Rishi Patel, Head of FX trading at FairFX.com, commenting today, said, “The Global equity sell off has prompted safe haven buying in currency markets. The US dollar rally has kept the pressure on the Euro and Sterling and investors will be taking a cautious stance ahead of the major central bank meetings. This morning the pound failed to find any real direction, and there is still some ambiguity as to whether the Bank of England will expand the quantitative easing programme and if so, how far?

"This week is likely to set the scene for where financial markets will finish the year as traders await key decisions from the Federal Reserve, the Bank of England and the European Central Bank. Although markets are not currently expecting a change in base rate by the Federal Reserve, all eyes are watching as traders begin to speculate on the direction of monetary policy.

"If the markets stay cautious we would expect the dollar to appreciate as the ‘safe haven’ currency of choice. And in the UK we could see pressure firmly back on Sterling if the widely debated extension to the Asset Purchase Facility is significant."

FairFX.com is an internet based foreign exchange business with a technology platform that allows it to provide UK travellers with the best foreign exchange rates in the market.

Tuesday 03 November 2009, 10:05am

Tags: bank of england, euro, European Central Bank, Federal Reserve, pound, sterling, us dollar

Commenting on the Pound’s fall against the Dollar, Stephen Heath, Chief Executive of FairFX.com, said: “Sterling has continued to collapse against the Dollar falling to just $1.35 to £1 earlier today, its lowest rate since 1985. When measured against a basket of currencies Sterling has collapsed by approximately a quarter, more than any previous devaluation in the past century.

“The escalation in the banking crisis and news that we have officially entered recession has led to investors dumping Sterling in favor of more secure assets and the Pound falling to its lowest rate against the Dollar in almost a quarter of a century.“

Friday 23 January 2009, 03:44pm

Tags: euro, exchange rates, lock in rates, pound, pound weakness, strong dollar, strong euro

Stephen Heath, Chief Executive at FairFX.com, said: “Overnight investors have dumped the Pound and bought into the safe haven of the US Dollar, adding to the downward spiral which has seen the Pound lose over 20 per cent against the Dollar in the last three months.

“Yesterday, Mervyn King indicated the Pound could fall much faster and further than expected, as he admitted Britain is on the brink of recession and faces an extended and painful economic downturn.

“We are also seeing the Pound weaken against the Euro, with further falls expected.”

Wednesday 22 October 2008, 10:42am

Tags: currency report, dollar, dollar exchange rates, dollar rates, opodo, pound, pound weakness

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. Many market players held the collapse of Bradford and Bingley solely responsible.

"As the pound collapsed from $1.84 to $1.79, a fall of 2.7 per cent, the Bank of England started to face growing pressure to cut interest rates ahead of the MPC meeting in October. However, it is too early to say whether rates will be cut; at the moment it seems a rate cut is likely, but this could change in the blink of an eye. All we really do know is that a rate cut would not do any favors to the sinking Pound."

Wednesday 08 October 2008, 09:47am

Tags: interest rates, opodo, pound, pound weakness, sterling

Commenting on the Pound’s weakness against to Euro, Stephen Heath, Chief Executive of FairFX.com, said: “With the Pound at a record low against the Euro Brits looking forward to a summer in the sun are faced with a costly dilemma when it comes to getting their holiday money.

“Given the current exchange rate volatility and further economic uncertainty to come, Brits could be best off buying their travel money now before the Pound weakens further. They can cut their losses even more by searching out the best exchange rate and not paying unnecessary charges.

“Although the exchange rate is poor now, it could deteriorate further so why not lock-in at today’s rates? A pre-paid currency card will enable Brits to do all of the above while offering the most cost-effective and secure way for holidaymakers to make the most of their cash.

“Travellers can buy a pre-paid currency card in a quick and simple online purchase then simply load it up with as many Pounds as they expect to spend abroad. Not only will this allow them to ‘lock-in’ their currency purchase at today’s exchange rates but will also mean they don’t get overcharged as they would if they bought Euros at an airport or high street bureau de change.

“In addition, pre-paid currency cards work like a credit or debit card but are not subject to the same sneaky charges when withdrawing cash from foreign ATMs or using credit or debit cards when abroad.*

“Prepaid currency cards are the modern way for consumers to spend money abroad. They are convenient, safe and in the case of the FairFX card**, offer some of the best exchange rates around.”

Thursday 10 April 2008, 05:01pm

Tags: euro, exchange rates, lock in rates, opodo, pound, pound weakness, strong euro