiting from great results over the past couple of days but this morning currency exchange rates have come to a standstill for several reasons.

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OECD revises growth forecasts

Wed, 24 Jun 09 06:00 am

The OECD has predicted the global recession is near a bottom and revised growth forecasts upwards for the US and Japanese economies. However growth forecasts for the UK and European nations are not so optimistic, with the organisation predicting a 6.1% contraction for Germany in 2009. Currency exchange rates had a choppy day yesterday as investors position themselves ahead of the US interest rate announcement.

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UK retail sales continue to struggle

Wed, 24 Jun 09 06:00 am

The June report for the United Kingdom's retail sales show signs of a continued slump for the industry.

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US mortgages kick four-week losing streak

Wed, 24 Jun 09 06:00 am

There is finally a glimpse of good news for US mortgage applications as a four-week losing streak is ended.

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Canada's dollar pushes onward

Wed, 24 Jun 09 06:00 am

Canada's currency rose for a second day in a row as traders eagerly await the incoming policy statement form the US Federal Reserve's Open Market Committee.

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New Zealand Refining results better than expected

Tue, 23 Jun 09 06:00 am

Earnings this year are better than expected for New Zealand Refining with the help of a weaker local dollar.

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Rand hits four-week low

Tue, 23 Jun 09 06:00 am

The South African rand fell to a four-week low against the dollar with concerns for the global economy.

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Eight-year UK mortgage low

Tue, 23 Jun 09 06:00 am

Mortgage lending slowed for a third straight month in the United Kingdom to a new eight-year low.

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Dollar declines on speculation

Tue, 23 Jun 09 06:00 am

The dollar dropped to a one-week low against the euro with speculation on what the Federal Reserve plans on doing with interest rates.

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Yen climbs on risk aversion

Tue, 23 Jun 09 06:00 am

After solid gains in recent weeks, equity markets and currency rates have fallen to test support levels as risk appetite evaporates following the publication of negative economic data. Yesterday the World Bank published revised annual growth forecasts and this strengthened the Japanese yen. The Fed interest rate decision and first quarter GDP figures are still expected to be the major movers of currency exchange rates this week.

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Financial stability needed

Tue, 23 Jun 09 06:00 am

Head of the UK's bank regulator calls out for the creation of a new body to monitor the stability of the financial system.

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Scattered dollar forecasts create unrest

Mon, 22 Jun 09 06:00 am

Analyst forecasts about the US dollar are the most scattered they have been in two years and are creating higher volatility.

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Markets await Fed decision

Mon, 22 Jun 09 06:00 am

Currency exchange rates for the major currencies are little changed this morning after a light day on Friday for economic data. This week, the Federal Reserve interest rate decision is due in the US and this, combined with US first quarter GDP figures is likely to affect international currency exchange rates.

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Dollar creates falling oil prices

Mon, 22 Jun 09 06:00 am

Oil prices are continuing to slip with a number of determinants taking their toll.

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Greek economy in decline

Mon, 22 Jun 09 06:00 am

The jobless rate increase is one among many problems that are mounting for Greece as the financial crisis deepens.

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Sterling hits 7-month high

Mon, 22 Jun 09 06:00 am

Sterling has hit a new seven-month high against the euro, following comments from ECB president Trichet.

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Record low for Euro Libor

Mon, 22 Jun 09 06:00 am

The European Central Bank?s first one-year refinancing operation has the interbank cost of the euro at record lows.

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Italian unemployment high

Fri, 19 Jun 09 06:00 am

Italian unemployment has risen to its highest level in three years, an Istat report has claimed.

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US jobless claims rise

Fri, 19 Jun 09 06:00 am

New jobless claims in the US rose by 608,000 in May, fuelling growing concern over recovery prospects yesterday. The pound also declined against the euro and US dollar, as UK retail sales figures and public sector borrowing disappointed markets. International currency transfer rates are currently occupying the middle of ranges, with little market moving data expected today.

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US jobless claims rise

Fri, 19 Jun 09 06:00 am

The US economy shed 608,000 jobs in May, adding to fears that the worst of recession may not be over.

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Canadian retail sales decline

Fri, 19 Jun 09 06:00 am

Canadian retail sales figures have fallen -0.8% for the month of April.

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UK property set to recover

Fri, 19 Jun 09 06:00 am

Property sales in the UK are set to recover in the coming months, as official statistics suggest the UK property market may be reaching a bottom.

