Todays late trading saw Sterling yet again lose ground against a basket of major currencies, taking a huge loss against the dollar following President Bush announcing that he will not allow the automotive industry to "Disorderly collapse".
This is great news for the greenback as it means hundreds of thousands of jobs should now be safer, leading to unemployment figures not rising as much as projected and a little more confidence in the Dollar.
In another worryingly poor day for Sterling it was announced that mortgage lenders have predicted that arrears will rise to over 500,000 in 2009 and a member of the Bank of England annopunced he expects they will follow the U.S and cut interest rates until close to 0%.
An interest rate cut generally has anegative effect on the currency concerened and a hike a positive one, and markets move on rumour as well as fact so these comments also led to the Pounds afternoon downfall.
This is a brief summary of todays report. Click here to read the full report on our main website
If you are buying a property abroad, and want the best exchange rates, just click on the links below to go straight to our main site, or Email Me
Have a great day and thanks for reading!
Daniel Wright
If you are buying a property abroad, and want the best exchange rates, just click on the links below to go straight to our main site, or Email Me
Have a great day and thanks for reading!
Daniel Wright
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