Exchange rates volatile during pre budget report - GBP movements against USD EUR CHF CAD AUD NZD SEK NOK DKK AED ZAR & More

Sterling had a really rocky day on the markets yesterday as Alistair Darling announced his pre budget report.

At first, we saw Sterling strength as no windfall tax on bank profits was announced which led to Sterling gaining early ground against a basket of major currencies.

As always throughout 2009 Sterling took one step forward followed by rapidly taking two steps back later on in the report - this appeared to be down to announcements that National Insurance contributions will rise in April 2011, VAT as we all know will revert back to 17.5% in January 2010 and also that bankers bonuses will be subject to a 50% tax levy should they be over £25,000.

By the end of the report red screens were seen in the office meaning Sterling had weakened against the vast majority of currencies, this just goes to show that by having a personal account manager that can keep you up to date with market movements you can save a lot of money on any transactions you are looking to do - for example if you were buying £100,000 of Euros yesterday - catching the rate at the right time would have achieved you around €1000 more - certainly worth taking seriously!!

By contacting me I can ensure you are kept up to date with rate movements and you can secure an exchange rate with just one phone call - very handy for those with a busy life.

Also today - The Bank of England interest rate decision due at 12:00pm - no rate change is expected but be aware of any potential announcements regarding quantitative easing or bank lending rates - this could cause a lot of volatility.

This is a brief summary of todays report for further information feel free to Email Me - Or click on the banner below to see today's full market report Click here to read the full report on our main website

If you have the need to send money overseas or bring money into the U.K and want the best exchange rates and a great service just click on the links below to go straight to our main site and click on the register now button to open a free no obligation trading facility quoting DANIEL WRIGHT as your point of contact.

I assist thousands of clients to send money overseas or receive money from overseas involving the following currencies - Please note I do not deal with cash it is bank to bank only!! AED AUD BHD CAD CHF CZK DKK EUR GBP HKD HUF INR ILS JPY KES KWD MAD MUR MXN NOK NZD OMR PLN SAR SEK SGD THB TRY USD ZAR
Have a great day and thanks for reading!

Daniel Wright