November starts with rate improvements

1 November, 2012

Matthew Boyle

Yesterday saw Wall Street re-open in the US for trading after a more than turbulent few days for America. The effects of the damage caused by “Superstorm Sandy” not only became physically apparent but began to show in USD rates. With an estimated $30+ billion USD worth of damage (and rising) it is no surprise the greenback saw some weakening against sterling and is currently trading its cheapest levels since October 18th.

In Europe news that Spain would now look to extend its short selling ban for a further three months, combined with positive UK housing data supported saw the Euro weaken against the pound by almost a cent, all while former Conservative party deputy prime minister Lord Heseltine has urged the government to take bolder action to stimulate the economy.

And with France, Italy, Spain and Portugal on holiday today for ‘Saints Day’, there is potential for this momentum to continue through the day.

With Halloween now over, if you have any upcoming currency requirements make sure you speak to your Currency Index broker to ensure you avoid getting “tricked” by any potential devilish market movements.