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    Joel Wright  Author: Joel Wright

    Joel has been involved in the markets for more than a decade. During this time he’s worked in market analysis teams in London, in the financial technology sector in Singapore, and most recently he’s planned FX hedging strategies for SMEs in Bangkok. Joel currently writes about foreign exchange for several global businesses.


    Banks Charge Small Customers 25 Times More for FX, Research Shows

    New research from the European Central Bank shows that banks charge smaller customers up to 25 times more for FX forward transactions and that those who fail to compare providers pay 14 times more for FX than those that do.

    Australia Cuts Interest Rates to Record Low

    The RBA has cut Australian interest rates to a record low of 1 percent in an effort to boost inflation. The Australian dollar is slightly stronger following the widely expected decision but is expected to lose 5–7 percent of its value before year-end.

    GBP’s Bright Start to the Year Is a Distant Memory

    The British pound was the worst-performing major currency in the April-June period and remains “impossible to forecast” amid a Tory leadership battle that might force "no deal” or a general election.

    Australians Swerve Thai Holidays with Exchange Rates in the Gutter

    With AUD-THB at a 10-year low, Australians travelling this year to Thailand's wildly popular resorts are facing holiday costs 50 percent higher than those paid in 2012. With exchange rates as they are, those in Oz are choosing better-value destinations.

    Canadian Dollar in the Spotlight After Surging to 16-Week High

    Lifted by oil, economic data and the Fed, the Canadian dollar has soared against the US dollar to a 16-week high and has reached even more impressive milestones against the pound, euro and Australian dollar.

    TransferWise Gets Malaysian Remittance Licence

    No longer will Malaysians sending money overseas be subjected to grossly inflated exchange rates and unnecessary bank charges following news that TransferWise has been granted a remittance licence by Bank Negara.

    Booming Commodities Can’t Save Australian Dollar

    The Australian dollar is at or near multi-month lows against a number of major currencies in spite of a rampant iron ore market — once a great influence on AUD.

    Sterling Nears 5-Month Low Versus Euro

    The UK economy is shrinking, as is the pound, which is buying less than 1.12 euros for the first time since mid-January. Investors are becoming increasingly unsettled over Brexit, particularly with Boris Johnson a hot favourite to become the UK's next prime minister.

    US Dollar at 10-Week Low After Payrolls Disappoint; Fed Rate Cuts Now a Certainty

    Investors dumped the US dollar on Friday after US jobs data came in well short of estimates and cemented expectations for lower US interest rates. In the coming months, the greenback might maintain its value based on safe haven inflows and looser monetary policies in other parts of the world.

    Fintech Money Transfers Up 2,500 percent in South Korea Last Year

    The number of international money transfers handled by fintech providers in South Korea has grown 2,500 percent in little over a year, the country’s financial regulator has said.

    Australia Cuts Interest Rates for the First Time in 3 Years

    The Australian dollar remains stable in the high US$0.69s following the RBA’s decision on Tuesday to cut Australian interest rates to a record low of 1.25 percent.

    Pound Could Be 10 Percent Higher at Year-End as No-Deal Brexit Risks Overblown

    A “no deal” Brexit remains highly unlikely according to experts at Goldman Sachs and ING, and as such the pound is grossly undervalued and could rise strongly from current levels.

    SGD, MYR at 6-Month Lows After Singapore, Malaysia Added to U.S. Currency Watchlist

    The currencies of Malaysia and Singapore were trading at 6-month lows against the dollar on Wednesday following news that the US had added the Southeast Asian nations to its watchlist of suspected currency manipulators.

    Revolut Adds Group-Saving Feature

    This week saw the addition of a group-saving feature in Revolut. “Group Vaults” are an extension of popular Vault functionally that Revolut introduced last year.

    Expensive Holidays for Brits After Pound Slips for Record 13th Day; What Next?

    The British pound fell on Wednesday for a record thirteenth consecutive day against the euro. The currency is taking a Brexit-induced beating days before May’s half-term school break — a popular time in the UK for family holidays.

    Banks Fined €1.1 Billion for Currency Manipulation

    Five banks have been fined a collective €1.07 billion by the European Commission for running a “cartel” that manipulated foreign exchange rates for financial gain.

    Sterling in Trouble: Eighth Day of Losses Takes GBP to 3-Month Low

    The British pound fell on Wednesday towards a 3-month low against the euro and US dollar as attention turned back to Brexit and after lower-than-expected wage growth lessened prospects for a Bank of England rate hike.

