Currency news and market updates to keep you updated with the trends and events that affect exchange rates.
Currency rates were extremely volatile last week as the coronavirus situation worsened day by day with various countries implementing ever-tougher measures to stop the spread of the disease.
This week the US Dollar was touching three-year highs when valued against a basket of major currencies. The greenback's traditional role as one of the safe-haven currencies is helped by a domestic economy that is largely immune to the threats of the coronavirus.
The strong start to the year for "risk-on" currencies is already a distant memory.
The threat of a proxy war between the US and Iran in Iraq has pared back some of the recent gains of "risk-on" currencies.
Key Takeaways from the ACCC inquiry into currency conversion services. BestExchangeRates referenced among comparison sites playing an important role in customer awareness of the excessive currency margins charged by banks.
Both the Australian dollar and British pound sterling have had a hard time of late caught between the rock of the China/US trade war and the Brexit hard place.
Enthusiasts would have us believe that Facebook’s own digital currency, Libra, will instantly revolutionize the remittance industry upon its release in 2020 — except it won’t. A harsher reality awaits, with conversion costs, capital gains taxes and a lack of Libra-priced goods all likely to limit its appeal.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The operator of the world’s largest financial messaging system, SWIFT, has said it will trial real-time "gpi" cross-border payments using the European Central Bank's TIPS platform. SWIFT gpi has been developed as an answer to distributed ledger payment technologies, most notably Ripple.
The struggling Australian dollar will lose a further 5 percent of its value against the US dollar and pound before the year is out, and 3 percent against the euro and New Zealand dollar, Westpac predicted on Friday.
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.
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.
For many currency routes, FX costs have been slashed in recent years by a number of industry-disrupting fintechs, allowing such firms to slice great chunks from the banking sector’s lucrative remittance markets. Banks are fighting back, though, by developing low-cost, digital offerings of their own.
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.