Foreign Transfers - BestExchangeRates Research
How-to Guides and tips on the best way to save money on International Bank Transfers
The Australian dollar has fallen this morning following a downgrade of China’s debt rating by US ratings agency Moody’s.
The giant Asian nation has been assigned a new rating of A1 (from Aa3) by the agency on the grounds that its “financial strength will erode somewhat over the coming years.” It is the first time in nearly three decades that Moody’s has cut China’s sovereign rating. View article >
As of writing, a little before 5am GMT on Tuesday, the Australian dollar has reached 0.75 versus the US dollar. This psychologically important level will be welcomed by Australian dollar bulls who, more than most, have suffered during the past two months after watching the currency decline from 0.7750 to 0.7328 between March 21st and May 9th.
Including today’s move, today marks the ninth day in ten that the AUD/USD exchange rate has climbed. View article >
In the past several hours, the euro has surged following the release of comments from German Chancellor Angela Merkel, who has said that the single currency is “too weak” for Germany – weakness which is “due to the ECB’s policy” and which “makes German goods…comparatively cheap.”
As of writing at 13:35 GMT, the euro is buying $1.1245 and remains close to its intra-day high (and new six-month high) at $1.1249. View article >
In Conan Doyle’s Hound of the Baskervilles, the legendary detective Sherlock Holmes solves a crime using his knowledge of what didn’t happen. Specifically, when Holmes learns that the victim’s dog had not barked during the night of the theft of a prized racehorse, Holmes knows that the offender is likely known to the dog – an insight which leads Holmes in the right investigative direction. View article >
Brazil’s financial markets are in shock following further revelations of bribery and corruption involving the country’s president, Michel Temer.
President Temer was yesterday forced to deny newspaper reports that he had discussed paying off a witness in an ongoing corruption investigation. And in a day of full scale political turmoil, two MPs began impeachment proceedings against Temer, and Aecio Neves, a political ally of the president and a man also accused of bribery, was suspended and had his home raided by police. View article >
The likelihood of a US rate hike in June is falling fast, as is the US dollar.
Just one week ago, the implied probability of the Federal Reserve hiking US interest rates at next month’s meeting – a probability derived from prices in Fed funds futures
contracts – stood near 85%. As of Monday, that probability had fallen to 74%, and at the end of yesterday’s session (Wednesday), it stood at roughly 62%. View article >
Bank of America Merrill Lynch predicted yesterday that the Australian dollar-to-US dollar exchange rate will fall to 0.7 within 2017 – a move that would mark a near-6% fall from yesterday’s closing rate of 0.7426.
Analysts at the bank have come to their conclusion following an in-depth analysis of Australian steel production rates and port shipment data, both of which they see as indicative of likely currency direction, and both of which are declining. View article >
The price of WTI crude oil rose by almost a dollar yesterday to $48.79 – it’s sixth daily gain in the past seven – and prices in the futures market for 62% iron ore held above $60 per metric ton, both of which gave a boost to commodities currencies.
Oil rallied after energy ministers from Russia and Saudi Arabia – the world’s top two oil producing nations – said yesterday that plans to limit oil output would be extended by nine-months to the end of Q1 2018. View article >
In the four-weeks leading up to last Friday’s close (May 12th), the Japanese yen had been one of the world’s worst performing currencies against the US dollar, falling 4.3% within that time.
The yen’s weakness during that period marks one hell of a turnaround from the four-weeks immediately prior, in which the yen was one of the world’s strongest currencies, gaining 3.9% against the dollar. View article >
It was a quiet day in markets on Friday.
The VIX index closed at 10.4, marginally higher than Monday’s dismal close in the index at 9.8, but remains near to multi-decade lows.
Commodities prices – key drivers of CAD, AUD, NZD and emerging market currencies – traded in narrow ranges. US WTI oil traded within a $0.72 range, its narrowest since May 1st. View article >