Foreign Exchange | Finance

Lock into exchange rates as Sterling remains volatile, warns HiFX

Sterling fell against the majority of its major counterparts in September according HiFX's latest Global Currency Moves Report.

Sterling plummets against Euro and US Dollar

Sterling has suffered another setback this morning, after UK data revealed that UK inflation prices are continuing to fall. The inflation rate is now currently at 1.1%, lower than the forecast of 1.3% and significantly down on September's figure of 1.6%.

Holidaymakers hoard nearly £1bn in forgotten currency

UK holidaymakers could be sitting on a pot of cash of over £800 million in forgotten foreign currency, the equivalent of over 350,000 return flights to New York or 1.5 million family holidays to Spain. According to a new study, each UK traveller has on average the equivalent of more than £40 in unspent holiday money left over from previous trips.

Pound at 5-month low against US Dollar

The pound is currently headed for a third straight weekly decline against the greenback, as comments from the Bank of England undermine the UK currency.

UK retirees hit hard by the pound's fall in value

Sterling's fall in value has caused serious problems for people who spend part of their time abroad, own property abroad, or who need to send to transfer money regularly overseas. Worth just €1.08 on Friday, the lowest level in five months, Sterling has devalued 26% since August 2007.

FairFX.com launches unique business expenses platfom

FairFX, the online foreign currency provider, has announced the launch of its unique business expenses platform, bringing substantially better exchange rates and significant cost savings to the business travel market.

Aussie Dollar to hit parity with US Dollar, predicts analyst

The Australian dollar is on track to achieve parity with the US Dollar in 2010, according to city analyst Duncan Higgins, of currency broker Caxton FX. With risk appetite in the market on the up, demand for the "riskier" Australian dollar has found strong support, and traders have sold the greenback in favour of its higher yield.

The collapse of sterling

Peter S Ellis, CEO, Foreign Currency Direct: Markets are created by opposing views of buyers and sellers, now for the first time in a long time they all seem to agree. When that happens you can expect seismic shifts in currency values and fortunes to be made and lost. The one thing everyone is agreeing on is that Sterling is likely to fall fast and far. While this is bad news for most of the UK, those doing business overseas, or people with second homes looking to convert their Euros back to Pounds can get the best rates around.

One year on and no change, as parity fast approaches

City analyst Duncan Higgins, of currency broker Caxton FX, warned today of possible parity between sterling and euro as the pound plunged this week, slumping 6% against the euro in one month and equaling its lowest point in five months (€ 1.1012.)

Don’t leave foreign exchange transactions to last minute

Small shifts in foreign currency exchange rates are common and happen in short spaces of time. However, over the past few days sterling has dropped off steadily by over 2%, according to World First.

Falls for Sterling show economy still under pressure

The latest HiFX Global Currency Moves Report reveals Sterling fell against all major currencies last month indicating that the rallies enjoyed in June and July are over.

Sterling falls against both the euro and US Dollar

Bullish global equity markets were unable to prevent the pound from falling to an 11-week low of €1.1461 yesterday before eventually closing at €1.1475. Sterling remains at a low of €1.460 this morning.

Sterling rallies following positive CPI figures

Sterling rallied this morning following unexpectedly positive CPI figures released today. Whilst economic experts had anticipated inflation rates would fall to 1.5%, their steady hold at 1.8 per cent was widely welcomed by the markets. Sterling was bolstered by the positive data, gaining 1.0 per cent against the single currency (reaching a weekly high of €1.1723) today and a high of $1.6577 against the greenback. It also gained 1.4 per cent against the yen (to Y156.33)

Currency swings cost British industry dear

New research reveals that the single biggest challenge for small businesses that import or export overseas is losing out on exchange rate fluctuations (29%). In contrast, just 17% of smaller companies claim to have benefitted from exchange rates working in their favour.

FairFX.com calls on travel money industry to clean up its act

Research out today from FairFX.com, the leading currency provider, exposes some of the practices which too often leave travellers facing unexpected costs.

Protect yourself with a good exchange rate

With the pound on a 10 month-high against the dollar, holidaymakers travelling to the States are being urged to consider fixing their currency exchange rate now. Over recent weeks, sterling has surged on the back of good economic news, including soaring shares and bank profits.

Stable month for Sterling against Euro

The latest HiFX Global Currency Moves Report reveals Sterling remained stable against the Euro in July with less volatility than in June - good news for holiday makers trying to budget for a trip to the Continent.

