Property Investment News » broker

Best Currency Report: May 2009

movechannel — Wed, 13 May 2009 13:12:16 +0000

The European Central Bank (ECB) has cut rates to an historic low of one per cent and also announced other tools that could potentially be introduced in a bid to combat the credit crunch. One of these included a plan to buy around £53.5 billion of low-risk corporate bonds…

The Bank, which sets interest rates for the 16-nation euro zone, shaved 25-basis-points off its key rate, indicating that policy makers are highly concerned about the slowdown, despite tentative signs of stabilization in some sectors of the European economy.

The ECB has now delivered rate cuts totalling 325 basis points since October as inflation has dwindled and unemployment has sky rocketed in the wake of the global crisis.

ECB policy makers also gave the European Investment Bank, a European Union entity which invests in infrastructure and other projects around Europe, access to ECB short-term funding. This will allow the EIB to meet a £9 billion boost in demand for its loans this year.

Here in the UK, the Bank of England did as expected and held interest rates at 0.5 per cent. The Bank also pledged to increase its quantitative easing (QE) programme to £127.2 billion.

The QE scheme, under which the central bank aims to boost liquidity by buying up bank and corporate assets – in effect printing money – was adopted earlier this year with an initial £76 billion.

Last month, economic confidence in the eurozone bounced back as cautious optimism took hold and there was also talk of a brighter economic outlook for the United States and China.

Adrian Jacob, Senior Account Manager at currency rate specialists Currency UK said, “The Pound has weakened recently against the Euro due to QE measures in the UK compared to the Euro measures which weren’t as drastic as the markets expected.

“The USA turned up better than expected results which have gone some way to benefiting the UK and the Pound as the risk appetite was increased.

“It is definitely worth looking out for the Australian dollar against the Pound which is strengthening to almost unheard of levels at the moment,” added Mr Jacob.

Visit Currency UK, one of the UK’s leading currency brokers, to view the Best Performance tables or call 020 7738 0777 for more information or to talk to a currency advisor.

Notes to editors:

Founded in 2000, Currency UK is a foreign exchange and international funds transfer specialist. One of the UK's leading currency brokers, Currency UK has helped thousands of customers move hundreds of millions of pounds around the globe.

As Currency UK doesn’t have the large overheads of the major banks, it is able to pass the savings on to customers by providing better value for money on foreign exchange services.

Currency UK Ltd is a member of the Association of International Property Professionals (AIPP) and is the preferred foreign exchange partner of The Offshore Financial Trade Association (OFTA).

For further information please contact:

Adrian Jacob

Senior Account Manager, Currency UK

www.currencyuk.co.uk

020 7738 0777

info@currencyuk.co.uk

Best Currency Report: April 2009

movechannel — Fri, 03 Apr 2009 16:45:56 +0000

Foreign Exchange specialists Currency UK are today launching their Best Currency Performance Tables, which reveal the strength of worldwide currencies and act as a comparison tool to show how each currency is performing against another…

For the very latest in currency reporting, check out the brand new Best Currency Performance Tables on Currency UK.

The simple to use tables not only show how well a currency is performing in its own right, but also compares each one against other global currencies to see how they stack up.

The best and worst performing currency over the last month, six months and year is also clearly shown. This invaluable information makes for essential reading for all would be investors as it sets out which currency has been the best to invest in over the past year.

The Tables show that the New Zealand dollar was by far the best performing currency over the last 28 days, up 15 per cent against the US dollar and a whopping 17 per cent against the Japanese Yen. The New Zealand dollar increased against every other currency included on the list, rising 10.3 per cent on average.

Other strong performers were the Swedish Krona, which rose on average 6.28 per cent against other currencies. The Australian dollar rose 3.67 on average against other currencies, rising by 10 per cent against the Japanese Yen.

After a strong showing over the last year, the Japanese Yen was the worst performing currency over the last 28 days, falling an average of 7.15 per cent against each other currency. The Yen’s biggest fall was 14 per cent against the New Zealand dollar. It also fell 9.6 per cent against the Australian dollar and 6.5 per cent against the Euro.

Other weak performers were the British Pound, which fell on average 4.37 per cent against the other currencies, falling by four per cent against the Euro and 12 per cent against the New Zealand dollar.

Adrian Jacob, Senior Account Manager at Currency UK said, “The Japanese Yen is doing particularly badly at the moment due to the once strong trade surplus turning into a trade deficit.

“This is likely to remain the case for at least the next six months and, as Japan is no longer unique in its low interest rates, investors have been losing interest which has obviously affected the Yen.

“In terms of performance by other currencies, the British pound has been struggling due to quantitative easing and a lack of risk appetite and the Australian dollar has been doing well as it is no longer a plaything for investors as it is no longer tied to risk appetite,” added Mr Jacob.

Currency UK is a one stop shop for all your currency needs. Other features on the site include 13 individual currency pages, each giving a detailed description of a specific currency, along with advice and rankings.

There is also a ‘buy currency’ page on which you can buy and sell Sterling, Euros, Dollars and all other major currencies commission free at exceptional rates not available on the high street.

The currency conversion page reveals the latest rates, historic charts and tables for all of the major currencies and the Regular Payment Service allows you to benefit from the best rates and low charges when sending regular foreign currency payments.