    Australian Dollar at 4-Month Low After China Announces Tariff Retaliation

    The US-China trade war is hotting up and that’s bad news for the Australian dollar, which slipped on Monday to a 4-month low against the dollar, euro and yen.

    Canadian Dollar Shockingly Undervalued, Analysts Say

    The Canadian dollar might be worth considerably more towards the end of this year based on research by Scotiabank analysts who describe the currency as being “egregiously” undervalued.

    Australian Dollar Leaps as RBA Stands Firm on Interest Rates

    The RBA left interest rates on hold at 1.5 percent on Tuesday, spurring big gains for the Australian dollar, which had slipped beforehand to long-term lows against several major currencies. Roughly half of economists had expected rates to be cut by 25 basis points.

    AUD/INR: A Perfect Storm for a Higher Exchange Rate

    Seasonal weakness, election uncertainty, strong technical support and oil market complications should be more than sufficient to spur an AUD/INR rally into mid-year.

    Consumers Throwing Away Billions on FX Fees (TransferWise Study)

    As in the rest of the world, consumers in Singapore are being fleeced when it comes to foreign exchange costs, a study by TransferWise has revealed. Individuals in Singapore are being charged 15 times more on international payments than companies are, with S$2 billion lost in hidden FX fees annually.

    British Pound in Great Form with Brexit Troubles Fading

    Constructive Brexit talks between UK politicians have imparted a sense of renewed optimism that has lifted the British pound to a 2-week high against the dollar and to a 3-week high against the euro.

    India Pursues Complete Ban on Digital Currencies

    Cryptocurrencies and the blockchain technologies that support them are at the forefront of remittance-industry innovations, but these are under attack in India, where a complete crypto ban will be proposed in May.

    Dollar Turbocharged by Economic Data; At Long-Term High Versus Euro, Franc and Krona

    A turbocharged US dollar is likely to be “stronger for longer” after reaching long-term highs against a host of major currencies, including the euro, Swiss franc and Swedish krona.

    Swiss Franc Slumps to 6-Month Low Versus Euro

    The Swiss franc continued its shocking run of form on Tuesday, slipping against the euro to its weakest level in 6 months.

    8 Percent Drop Coming Soon for Australian Dollar; RBA “Wants a Weaker Currency”

    HSBC has reaffirmed its US66¢ year-end forecast for the Australian dollar, thereby signalling an upcoming 8 percent slide in the world’s fifth most traded currency.

    SGD/MYR at 17-Month High; Ringgit Slumps on FTSE Index Deselection

    What is arguably Southeast Asia’s most important exchange rate, Singapore dollar-Malaysian ringgit, leapt on Thursday to its highest level since November 2017, driven by FTSE Russell’s decision to reconsider Malaysia’s inclusion in an important bond index.

    Commodities Boom Will Take Australian Dollar to US$0.74

    The Australian dollar is forecast to climb to US$0.74 in the coming months, supported by a commodities boom that has seen the price of Australia’s largest export, iron ore, climb to a 5-year high.

    Brexit This Year Now a Toss-Up, Bookmakers Say; What Next for Pound?

    With the chance of a 2019 Brexit now reduced to 50 percent, the pound’s value is likely to remain capped for the time being, most likely near US$1.34, experts say. On the downside, US$1.24 is likely should the latest Article 50 extension be used to hold a UK general election.

    Euro to Sink to US$1.08, Says ANZ

    The euro hasn’t traded as low as US$1.08 since the early portion of 2017, but that’s where we’re heading within the next 3 months, analysts at ANZ believe.

    AUD/NZD at 10-Week High and “Likely to Run Higher From Here”

    The Australian dollar-New Zealand dollar exchange rate rose on Friday to a 10-week high as traders continue to make bets on monetary policy divergence between the RBA and RBNZ. Even higher rates are expected by teams at TD Securities and Societe Generale.

    Bitcoin More Popular Than Visa, MasterCard for Large Payments; Recent Price Surge Only the Beginning (DataLight)

    Research has highlighted the popularity of bitcoin for large payments, including those across borders. By transaction volume, bitcoin has nearly caught up with Mastercard and may in future overtake the market leader, Visa. In the markets, bitcoin’s sudden surge earlier this week is yet to be explained.

    Get Ready for Sterling’s “Big Finish”; Australian Dollar at 2-Week Low

    Goldman Sachs is backing British MPs to soon find a way through the current political deadlock, after which a “big finish” is expected by the British pound. Meanwhile, pessimism surrounds the Australian and New Zealand dollars, both of which have fallen to multi-week lows.

