Foreign Exchange - Currency Exchange

Commenting on the Pound's further gains against the Euro, Stephen Heath, Chief Executive of FairFX.com, said: "The Pound has rallied amidst news of the base rate cut, gaining one per cent against both the Euro and the Dollar.

Marc Cogliatti, Currency Strategist at foreign exchange specialists HiFX comments on the news that the MPC have cut UK interest rates by 0.5% to 1.5%: "The reaction in GBP has been broadly positive as the market is relieved that a more aggressive cut was not deemed to be required just yet.

Commenting on the Pound's gains against the Euro, Stephen Heath, Chief Executive of FairFX.com, said:

With sterling in the doldrums, thousands of keen skiers are forgoing the slopes of Europe this winter despite of some of the best skiing conditions for years.

Over the course of 2008, the Pound fell 26% against the Dollar and 23% against the Euro. The tough year left Sterling weak and still falling, however pressures on the pound mean early into 2009 it is now looking undervalued against both the Dollar and the Euro, according to foreign exchange specialists HiFX.

On 1st January 2009 the euro will celebrate its tenth birthday. To mark the anniversary Halifax takes a look at the history of the euro and its highs and lows:

Commenting on the Pound falling to just €1.0229 to £1, Stephen Heath, Chief executive of FairFX.com, said: "It looks as if Sterling is the biggest sale item in town after falling to just €1.0229 to £1, an all time low for the beleaguered currency.

Sterling’s recent falls have been dramatic to say the least, and people who were ‘waiting out’ what they considered to be a bad rate a few months ago have been badly burnt.

With the official exchange rate showing that the pound sterling is continuing to devalue against the Euro, research from Cater Allen Private Bank has found that an increasing number of its clients have been making use of the bank's multi currency account and shifting their cash out of pounds and into euros.

Commenting on the Sterling rate, Stephen Heath, Chief Executive of FairFX.com, said: "Sterling has fallen to just €1.0595 to £1, and is at its weakest rate ever today. The question is now when, not if, we see the Pound fall to just €1 to £1, and perhaps slip even lower.

Commenting on the Pound falling to just €1.1096 to £1, Stephen Heath, Chief executive of FairFX.com, said: "For the first time since the launch of the Euro, Sterling has fallen below €1.11 to £1, and at €1.1096 to £1 it is at its weakest position.

Travellers flying from regional airports could find buying their foreign cash comes at a hefty price tag. New analysis from FairFX.com reveals changing £200 at Birmingham Airport will only get holiday makers €199 after charges – less than €1 for £1

As the pound continues to fall in strength against foreign currencies, Christmas shoppers have been digging-out their old foreign currency and exchanging for sterling.

Commenting on the future of Sterling after yesterday's base rate cut, Stephen Heath, Chief executive of FairFX.com, said: "Yesterday was key for understanding where the Pound is heading. All the key technical indicators show we might see Sterling strengthen against the Dollar.

Marc Cogliatti, Currency Strategist at HiFX comments "After intense speculation, the Bank of England slashed interest rates by 1.00% today, bringing the UK base rate to 2.00%, as the Central Bank attempts to prevent Britain falling into a prolonged recession.

It’s been four months since the Royal Mail announced the closure of 44 of its Post Offices and Bureau de Change outlets across Scotland, as it continues to downsize its retail network.

The Post Office is urging people to donate their leftover foreign coins to Barnardo’s children’s charity, as it reveals that more than £510 million in unwanted foreign cash is lying around in UK homes – an average of £11.07 per adult.

Baydonhill PLC, the FX, overseas property and international mortgage specialists, have highlighted the risk involved in trading Sterling into other currencies in order to buy property abroad.

The prospect of escaping to foreign climes and starting a new life abroad still holds real appeal for many people in the current economic climate but as the pound continues to be battered in the foreign currency markets, HiFX warn that British émigrés could be risking losing as much as £850 million a year when transferring their assets abroad.

