Last night the Federal Reserve Bank of America (FED) announced that they were not planning on tapering down their asset purchasing programme in a move that surprised the markets which had assumed that the tapering would begin this month. Chairman of the FED, Ben Bernanke, stated that there was no fixed timescales as to when this would happen and as a result Sterling pushed up to some of the highest levels we have seen against the US Dollar since the start of the year. This is presenting clients that need to buy US Dollars with some excellent opportunities, so if you need to send money to America speak to one of our experienced currency brokers today. Also, following the news from the States we have seen some of the perceived riskier currencies such as the AUD, NZD and ZAR have strengthened. This could be attributed to a couple of possible reasons, firstly as the US assest purchasing scheme is still in full swing it means there is still more money being pumped into the US economy which can help boost the global economy and also that the money moving into the Dollar will allow traders and investors move funds to riskier assests as they have more confidence in the global economy – effectively if the FED stopped pumping money into the US it would have a negative impact on the world economy as it means there is less money moving not only around the largest economy in the world, America, but also from the States and into all of their trading partners. As a result we have seen a number of currencies strengthen this morning presenting some really good buying opportunities.
So, if you need to transfer money abroad make sure you speak to one of our knowledgeable currency brokers who will be able to give you a live up to date exchange rate, discuss the current market outlook and also the different contract options available to you. All of our contract options can be tailored to your individual needs so whether you need to buy currency today or at a later date, even if you do not have all the funds available talk to us as we could still assist in order to try and help you make the most of your money by getting an excellent, commercial exchange rate.
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