FairFX.com offers holiday makers $1.67 for every £1

As the pound surges to a ten month high, anyone travelling to the States in the coming months could benefit from getting some of their cash now, to lock in on the current rate of $1.67 for every £1 from FairFX.com.

Sterling rises to 10 month high against dollar

Sterling rose sharply against the US Dollar today, as stronger equities and oil prices boosted market sentiment and enhanced investor appetite for riskier assets.

Sterling firms despite latest growth figures

The pound has recovered from its initial negative reaction to the release of another alarming set of GDP figures at the end of last week where the UK economy fell at a rate of 0.8% in the second quarter, far worse than consensus.

Second-quarter GDP figures dent optimism for pound

The pound fell on Friday against both the dollar and the euro after the first snapshot of the UK's output in the second quarter showed a far less resilient economy than the market had hoped or expected.

Top emigration destinations hit by extreme currency volatility

Extreme volatility amongst some of the top destination countries for British emigres, but more positive news for holiday makers bound for Europe, as Sterling holds steady against the Euro, according to the latest HiFX Global Currency Moves Report.

Caxton FX abolishes all ATM Fees from July 10

Caxton FX has announced that it is abolishing ATM fees on all its prepaid currency cards from the end of next week.

Political tension dents pound’s rise ahead of quarter end

The pound fell at the end of the week against both the pound and the euro after the lack of trust between the Bank of England and the government was blown open by the testimony of Bank of England Governor, Mervyn King, to the Treasury Select Committee on Wednesday but the real test for sterling comes next week.

Repatriating funds increases as expat exodus continues

The last year has seen an exodus of expats leaving their Eurozone homes to return to the UK – but since January 2009, currency broker FC Exchange has seen a massive 60 percent increase on the previous six months of clients repatriating their funds from selling their property abroad.

Volatile foreign currency markets present opportunities

Every business with overseas exposure needs to take a proactive approach to its foreign currency management if it is to protect its profits in wildly unstable markets, according to Caxton FX, the leading foreign currency broker. In the process there are also opportunities for gains.

Sterling shows its vulnerable side amid political uncertainty

Sterling held steady after the Bank of England conformed to market expectations and announced their decision to keep interest rates unchanged at 0.5% this lunchtime.

Tesco travel money tips

Tesco Travel Money is also offering consumers tips on how to keep on top of their holiday spending:

Post Office bureau de change kiosks at selected WHSmith stores

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.

HiFX launches online travel money service

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. The secure service adds to the currency expertise, large volume exchange and money transfer services already offered by the company.

M&S Travel Money advertising campaign starring Myleene Klass

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.

Last-minute foreign exchanges could cost you dear

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.

Get more for your holiday spending money

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.

New foreign exchange service – hedging strategies for SMEs

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.

Foreign ATMs leave a hole in the pocket

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 don't understand dynamic currency conversion

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. According to research by Abbey Credit Cards, as many as 42 million people - that's 92 per cent of the adult population - are unaware of the practice of dynamic currency conversion.

Push the button for holiday cash

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

Brits' attitude to holiday money is pants

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.

10 day holiday countdown starts today

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.

Are summer holidays a financial washout?

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.

Tesco opens 50th Travel Money Shop

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

Dash for cash leaves holidaymakers short

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.

Celebrate Independence Day with the best dollar deal in town

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.

Sales of Turkish currency soar as Brits seek holiday bargains

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

Bolton Mum becomes M&S points millionaire

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

Tesco launches Travel Money Card

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

Text to top-up holiday spending money anywhere in the world

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.

Chinese currency sales increase as Brits prepare for Olympics

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.

Post Office sees boom in pre-Olympics Yuan sales

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

Beleaguered Brits' holiday hopes hit as pound falls against euro

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.

Currency investors take advantage of slide in sterling

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. Barclays Stockbrokers saw 86 per cent of all trades in this currency pair on 1 September while the pound was falling dramatically.

European festival goers urged to secure best currency deal

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.

Currency investors benefit from slide in sterling

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. FX trading allows investors to "short the market" and speculate that a currency will continue to fall versus another currency and therefore gain returns from trading in the right direction. While GBP/USD is the most popular currency pair, Barclays Stockbrokers has seen demand for FX trading surge as investors capitalise on this opportunity.

Benefit from strengthening dollar with Cater Allen currency accounts

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.

Currency markets experience unprecedented volatility

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.

Sterling sinks against the US Dollar and Euro

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.