    Banks Bet Against Aussie, Kiwi Dollar

    For much of this year, banks have been betting on further Australian dollar deprecation, but after last week’s RBNZ shocker, they have also given a thumbs down to the New Zealand dollar.

    TransferWise Announces PayNow Funding Option

    TransferWise is now officially offering PayNow as a funding option for users in Singapore, the company has announced.

    Shocking Loss for New Zealand Dollar After RBNZ Says a Rate Cut Most Likely

    The New Zealand dollar plummeted on Wednesday after the RBNZ said its next move on interest rates was likely to be a cut.

    Benign Brexit Outcome Most Likely; Pound to Strengthen, Says Bank of America

    Developments this week make a “benign Brexit outcome” the most probable and offer reason enough to be favouring British pound appreciation for the foreseeable future, analysts at Bank of America Merrill Lynch have said.

    Revolut Steps Up Brexit Preparations

    Fintech hotshot Revolut has written to millions of its customers to warn that new verification documents will be needed in the event of a no-deal Brexit; it has also called on the UK government to get serious about post-Brexit tech visas.

    Australian Dollar: Last Week’s Price Action Suggests Further Declines

    Given what should have been obvious advantages, the Australian dollar’s inability to gain against the US dollar last week is an ominous sign that suggests further Aussie depreciation in the near term.

    US Dollar Plunges After Fed Signals No Rate Hikes This Year

    The US dollar crumbled on Wednesday after the Federal Reserve signaled it would keep interest rates unchanged throughout 2019, thereby backtracking on the two rate hikes it predicted in December.

    CBOE Ditches Bitcoin Futures Amid Reduced Interest

    Amid declining interest, the Chicago Board Options Exchange, or CBOE, has announced it will no longer offer bitcoin futures contracts once current contracts expire in June.

    Canadian Dollar to Lose a Further 5 Percent, Will Soon Buy Only US$0.71 (TD Securities)

    Prospects for the Canadian dollar have turned “considerably to the downside” and the currency is likely to lose 5 percent of its value this year, TD Securities has said.

    Australian Dollar Still Struggling; AUD/GBP at Lowest Since 2016

    A slight advance in AUD/USD this week to $0.705 is hardly cause for celebration; however, the stability this represents following 3 weeks of losses would normally signify reduced currency pessimism—in this case, it doesn’t even do that.

    Pound Falls From 21-Month High After Doubts Cast on May’s “Legally Binding” Assurances

    The pound fell rapidly away from long-term highs on Tuesday morning after Britain’s Attorney General said that the “legally binding” assurances secured on Monday night by Theresa May merely “reduced the risk” of the UK being trapped in a permanent backstop.

    Australian Dollar, Euro Get Lift from “Too Bad to Be True” US Data

    US jobs growth of only 20,000 in February, versus expected growth of 180,000, has allowed rest-of-the-world currencies to claw back ground against the US dollar which, until Friday, had been on a stellar run.

    Revolut Introduces Auto Currency Exchange

    Digital bank Revolut announced this week the introduction of a significant new feature: auto currency exchange based on targeted exchange rates.

    Messaging Apps to Take Slice of Remittance Market Using Their Own Cryptocurrencies

    Users of popular messaging apps, including WhatsApp and Line, might soon be able to make cross-border payments effortlessly. In a move that will further disrupt the payments industry, the creators of such apps, including Facebook, are working hard to develop their own digital currencies that can be transferred to anyone in a user’s contact list.

    “Witching Hour” Woes: Currency Traders Wary of Flash Crashes During Quietest Part of Day

    Currency traders continue to be wary of the potential for flash crashes during the dreaded “witching hour” between the end of New York’s business day and the start of Tokyo’s. Flash crashes can cause massive losses to those on the wrong side of them and without central bank intervention more of these are on their way.

    Canadian Dollar Still Friendless After GDP; Fair Value Much Lower

    After a friendless Friday, the Canadian dollar has continued to lose value at the start of the new week. Now worth C$1.332 per USD, the loonie is at a 12-day low, but it has far further to fall if CIBC’s fair value estimation of C$1.4 is anything to go by.

    Mega Bank Ends Cash Remittances

    Japanese mega bank MUFG has announced it will end all over-the-counter money transfer services in June of this year in an effort to avert money laundering.