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Polish industrial production moderates

Fri, 19 Jun 09 06:00 am

Levels of industrial production have fallen in May, although at a slower pace than in recent months, raising hopes that the Polish economy may avoid a recession.

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UK outlook on sales conflicts with pound

Thu, 18 Jun 09 06:00 am

Domestic growth in the UK is looking to prosper but global recovery may have other thoughts for the pound.

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UK retail sales down

Thu, 18 Jun 09 06:00 am

International foreign exchange rates are little changed this morning as investors begin to weigh second quarter statistics against third quarter recovery prospects. Retail sales in the UK declined in May, following a rise in April due to Easter trading. MPC minutes also indicated the Bank of England outlook remains unchanged, despite better than expected economic figures recently.

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High expectations for Australia

Thu, 18 Jun 09 06:00 am

Australia’s industrial output has been negative for the past nine months, but this month brings high expectations the numbers will be in the green.

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UK sets public sector borrowing record

Thu, 18 Jun 09 06:00 am

The UK sets the new public sector borrowing record as the recession continues to drain funds from the economy.

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Canadian currency rises with CPI

Thu, 18 Jun 09 06:00 am

Canada's currency is on a two-day rise with unexpected inflation, as well as a reported rise in the consumer price index.

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US leading index above expectations

Thu, 18 Jun 09 06:00 am

Good news is brought by the United States' leading index as it increased to 1.2%, above expectations.

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First ever BRIC summit

Wed, 17 Jun 09 06:00 am

The first ever BRIC summit took place on Tuesday and called for a more diversified currency system.

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Equity markets stall

Wed, 17 Jun 09 06:00 am

International currency exchange rates are relatively unchanged overnight and equity markets have paused from their three-month rally. Uncertainty over the sustainability of recent gains has forced a stall in equities, halting the upward trend in currency exchange rates. Sterling exchange rates are firmer following the publication of better than expected UK employment data.

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UK employment surprise

Wed, 17 Jun 09 06:00 am

Reported job losses in the United Kingdom are surprisingly lower than expected.

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Eurozone trade surplus increases

Wed, 17 Jun 09 06:00 am

The eurozone's external trade surplus has increased for the month of April with drops in both imports and exports.

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US trade deficit looks up

Wed, 17 Jun 09 06:00 am

The United States posts a decrease in first quarter trade deficit, but results are still under economist's expectations.

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Real feels effects of low risk appetite

Wed, 17 Jun 09 06:00 am

The Brazilian real has slid to a two-week low with investors losing their appetite for risk.

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Strong dollar hurts Wall Street

Tue, 16 Jun 09 06:00 am

The stronger US dollar has recently decreased the prices of commodities which has dealt big loses to stocks.

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UK inflation climbs

Tue, 16 Jun 09 06:00 am

Inflation figures released in the UK this morning show the consumer price index rose 0.6% in May. This is largely due to rising oil prices and is likely to benefit UK foreign exchange rates. The US dollar also gained ground overnight as the Russian finance minister expressed support for the greenback as the world's premier reserve currency.

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New CPI data pushes sterling

Tue, 16 Jun 09 06:00 am

Sterling is on the rise again against the euro with better than expected consumer price index information being posted.

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Spanish home market crashes

Tue, 16 Jun 09 06:00 am

Spanish home sales transactions have fallen 48% on the year in April after an extended housing boom.

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ECB predicts colossal write-downs

Tue, 16 Jun 09 06:00 am

The European Central Bank is predicting that banks in the euro area will have to write-down massive losses by the end of 2010.

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Oil rises back above $72 a barrel

Tue, 16 Jun 09 06:00 am

The dollar's slip and investors acquisition of commodities has seen oil rise above $72 a barrel.

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Czech PPI hits 18-year low

Mon, 15 Jun 09 06:00 am

Czech producer prices have dropped to their lowest level in almost two decades due to price decreases in commodities.

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Greenback advances

Mon, 15 Jun 09 06:00 am

The US dollar exchange rates have reached a week-high against the euro after Russian finance minister Alexei Kudrin announced his faith in the US currency.

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CBI claims recovery premature

Mon, 15 Jun 09 06:00 am

The CBI has released a report stating that talk of "green shoots" in the UK economy is premature, and this has dampened investor optimism in the UK this morning. In contrast to the NISER, who predicted the UK economy will grow in April and May, the CBI claims a -3.9% contraction will take place in 2009 with growth returning in 2010.