Post Office reports strong demand for currency

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.

Dollar forwards snapped up

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 offers foreign currency refund for XL Leisure Group Customers

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.

Owners of overseas properties cashing in on strong Euro

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.

'Currency market tsunami' is not yet over

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

Currency markets lurch violently in wake of King's comments

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.

Bottom dollar? No it's a bottom pound

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.

Brown bailout boosts sterling

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.

Hit the slopes without hitting your wallet

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.

Scots top of league table for holiday spending money

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.

Sterling collapses to 5-year low against the US Dollar

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.

What next for sterling as Bank of England cut rates by 1.5%?

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.

Get more for your travel money with Opodo and FairFX.com

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 pension payments abroad fall due to currency fluctuation

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. If the Pound continues to fall to €1.15 Brits may see their pension income fall by a further €750 over the next year calculates HIFX, the currency exchange specialists. As well as wild currency fluctuations, pensioners are also exposing themselves to over £300 a year in bank charges just to transfer their income aboard.

M&S offers foreign currency refund for Sterling Airways customers

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.

Travel boom ‘Down Under'

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.

FOMC cut boosts equity markets and puts dollar under pressure

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. Whether this is the start of a broader recovery or just a correction from the recent sharp decline remains to be seen, however the impact has already been felt in the currency markets with the Dollar giving back some of the recent ground made against both Sterling and the Euro.

Cash Generator and No1 Currency fill the service gap

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.

Foreign currency coins to make a change for charity

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.

Trading into multi currencies to buy property overseas

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. Purchasing property in Europe and US is currently fraught due to the depreciating pound. There has been a flight to quality in money markets meaning international investors are now choosing to have their funds in US dollars rather than Sterling or Euros.

Emigrating to escape economic gloom?

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.

The secret spending habits of the business traveller

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.

Record sales of Dubai currency as QE2 prepares to leave UK

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.

How low will it go? Sterling fall to €1.1096 to £1

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. I fear we won't have long to wait until we see the Pound fall to just €1 to £1, and perhaps slip even lower.

Brits flying from Birmingham airport get just €1 to £1

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

Savvy shoppers exchanging foreign currency for sterling at M&S

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.

Is Sterling set for a winter of discontent?

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. However, November set a precedent and the markets are expected to rally behind the Pound if it falls to around $1.44 to £1. The $1.44 mark is currently a key technical trigger point for traders who will start to support Sterling heavily at that rate for the short to medium term. It is possible there will be further falls next year, but I doubt we will go below $1.3 to £1.

BoE rate decision leaves sterling likely to continue underperforming

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. The rapid deterioration in Britain's economy and sharp drop in prices left the Monetary Policy Committee with ample room to follow up last month's stunning 1.50% cut with another sharp reduction, taking rates to their lowest level since 1951.

"Still falling but undervalued" - HiFX outlook for Sterling in 2009

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.

Ten years of the euro

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:

Sterling falls to €1.0229 to £1

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. As we creep closer than ever to parity with the Euro it looks as if Brits looking forward to cheap European skiing trips in the New Year will have to think carefully about how far their Pounds will stretch in 2009.

Why is sterling weakening so much against the euro?

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. Many wonder why this is happening, but if you look at sterling’s credentials on paper, it actually makes some sense. The reasons behind the pound’s falls can be seen as follows:

Cater Allen customers abandon sterling as euro offers safer return

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.

Sterling weakens to €1.0595 to £1, but airports offer below parity

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.

Brits still keen to travel and Eurozone tops the list

Consumers are still keen to travel abroad during 2009, according to research by Travelex. Already 71% of respondents have travel plans for 2009 and only 17% don’t plan to leave the UK, while 12% don’t know yet. 45% of the respondents plan to visit a country within the Eurozone followed by 15% planning trips to the USA.

Affordable alternatives available to UK holidaymakers

The recent decline in sterling, particularly against the euro and the US dollar, is expected to alter UK holiday makers travel habits, according to the Halifax. An estimated 47 million UK residents visited a country in the euro-zone, an average of 2.96 million visitors per member country.

Sterling rallies amidst base rate cuts

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. The Pound is now trading at €1.1211 and $1.5232 to £1 - and it is expected to claw back further gains in the coming months as Europe and America start to look as vulnerable as rival economies."

Muted but positive response for sterling

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. GBP/EUR is now 10 cents higher at 1.12, from the lows below 1.02 seen in December.

