Foreign Exchange

Tue 19 Mar 2024 10:13GMT

0% Commission. Free Transfers. Fast. Secure.

If you need to send money abroad, save time and money by using a foreign exchange broker. Make the smart choice, and use a currency broker today.

I need to transfer...

FX News | Foreign Exchange UK

Welcome to our Daily FX News section at Foreign Exchange UK. Foreign currency specialists, such as TorFX's very own leading trader Luke Trevail, express their opinion on the daily movements of the worlwide FX markets...

Recent FX News

Here's our summary of the latest foreign exchange news...

Sterling Range-bound as Euro Weakens

9 Mar at 10 AM - NEWS LINK: Sterling Range-bound as Euro Weakens
Sterling Range-bound as Euro Weakens
The pound has had a mixed trading session over the last 24 hours closing yesterday relatively stable against the basket of major currencies following a poor showing earlier in the day. RICS house price balance improved and the British Retail Consortium showed that shop inflation indicators accelerated. It’s likely that this data and the...

Sterling falls as ECB Rate Hike Threatened

4 Mar at 9 AM - NEWS LINK: Sterling falls as ECB Rate Hike Threatened
Sterling falls as ECB Rate Hike Threatened
GBP The pound has suffered heavily yesterday as expectations for an early UK rate rise were scaled back after a below-forecast purchasing managers’ survey on the key UK services sector. Markets are pricing in a 25 basis point hike from the record low 0.5% in June or July, with potential for a further two hikes potentially by the end...

Sterling poised for further gains

2 Mar at 9 AM - NEWS LINK: Sterling poised for further gains
Sterling poised for further gains
Sterling has tackled the week positively thus far and remains steady against the euro and dollar, helped largely by strong manufacturing data which helped push the pound to a 13-month high against the dollar. Risk appetite was quashed by a pullback in global stock markets among stubbornly high oil prices and continued unrest in Libya, but...

Euro Rate Hike, Could Happen this Week?

28 Feb at 10 AM - NEWS LINK: Euro Rate Hike, Could Happen this Week?
Euro Rate Hike, Could Happen this Week?
Good Morning. Following on from last week, the pound has started this trading session with a difficult few hours that have weighed on sterling’s resolve to buckle under the mounting pressures that we have been experiencing, as other central banks enter the rate increase race. Sterling’s mood was dampened by Friday’s news of a...

UK GDP set for release

25 Feb at 9 AM - NEWS LINK: UK GDP set for release
UK GDP set for release
The pound fell heavily yesterday across the board as a spike in oil prices drove investors into ‘safer’ currencies and sparked concerns about the impact on an already fragile UK economy. Indeed sterling hit a three week low versus the euro and it may struggle to see any further gains in the short term as the potential interest hike...

Sterling Up as Euro and Dollar Fail to Impress

18 Feb at 12 PM - NEWS LINK: Sterling Up as Euro and Dollar Fail to Impress
Sterling Up as Euro and Dollar Fail to Impress
The pound has started its day well after yesterday’s comments from MPC member Andrew Sentance talked up sterling when he made reference that supported a rate hike, which would assist sterling as inflation needs to be offset. There was robust economic data also, with British Factory orders improving more than expected in February and...

Inflation data to boost Sterling?

15 Feb at 8 AM - NEWS LINK: Inflation data to boost Sterling?
Inflation data to boost Sterling?
Good Morning. The pound remained largely unchanged through yesterday’s trading session but we may see that change today with the markets anticipating change. The CPI data is set for release at 09.30 and interest rates or moreover the pressure to raise will no doubt be making policy makers at the Bank of England scratch their heads....

Euro Falls as Bond Auction looms

14 Feb at 9 AM - NEWS LINK: Euro Falls as Bond Auction looms
Euro Falls as Bond Auction looms
Good Morning. The euro has been in focus over the weekend, as the single currency fell to a three-week low versus the dollar on Monday as investors turned cautious ahead of peripheral bond auctions in Spain and Italy this week. The euro fee to $1.3472 against the dollar and tested €1.19 versus sterling, down 0.5% since the close on...

No Change to BoE rates - Sterling Rallies

11 Feb at 9 AM - NEWS LINK: No Change to BoE rates - Sterling Rallies
No Change to BoE rates - Sterling Rallies
Yesterday saw the Bank of England keep interest rates on hold at 0.5%. Although no-change had been widely expected, markets had priced in a 20% chance of a rate rise. Sterling dipped slightly after the announcement after traders cut their positions. Despite the shock contraction in the UK at the end of last year, expectations of a...