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Sterling reaches 2009 high

Mon, 15 Jun 09 06:00 am

Sterling has reached a 2009 high against a handful of currencies, in part because of gains on the euro.

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Euro jobs plummet

Mon, 15 Jun 09 06:00 am

The International Monetary Fund is skeptical on when recovery is going to start in full swing in the eurozone.

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Record LIBOR low

Mon, 15 Jun 09 06:00 am

Bank-to-bank dollar funding costs are reaching new lows, creating optimism that the two-year recession is slowing.

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German wholesale price drops 8.9%

Fri, 12 Jun 09 06:00 am

Wholesale prices in Germany, the eurozone's largest economy, have fallen by 8.9% - the largest drop in over 22 years.

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Global trade to drop by 9% in 2009

Fri, 12 Jun 09 06:00 am

Pascal Lamy, the head of the World Trade Organisation, has announced that he has seen no improvement in global trade and has restated his forecast of a 9% drop in international trade this year compared with 2008

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Pound hits new high

Fri, 12 Jun 09 06:00 am

The pound touched on a new 2009 high against the euro yesterday, closing the day at 1.1756. This morning sterling has trimmed gains against the euro and US dollar. The IMF has increased global growth forecasts for 2010 and oil has hit an eight-month high on the back of improved prospects for global recovery.

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US import prices rise 1.3%

Fri, 12 Jun 09 06:00 am

US import prices rose for the third consecutive month in May, suggesting that rising oil prices and the falling US dollar exchange rate have seriously reduced the risk of deflation.

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Brazilian real gains

Fri, 12 Jun 09 06:00 am

The currency exchange rate for the Brazilian real has strengthened against the US dollar despite Wednesday's interest rate cut.

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New Zealand dollar takes leap

Thu, 11 Jun 09 06:00 am

The Reserve Bank of New Zealand's monetary policy statement has been met with a rise to the Kiwi dollar and interest rates.

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Sterling reaches 2009 high

Thu, 11 Jun 09 06:00 am

Sterling has reached its highest level this year against the euro, following news that UK industrial output rose in April. This news boosted sterling exchange rates internationally as it supports the NISER view that the UK economy may return to growth in the second quarter of 2009. The US dollar remains under pressure following news that the Russian Central bank may consider replacing dollar reserves with IMF issued bonds.

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Higher than expected US trade deficit

Thu, 11 Jun 09 06:00 am

The US trade deficit has increased based on economist's expectations while maintaining significant decreases from 2008.

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Rand sees daylight

Thu, 11 Jun 09 06:00 am

The South African rand has seen gains for a third straight day with signs of recession slowing.

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US retail sales create a stir

Thu, 11 Jun 09 06:00 am

News reports show US retail sales are less than expected but should not be looked down upon too harshly.

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Icelandic job relief

Thu, 11 Jun 09 06:00 am

The Iceland jobless rate stopped from taking a further dive this May for the first time since the collapse.

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Italian industrial output rises unexpectedly

Wed, 10 Jun 09 06:00 am

Italian industrial output rose unexpectedly in April for the first time in a year, a report released by Italian statistics office Istat has said.

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Risk appetite on the rise

Wed, 10 Jun 09 06:00 am

Currency rates for the higher yielding currencies have improved overnight as global equity markets and risk appetite received a boost from the news that US banks are to repay government funds, lent to them in the height of the financial crisis. The pound and euro have gained against the US dollar on the back of improved market confidence while the Australian, New Zealand and South Korean currencies have posted the largest gains from a basket of 16 major currencies.

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Crude oil hits seven-month high

Wed, 10 Jun 09 06:00 am

The price of crude oil has risen to a seven-month high, with US stockpiles dropping and the euro rate climbing against the dollar.

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First rise in UK industrial output for 14 months

Wed, 10 Jun 09 06:00 am

According to the Office for National Statistics, UK industrial production has posted a 0.3% increase on the month - the first monthly increase since February 2008.

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Brazil's price index up 0.29%

Wed, 10 Jun 09 06:00 am

The Brazilian price index has increased in the latter half of the month of May indicating that inflation is being controlled.

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Sterling hits year-high against the euro

Wed, 10 Jun 09 06:00 am

The pound rises against the dollar and reaches its peak for the year against the euro.

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Euro weakens further

Tue, 09 Jun 09 06:00 am

The euro has wekened against the US dollar overnight due to improved recovery prospects in the US.