Sterling set to rise phoenix-like from the ashes

Commenting on the Pound's gains against the Euro, Stephen Heath, Chief Executive of FairFX.com, said: "The end of 2008 saw the Pound beaten down to a measly €1.0195 to £1 on 30th December. However, 2009 is looking brighter for the beleaguered currency and we have already seen gains of more than 7.5 per cent since the lows of December.

Don't get caught short on your travel money

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.

Sterling spiral speeds up against major currencies

We have seen Sterling flounder to its lowest this week against a raft of major currencies - hitting an 8-year low against the US Dollar at $1.38 and holding €1.06 against the Euro - and it’s not set to get any better, according to foreign currency specialists FC Exchange.

Europe still a holiday contender as pound pulls back

Holidaymakers planning trips to Europe may find the pound in their pocket stretching further than they thought because the euro has fallen in value against sterling by over seven per cent since late December - bringing many other European currencies with it.

Investors continue to capitalise on FX markets

While Sterling experienced record falls in 2008 and has experienced new lows against the dollar this week, the savvy investors have consistently used this as an opportunity to generate returns by trading more actively in FX markets. Four out of the five most actively traded currency pairs on the Barclays Stockbrokers FX trading platform have involved Sterling, although the most actively traded pair continues to be the Euro/US Dollar pair.

Sterling punished by UK bank bail out

Bob Munro, Senior Currency Strategist at HiFX comments, "Yesterday's huge UK banking bailout package was completely overshadowed by RBS announcing a UK corporate record GBP28 billion loss, leading to their share price falling 70%. To put it context, having taken in GBP 32 billion of funds from the Government and elsewhere recently, their market capitalisation is now less than GBP 5 billion. With equity traders now selling the other UK bank shares, many commentators are suggesting that full nationalisation of the UK industry is very close.

Dollar dashes Sterling strength

Commenting on the Pound's fall against the Dollar, Stephen Heath, Chief Executive of FairFX.com, said: "Despite getting off to a good start in 2009 the Pound looks to be in a sorry state again already, falling to just 1.3950 against the US Dollar - a seven year low - and 1.08 against the Euro.

Is this the end of sterling?

With sterling hitting 23-year lows against the dollar and moving towards parity once again with the euro, it has not been a good week for the Great British pound.

Sterling in biggest freefall ever against dollar

Today has seen Sterling fall to its lowest against the US Dollar for 25 years – hitting $1.35 - and is set to plummet further by the close of markets today, according to foreign currency specialists FC Exchange.

Pound trades against Dollar at lowest levels since 1985

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.

Sterling charges ahead against major currencies

Following yesterday's interest rate decision from both the Bank of England and the European Central Bank, Sterling has begun a climb back up against a basket of major currencies by gaining almost a whole percentage point since yesterday afternoon.

Rate cut unlikely to halt Sterling rally

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 1.00%: "Today's decision by the Bank of England to cut interest rates was widely anticipated by the market and thus there was no negative impact on the UK currency. Sterling has now risen almost 12 per cent against the Euro since the beginning of the year and today's rate cut has not halted its progress. . The Pound is still looking oversold and undervalued so we anticipate that the current correction will continue further before it runs out of steam. Nevertheless, it is still too soon to call a base for Sterling and as yet, the longer term downward trend remains unbroken.

Base rate drops help Sterling rally

Commenting on the Pound's recent rally, Stephen Heath, Chief Executive of FairFX.com, said: "There appears to have been a change of sentiment towards the Pound. Sterling is fighting back despite the base rate cuts, and today alone the Pound has strengthened from a low of $1.4365 to over $1.4650. Against the Euro, Sterling has appreciated from €1.12 to over €1.1440.

A ray of light for sterling?

David Lamb at No1 Currency: This week has seen pound pull away from multi year lows against the US$ as a degree of risk appetite has returned to financial markets.

Sliding Sterling bucks the trend rallying against the US Dollar

Sterling has today rallied back to its highest against the US Dollar in over a week - having hit $1.43 this morning – with this pattern set to prevail for the next few days, according to foreign currency specialists FC Exchange.

Holiday makers enjoy cheap deals

British holidaymakers are taking advantage of a huge range of last-minute travel deals and discounts, and are fleeing the UK in response to the coldest winter weather conditions experienced in over a decade believes Sainsbury's Finance. The bank's Travel Money, which offers commission-free foreign currency, has seen a significant increase in the number of foreign currency transactions processed in January this year compared with January 2008.

