Currency Exchange Rates Volatile As Currency Wars Discussed
Today in Moscow the finance ministers of the G20 group are meeting as concerns grow that a currency war is brewing. This talk of currency wars has highlighted the importance of the currency markets, not just for private clients sending money abroad but for individual and the global economies. The value of a countries currency can have a huge impact on the their level of exports and therefore the overall level of trade. So, if a currency weakens significantly then it becomes cheaper for other countries to purchase that country’s goods and services which can boost their economy, so a weak currency can be good for its country. In recent times it is almost every time Mervyn King, Governor of the Bank of England, or George Osbourne have spoken the Pound has fallen which they could appreciate as it could help the UK’s export market which in turn may help us avoid recession. However, if other countries follow suit and we see currency weaken across the board then it could make for tense political discussions and for our clients possible good opportunities to sell or buy foreign currency. So, if you need to transfer money abroad make sure you speak to one of our experienced currency brokers who will be happy to help discuss your currency requirements and the options available to you.
Retail Sales Fall
January retail sales in the UK have fallen unexpectadley which was the first fall in 17 months and is further bad news for a country which is battling to stay out of recession. The snow fall is being attributed to the fall in sales but with the likes of HMV and Jesspos going into administration the bigger picture for the UK high street is very gloomy. Should this continue then the chance of the UK avoiding a triple dip recession will be minimal and so this sort of news does little to help the fortunes of Sterling exchange rates.
If you need to transfer money abroad and you are looking for exceptional exchange rates then speak to one of our currency brokers who will be happy to take you through the whole process. You can call straight through to the trading floor on 01494 849752 or email me directly on email@example.com.