Foreign Exchange News

Fri 24th Feb 2006 It has been reported by Halifax Travel Insurance today that Britons abroad are losing their purchasing power – meaning that the value of the pound when exchanged for foreign currencies is decreasing. The bank's insurance division claims that British tourists' purchasing power has gone down by a level of 16 per cent in four years. Citing the World Cup in Germany in ...

UK residents abroad can now buy far more for their money in Japan and Switzerland than they could ten years ago, new figures show. But Brits overseas are now worse off in the majority of European holiday destinations, calculations by Halifax Travel Insurance reveal. Movements in the international currency markets and inflation in destination countries mean the British pound will buy you over 20  ...

Bill Condie, Evening Standard22 February 2006 ANGLO American today became the latest mining giant to report record results, with a full-year net profit up 39% on 2004 at $3.7bn (£2.1bn). The company will return an extra $500m to shareholders. OTHER STORIES Lloyds writes off £1bn bad debts Upbeat WPP shrugs off legal worry Market report: Friday 15.00 Orange moves into la ...

By Joanna Chung in London and Jonathan Wheatley in São Paulo   Published: February 23 2006 19:10 | Last updated: February 23 2006 20:57Brazil and Mexico, Latin America’s two biggest economies, announced multi-billion dollar debt buybacks on Thursday, spurring a rally across emerging market bonds. // Brazil said it would buy back $6.64bn of so-called Brady bonds, the country’s total outstanding amount. The move will help remove the stigma associated with the country’s debt restructuring in 1994. ...

Beijing has rebuffed renewed US demands for a faster acceleration of its currency, saying that it would maintain its policy of “gradualism” in building a flexible system suited to the development of its own economy. // A statement published on the website of the People’s Bank of China, the central Bank, part of its quarterly survey of the economy, said Beijing would maintain a “basically stable” renminbi. This phrase, often used by the government, highlights Beijing’s priority of bedding down  ...

Tue 21st Feb 2006 A new Sainsbury's Bank Travel Money Service has been introduced today with a promotion offering customers American Express Travellers Cheque Cards for free. This service would normally charge a fee of £20. The bank claims that its new service offers next-day delivery of foreign currency and traveller's cheques, which will be commission free and can be ordered up  ...

The US dollar strengthened in European morning trade on Tuesday as traders positioned for the release of potentially hawkish Federal Reserve minutes. // The minutes of the Federal Open Market Committee’s gathering on January 31, the final meeting of Alan Greenspan’s reign, will be released later on Tuesday, with some market participants believing the minutes will support expectations that the Fed has two or three more rate rises up its sleeve. “The dollar has edged steadily higher overnight, s ...

By Andrew Balls and Edward Alden in WashingtonPublished: February 19 2006 19:54 | Last updated: February 19 2006 19:54Washington is again seeking to increase pressure on Beijing to allow its currency to rise against the dollar, with threats growing in Congress to consider legislation aimed at slowing the burgeoning US trade deficit with China. // US pressure over the Chinese currency has been m ...