The US Republican Party have chosen their candidate for November’s presidential election in the shape of Mitt Romney. Romney took 70% of the vote in Texas which took him well past the winning post and as a result will now be focusing on fighting for the Presidency towards the end of this year. Early opinion polls suggest that it will be an extremely close race between the two candidates and that the lead could swing from one party to another making this a potentially very exciting race and also one that will be hard to second guess. While this news was being announced we saw the US Dollar exchange rates strengthen even further against the Pound as Cable exchange rates moved down closer to the 1.55 mark on the interbank level. With the Eurozone crisis continuing it seems more and more money is being pumped into the “safe haven” US Dollar and as such this downward trend may continue for the foreseeable future. So, if you need to buy US Dollars contact us today so we can quote you live US Dollar exchange rates and talk you through all the options available to you.
Meanwhile in Europe there was more news surrounding the Spanish banking system as three Spanish banks; Ibercaja, Liberbank and Caja3 have all agreed to merge in order to strengthen their balance sheets. This news comes at a time when four of the countries largest banks received a bailout and concerns continue to mount with regards to the stability of the banking system as a whole. While this is clearly negative news for Spain and Europe the fact that there are close ties between the UK financial institutions and those in Europe it should not be underestimated that a collapse of any Spanish bank could cause major issues in the UK as well as Europe.
If you need to transfer money abroad and are looking for fantastic exchange rates make sure you speak to one of the experienced currency brokers at Foreign Currency Direct plc who will be happy to discuss your currency requirements and all the options available to you. Call straight through to the trading floor on 0800 328 5884 or email us at firstname.lastname@example.org.