    Sterling Leaps to 21-Month High on Prospects of Brexit Delay, Second Referendum

    The British pound has hit a 21-month high against the euro following increased speculation of a delayed Brexit and after Britain’s opposition party leader said he would now back a second referendum on EU membership.

    Revolut Readies Singapore Launch

    Revolut, a digital bank that allows users to receive, send and spend money at the interbank exchange rate, should be ready for its Singapore beta launch in March 2019, the company has said.

    Pound at 2-Week High Ahead of May-Juncker Brexit Meeting

    The British pound was in high demand on Tuesday ahead of an important meeting between British PM Theresa May and EU officials, at which investors are hoping for a Brexit breakthrough.

    Euro to Strike 20-Month Low This Week; $1.12 Beckons

    Those intending to pick up euros this week should consider heeding warnings offered by MUFG. The bank expects the euro to move towards cheaper levels in the coming days and it would therefore be unwise to pay rates offered on Monday.

    China’s Ant Financial Acquires WorldFirst

    Chinese fintech giant Ant Financial has acquired British payments specialist WorldFirst for an undisclosed amount.

    New Zealand Dollar Jumps After RBNZ Says It Won’t Lower Interest Rates

    The New Zealand dollar leapt on Wednesday in response to the latest remarks from the RBNZ, which said that interest rates in New Zealand would not be lowered this year or next, wrong-footing investors who had adjusted FX positions to account for lower rates.

    Dollar Optimism Drives Markets

    Against a basket of currencies, the US dollar struck an 8-week high on Tuesday after US lawmakers reached an agreement on border security funding and as hopes build for a breakthrough in US-China trade talks.

    Cryptocurrencies Soar: Litecoin Gains 30 Percent

    Cryptocurrencies exploded on Friday for reasons not fully understood by analysts. Litecoin was among the day’s stars, gaining 30 percent. Brokers, though, remain skeptical about the rally’s sustainability.

    Tough Week for Australian Dollar as RBA Disappoints on Growth, Interest Rates

    Further losses on Friday cemented the Australian dollar’s status as the week’s worst performing major currency. Depreciation has been driven by Australia's central bank, which has slashed forecasts for 2019/20 economic growth and signaled it could lower interest rates.

    Pound Rejects Lower Prices After Bank of England Slashes Growth Forecast

    The pound rejected sub-US$1.29 levels on Thursday even after the Bank of England slashed growth forecasts, indicating underlying strength. Analysts say that the pound will rally to buy US$1.40 should Theresa May secure the EU concessions needed to pass her Brexit withdrawal agreement.

    Australian Dollar in the Headlines This Week; Latest RBA Forecasts Due

    With a number of Australian data releases, RBA statements and forecasts on the economic calendar, the Australian dollar is likely to be in the headlines this week, for good or bad.

    Canada’s Largest Crypto Exchange Files for Bankruptcy

    Canada’s largest crypto exchange, QuadrigaCX, has filed for bankruptcy. Additional bad news for the crypto industry was hardly needed given cryptocurrency prices 80 percent below 2018 peaks. Price predictions are now “pointless,” one analyst says.

    Pound Reverses from 3-Month High After MPs Reject a Delayed Brexit

    The pound is back trading in the US$1.30s after British MPs rejected a proposal to delay the UK’s exit from the European Union, which analysts say increases the likelihood of "no deal."

    AUD Steady Ahead of Inflation, FOMC and Trade Talks

    The Australian dollar was little changed on Tuesday despite what should be AUD-supportive remarks from an RBA board member. The Aussie remains subdued ahead of important inflation data, a Fed meeting and a second round of trade talks between the US and China.

    Investors Ditch US Dollar Ahead of Fed Meeting; GBP/USD at 15-Week High

    The US dollar recorded its largest one-day fall in nearly 3 months on Friday as the attention of traders turned back towards an increasingly cautious Federal Reserve.

    Researchers Make Sweeping Cuts to Australian Dollar Forecasts

    Within recent days, a host of experts have cut forecasts for the Australian dollar, indicating a new wave of pessimism on what is already the past year's worst-performing major currency.

    Bitcoin Is a Bubble: It’s a “Classic Case,” Says RBNZ Head

    Bitcoin looks “remarkably like a bubble” to the Acting Governor of New Zealand’s central bank, Grant Spencer. Speaking to TVNZ this weekend, Spencer – who will lead the RBNZ’s Monetary Policy Committee until March – said that bitcoin appears to be a “classic case” of a financial bubble. “Over the centuries we’ve seen bubbles and […]

     
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