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Stronger dollar decreases European gold

Tue, 09 Jun 09 06:00 am

The continued rise of the USD has brought the inverse relationship associated with gold to remain in a slump.

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Pound under pressure

Tue, 09 Jun 09 06:00 am

Political turmoil and the moves of prime minister Gordon Brown have the placed the pound under unwanted pressure

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Yuan could become world reserve currency

Tue, 09 Jun 09 06:00 am

Russia believes that China's yuan could become a world reserve currency despite the fact that it is not fully convertible yet

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Oil on the rise

Tue, 09 Jun 09 06:00 am

After a two-day rise for the US dollar and slump for oil, a turn in the tide has taken favour of rising barrel prices.

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LIBOR hits 3-month high

Tue, 09 Jun 09 06:00 am

The cost of borrowing increases with market anticipation of higher interest rates in the US.

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Sterling finds support

Tue, 09 Jun 09 06:00 am

Sterling foreign exchange rates have recovered this morning against the euro and US dollar as the UK Labour party seems to have avoided a leadership crisis. Support for the pound plummeted yesterday following disastrous results in the European elections. The euro sunk against the US dollar yesterday as the Standard and Poor's downgraded Ireland's credit rating, leading to a brief wave of risk aversion.

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Mortgage rate drops to six-year low

Tue, 09 Jun 09 06:00 am

Fixed rate mortgages have fallen to a six-year low in May 2009.

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Stabilisation at home lifts sterling

Tue, 09 Jun 09 06:00 am

Signs of the housing market and politics coming to a steady ground have benefited sterling exchange rates.

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US banks buy their freedom

Tue, 09 Jun 09 06:00 am

Banks in the US have been given the go ahead to buy back billions of government shares in order to operate more freely.

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Sterling, euro hit 2009 high against dollar

Mon, 08 Jun 09 06:00 am

Both sterling and euro currency rates are at their highest level this year against the US dollar as market sentiment continues to improve following news the pace of recession is moderating. This is despite news that General Motors, once the world's largest auto manufacturer, is to declare bankruptcy later in the day. This week brings interest rate decisions from the Bank of England, European Central Bank and Australian Reserve Bank.

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Sterling remains strong

Mon, 08 Jun 09 06:00 am

The pound is currently trading at its best exchange rates this year against the US dollar and euro, driven by improved market confidence and demand for higher yielding currencies. Both the pound and euro have found support levels above 1.63 and 1.40 on the US dollar respectively as economic data shows the pace of recession is moderating. There may be some exchange rate volatility in the run up to the ECB and Bank of England interest rate decisions due this week.

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Pound hits new 2009 high

Mon, 08 Jun 09 06:00 am

The pound continues its assent against the US dollar this morning, climbing to 1.66 amid the view that recession is easing internationally. In recent weeks foreign exchange rates have diversified from risk, largely at the expense of the US dollar. The euro and pound have both found support levels above 1.4 and 1.6 on the US dollar respectively.

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Bank of England, ECB interest rate decisions due

Mon, 08 Jun 09 06:00 am

Weaker than expected private sector employment figures in the US led to a reversal of fortunes for the higher yielding currencies overnight with the Aussie, Kiwi, pound and euro all declining against the US currency. Sterling however, has remained supported above 1.62 against the dollar in the run up to the Bank of England and ECB interest rate decision due today.

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Interest rates on hold

Mon, 08 Jun 09 06:00 am

Both the ECB and the Bank of England opted to leave interest rates unchanged yesterday, at 1% and 0.5% respectively. The Bank of England also opted to leave QE levels unchanged. Today foreign exchange markets will be interested in US employment data and this could influence the underlying dollar trend in the coming week.

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US unemployment reaches 9.4%

Mon, 08 Jun 09 06:00 am

The US unemployment rate has climbed to 9.4%, despite better than expected payroll figures in the month of May. This led the dollar to strengthen on Friday against the pound and euro as European markets digested results of European elections held last week. The pound is under pressure due to the uncertain political situation in the UK.

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Strong USD limits hedging

Mon, 08 Jun 09 06:00 am

Commodities such as oil are following equities lower as the US dollar rises making it hard to avoid risk.

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Today's Currency News

On expected lines, the minutes of the latest BoE monetary policy meeting just out have offered...

Currency Rates

US Dollars 1.6777
Euros 1.2142
Swiss Francs 1.4806
Australian Dollars 1.8072
South African Rand 17.780
GBP indicative mid-market rate at 18:05. Please call for quote.