Rate Increase Less Likely say Analysts

10 Feb at 9 AM - NEWS LINK: Rate Increase Less Likely say Analysts
Rate Increase Less Likely say Analysts
Good Morning. We start the day looking ahead to the Bank of England Policy Meeting, with the market players now warning of downside as expectations of a rate hike throughout 2011 may have been overestimated. We did see a slight increase for sterling but gains were limited as the cloud of today’s noon announcement looms ever nearer....

Retail Sales boosts Sterling

8 Feb at 10 AM - NEWS LINK: Retail Sales boosts Sterling
Retail Sales boosts Sterling
Sterling was steady against the dollar overnight with expectations of a UK rate hike may be needed soon to counter inflationary pressures offset by selling from Asian accounts. Better than expected UK purchasing manager surveys in January helped to counter negative sentiment surrounding a surprise contraction in growth in the last quarter...

GBP up as Focus Falls on BOE

7 Feb at 10 AM - NEWS LINK: GBP up as Focus Falls on BOE
GBP up as Focus Falls on BOE
Speculation as to when rather than if the Bank of England will raise interest rates gathered pace, and the support of investors during the early trading session this morning after a report in the Sunday Times fuelled the rumour mill. Sterling rose against both the US Dollar and Euro, hitting a 3 week high on the latter after it was...

Euro weak as Trichet stalls in interest rates

4 Feb at 10 AM - NEWS LINK: Euro weak as Trichet stalls in interest rates
Euro weak as Trichet stalls in interest rates
The pound is looking to round off the week in a much better position than many market analysts thought following from the contraction in the UK economy by 0.5% according to last week's worrying GDP data. Activity in Britain's dominant services sector expanded at its fastest pace in eight months in January as business recovered after...

GBP up on services data

3 Feb at 11 AM - NEWS LINK: GBP up on services data
GBP up on services data
Good Morning. We have started today with positive news from the UK as services PMI came in above expectations. This has bolstered the case for higher interest rates in the UK and has pushed the pound towards a strong resistance area of $1.6282. Activity in Britain’s dominant services sector expanded at its fastest pace in eight...

Interest rate rumors gather pace

2 Feb at 9 AM - NEWS LINK: Interest rate rumors gather pace
Interest rate rumors gather pace
Sterling rallied heavily against both the dollar and euro yesterday as expectations that the Bank of England will now start to raise interest rates by mid-2011 and the general uptick in risk appetite kept the dollar under pressure. Implied interest rate futures based on overnight index swaps were pricing in nearly a 70% chance of a 25...

Sterling Prepares for difficult week.

31 Jan at 10 AM - NEWS LINK: Sterling Prepares for difficult week.
Sterling Prepares for difficult week.
Focus for Sterling this week will be whether the pound can find some stability as concerns about a fragile UK economy as a negative technical picture weighed on sentiment against the pound last week. Sterling steadied against the euro on Friday, but slipped back against a firmer dollar in this trade as worries over rising civil unrest in...

Dollar Suffers after IMF Warning

28 Jan at 9 AM - NEWS LINK: Dollar Suffers after IMF Warning
Dollar Suffers after IMF Warning
Sterling found some support yesterday, drawing from expectations that the Bank of England could raise interest rates by mid-year and underpinned by broader dollar weakness. The pound found support after minutes of the BoE January meeting on Wednesday showed that policymaker Martin Weale joined Andrew Sentance in voting for a 25 basis...

Full-force of UK GDP Yet to be Realised?

26 Jan at 10 AM - NEWS LINK: Full-force of UK GDP Yet to be Realised?
Full-force of UK GDP Yet to be Realised?
Sterling fell heavily, across a broad basket of currencies yesterday after one of the biggest shocks in the economic downturn crippled the pound. The UK economy contracted by 0.5% in the final three months of last year , marking the first fall in output in output since Q3 2009. Market that had been expecting growth of 0.4%, with the...

Shock GDP Figure Shatters Sterling

25 Jan at 9 AM - NEWS LINK: Shock GDP Figure Shatters Sterling
Shock GDP Figure Shatters Sterling
This morning sees the release of the Q4 Gross Domestic Product figure from the UK and Sterling starts the day already on the back foot. Yesterday and overnight we saw the pound fall sharply against the firm euro on an increasingly hawkish outlook for euro zone interest rates and questionable growing expectations for the UK economy...

Sterling Loses Ground in Readiness for Big Week.

24 Jan at 10 AM - NEWS LINK: Sterling Loses Ground in Readiness for Big Week.
Sterling Loses Ground in Readiness for Big Week.
We begin Monday looking ahead into the week with plenty of data that should set the tone as to how the pound favours over the next five days. Following on from last week, Sterling eased against the dollar on Monday, as traders took profits after the UK currency scaled two-months highs last week on nagging doubts about whether Britain’s...