Passport? Check. Toothbrush? Check. Clean underwear? Check. Foreign currency...? Apparently this is a familiar scenario for many British business travellers. And those without foreign currency at hand are more likely to be women than men according to a new study by Travelex.

As the QE2 leaves the UK for the final time before becoming a floating hotel in Dubai, figures from foreign currency expert M&S Money suggest that the region continues to be a popular winter destination for Brits.

Marc Cogliatti, Currency Strategist at HiFX comments, "After one of the most hotly debated rate decisions in recent times, the Bank of England delivered its largest interest rate cut in 15 years today, slashing the UK base rate by a full 1.50% to 3.00%, in an effort to shield the ailing British economy from the fallout of the global credit crisis.

Online travel provider Opodo.co.uk has teamed up with FairFX.com to make customers' holiday Pounds go further with market leading exchange rates using the FairFX.com Currency Card.

British pensioners living in Europe have potentially lost out on more than €4 billion of their income in the last two years due to the falling strength of Sterling.

M&S Money is offering to refund in full foreign currency purchased from M&S by customers who had booked flights with Sterling Airways and are now unable to travel.

After weeks of financial turbulence, Australia has emerged as a surprise beneficiary of sterling's slump against the US dollar, according to Post Office Travel Services.

Following the decision by the FOMC to cut rates by 50 basis points to 1.00%, Marc Cogliatti, Currency Strategist at HiFX comments: "The decision to cut has helped equity markets continue their rally seen over the past couple of sessions signalling some risk appetite retuning to the market.

Last week saw Sterling fall against the Dollar by 22 cents - the equivalent to a whole year's average volatility in one week.

Mervyn King's gloomy assessment of an economy "entering recession" prompted currency markets to sell Sterling on speculation that the Bank will cut interest rates in coming months putting future pressure on sterling.

With the pound tumbling to its lowest level in five years, moneysupermarket.com is warning holidaymakers that now, more than ever, they should be using the best credit and debit card overseas.

Gordon Brown’s bank bailout plan has been given a vote of confidence by international currency traders and speculators as currency markets bolster Sterling while equity markets remain chaotic according to currency exchange specialists FC Exchange.

FairFX.com is offering members of the Ski Club of Great Britain the opportunity to apply for a free FairFX.com currency card - normally costing £9.95 for a three year membership. This offer can be applied for online via skiclub.co.uk.

A survey of the foreign currency purchasing habits of Brits heading abroad has revealed that Scottish travellers exchange the most cash before setting off on holiday, meaning they get the best value on their travel money.

Commenting on Sterling's increasing weakness against the US Dollar, Stephen Heath, Chief Executive at FairFX.com, said: "The US Dollar has continued putting pressure on the Pound, sinking Sterling to a five year low. This morning the Pound smashed through the $1.7 level and has traded down to 1.6775.

Currency markets reacted to the UK's announcement of bail out measures to help the banking sector and central banks' rate cuts yesterday with a volatility that many traders have never experienced before according to currency specialists FC Exchange.

Commenting on Sterling's increasing weakness against the US Dollar and Euro, Stephen Heath, Chief Executive at FairFX.com, said: "It was an horrific start to the week for the British currency, as the pound sank further against the greenback on Monday alone than at any time in the past 15 years.

After a volatile week for the travel industry, which saw the collapse of the UK's third largest travel company XL and growing uncertainly in world economies, this week's currency sales for the Post Office reveal that there has been no sign yet of a downturn in demand.

Currency brokers FC Exchange experienced a brief surge in the numbers of people buying Dollar forwards demonstrating they expect the low created by the collapse of Lehman brothers’ bank to be short-lived.

M&S Money is offering to refund in full foreign currency purchased from M&S by customers who had booked holidays with the XL Leisure Group and are now unable to travel.

Foreign currency specialists FC Exchange have revealed that the number of people cashing in on their overseas properties back into Sterling has shot up by 20% over the last year.

Brits have faced a tough summer amidst the credit crisis, rising cost of living, and the poor weather. Now, to compound the misery for anyone planning a late summer break to the Med the Pound has fallen to a record low against the Euro.

