Showing articles for January 2009

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Canadian Interest Rates Cut

29 January 2009
The Bank of Canada last week cut interest rates from 1.5% to just 1%, in line with many other central banks around the world.

Normally an interest rate cut would be good news if you need to send money to Canada, however as the move was wideley expected there was little cheer on Canadian exchange rates.

Things have improved slightly in the last 2 days, but as the Pound is still under pressure on international markets, it may be that your rate gets worse before it gets better.

A reputable currency company will help guide you through these volatile times - make sure you don't leave your exchange rate to chance.

Euro interest rates cut - cheaper Euros available

15 January 2009
The ECB have cut their interest rates by 0.5% to 2% today - although this was expected, the Euro has weakened this afternoon meaning that the best Euro exchange rates are now over 1.11.

It is unlikely that we will see a sustained movement on the exchange rate (bad news for those of you transferring money to Spain, France etc), as the cut was already priced in to the exchange rate. A 1% cut in EU interest rates would have been better news!

The Pound has gained nearly 10% since the start of January, meaning the same amount of Euros is now 10% cheaper than it was only 2 weeks ago. Do speak to a foreign currency broker to discuss your requirements for buying or selling Euros.