Bank accounts "all black" for British expats

At a time when record numbers of Brits are emigrating to Australia to escape the UK's gloomy weather, and even gloomier economic climate, new research by Foreign Currency Direct reveals that Poms living "Down Under" are enjoying a far lower cost of living than Brits who have settled in the other top 10 expat hot spots.

Costa too much?

A staggering number of Brits have opted out of the annual holiday in Spain this year. Research released by Spain’s tourism ministry yesterday showed 148,000 fewer Britons visited the country last month compared with January 2008 – a fall of around 20.5%.

New service to help take the sting out of owning property abroad

Online payments provider Ivobank has launched a competitive new product to help overseas property owners pay bills and transfer money abroad cheaper and easier.

HiFX launches new Online International Money Transfer service

HiFX, the foreign exchange specialist, has launched an innovative Online International Money Transfer service which could save the five and a half million Brits living or working abroad over £1.65bn a year on their international money transfers.

FairFX.com and Matalan offer holidaymakers a free fiver

To help Brits make the most of their holidays this year, FairFX.com is offering Matalan Reward Card holders a free prepaid currency card (normally costing £9.95) loaded with £5 to help them stretch their holiday spending money even further.

Budget drives sterling yet lower

Commenting on the fall of Sterling following yesterday's Budget announcement, Stephen Heath, Chief Executive of FairFX said: "Despite the optimism felt last week as the Dollar hit $1.50 to the Pound, Sterling had a sharp sell-off yesterday afternoon as Darling failed to impress investors with the budget.

Sterling volatility continues to trouble wannabe emigres

Holidaymakers and Brits living on the continent were offered some glimmers of hope last month as Sterling strengthened against the Euro, according to the HiFX Global Currency Moves Report for March. The New Zealand dollar was ranked the most volatile currency in the period leaving the thousands of wannabe émigrés looking to head south in a difficult position.

Sterling faces Budget test but medium term outlook is positive

The UK Budget next week will focus investors' attention on the rate of contraction in the UK economy and the government's borrowing requirement over the next few years.

Caxton FX to offer client money protection scheme

Caxton FX has become the first foreign exchange company to offer its clients a money protection scheme that is authorised and regulated by the Financial Services Authority (FSA).

The right cards will maximise your Euros or Dollars

Money might be tight and the Euro and dollar uncomfortably strong, but a plethora of people will still be heading across the Atlantic or the Channel for the Easter break. Most though will face hefty foreign exchange fees and transaction charges if they don't use the right credit, debit or prepaid card for the job.

Heathrow flies below parity on Euro

Travellers flying from Heathrow could find buying their holiday money comes at a hefty price tag. New analysis from FairFX.com reveals anyone buying foreign currency from Heathrow Airport will get less than parity at just €0.9831 to £1.

M&S Money offers Mexican currency refund

M&S Money is offering to refund in full Mexican Pesos or US Dollars purchased from M&S by customers who had booked a trip to Mexico and have now opted not to travel.

Does the Euro Costa (del Sol) too much?

The collapse of the pound against the Dollar, and to a lesser extent the Euro, mean British holiday makers will find their break in the Med, or their Disneyland trip, much more expensive this year.

Caxton FX sees increased interest in clients moving overseas

The UK Budget last week was notable for the steep increase in personal tax rates for people who earn more than £150,000 a year.

Flocking home - British expats return to the nest

More than double the number of British Expats are selling up their life in the sun and returning to the UK since the impact of the economic crisis hit last year according to foreign currency specialists HiFX. The pound's fall to historic lows in recent months has meant that the cost of living or running a holiday home on the continent has risen to unaffordable levels for some, while others are looking to cash in on sterling's weakness by selling up.

Sterling softer but stable post-Budget

David Lamb, Head of Treasury Services at No1 Currency: Sterling weakened across the board in the immediate aftermath of yesterday’s budget but is currently trading off its lows. An over optimistic growth outlook for next year, almost instantly contradicted by the IMF, and an increase in gilt issuance to fund government borrowing were the main factors behind a 1.5% fall against both the US dollar and euro early yesterday afternoon.

British expats grapple with falling Sterling

The changing fortune of the Pound has increased the cost of moving overseas significantly in the last six months and Britons already living overseas on English savings or pensions are experiencing significant price hikes. With the value of the Pound reaching record lows against the Euro in January, the cost of living as an expat in Europe remains almost 19 per cent more expensive than it was six months ago, in November 2008.