With the pound dropping to a record low against the euro on 1 September and falling to a two and a half year low against the dollar yesterday, currency investors are capitalising on this by trading heavily in GBP/USD.

As celebrities and media moguls flock to Venice, the ‘City of Water', for the Annual Venice Film Festival starting 27th August, how they will pay their way during the celebrations is unlikely to worry to them.

With the pound suffering its worst fall against the dollar since 1971 last week, currency investors took advantage by trading heavily in GBP/USD: Barclays Stockbrokers saw 70 per cent of all trades in this currency pair over the 11 days that the pound was falling.

UK customers can take advantage of the strengthening of the Dollar relative to Sterling by opening a Cater Allen Private Bank Account in Dollars. Cater Allen allows customers to hold currency accounts in Euros, Dollars or Sterling - with a minimum balance of just £5000, €10000 or $10000.

As the popularity of destinations outside the Eurozone grows among British tourists, Turkey has emerged as a holiday hotspot for 2008.

A Bolton mum-of-four is celebrating after winning one million M&S loyalty points worth £10,000 to spend in store.

A new card that helps customers budget their holiday spending and reduces risk of fraud has been launched by Tesco Personal Finance.

Whether they are at the top of the Eiffel Tower or in the middle of the American Rockies Brits can now stay in control of their holiday finances anywhere they can use their mobile phone.

With only ten days to go until the start of the Olympic Games, foreign currency expert M&S Money has seen a 25% increase in sales of Chinese currency as British sports fans prepare to cheer on Team GB in Beijing.

During July the Post Office has seen a 44% increase in sales of Chinese Yuan compared to the same period last year.

Stuffing money in your pants - a trick that has long been popular with revellers during nights out on the town - is also being used by travellers according to a new survey by the recently launched Tesco Travel Money Card.

Today (15th July 2008) is expected to be one of the most popular shopping days of the summer as parents prepare for the family holiday getaway.

The Great British summer get away is looking in danger. Credit crunched families planning to escape to sunnier climes will have to battle high inflation, the spiralling cost of living, a weak Pound against the Euro, and extortionate airport currency exchange rates - all before they even step foot on the plane.

Holidaymakers who leave it till the last minute to sort out their foreign currency could find it is a costly mistake.

Half of the people heading overseas for holidays are making expensive last-minute dashes for cash rather than using cheaper, safer and more convenient options.

Anyone heading to America, ‘land of opportunity', to celebrate Independence Day would be wise to ensure they've secured the best currency deal available to help their celebrations go with a bang.

FairFX.com is offering moneysupermarket.com website visitors the opportunity to apply for a free FairFX.com currency card - normally costing £9.95 for a three year membership.

World First is the first currency broker to offer foreign exchange options for the purpose of hedging foreign currency exposures, an absolutely invaluable service at this time of economic uncertainty.

British holidaymakers are likely to withdraw over £7 billion from foreign cash machines this year, but doing so could cost them as much as £284 million in fees, according to MoneyExpert.com.

Holidaymakers who think that they are being saved from a foreign exchange fee if they pay in pounds while abroad could be in for a shock.

UK holidaymakers can now get commission-free foreign currency from new specially designed cash machines at selected Post Office branches.

People going abroad this year can now pick up their holiday money at the same time as their summer reads. Shoppers dashing around the high street for last minute holiday bits and pieces will be able to use 50 new Post Office bureau de change kiosks at selected branches of WHSmith.

Currency specialists HiFX has announced the launch of its Travel Money Online service, offering competitive rates, zero commission and free next day delivery on foreign currency and travellers cheques up to £2,000.

M&S Travel Money will be in the spotlight from this week, with a major new advertising campaign, starring Myleene Klass, airing for the first time on Wednesday 4th June.

Almost 9.5 million UK adults heading abroad for the summer sun will throw money away by waiting until they get to the airport or even their destination, before arranging their foreign exchange, according to Sainsbury's Travel Money, provided in conjunction with Travelex.