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Great rate expectations pound sterling

Currencies Direct says it is seeing the pound trade at an all time low on the back of expectations that the Bank of England will cut interest rates further.

It also hasn’t been helped by the US Federal Reserve slashing interest rates to between zero and 0.25%, London foreign exchange trader
Mark O’Sullivan, director for dealing at Currencies Direct, says: “Following the US Fed’s decision to slash interest rates Currencies Direct is seeing a huge dollar sell off which is likely to continue throughout the day.
“The Fed’s move has also put pressure on the Bank of England to follow suit and cut interest rates again in the UK, possibly a full point cut to 1%.
“We are already this morning seeing the pound trade at an all-time low against the euro – 1.1022 – and this is likely to get worse as more investors lose confidence in the pound amid fears about the UK economy.”


Halifax is generous to some at the expense of others

Regarding your story entitled ‘Cutting tracker rates could cost Halifax £575m’ (Mortgage Strategy Online December 9), the move is to be welcomed but being a Halifax borrower on a fixed rate with a low LTV, I wonder what I will be able to get when the deals come out next year?

Payment code wont stop late payments claims Graydon UK

The government’s voluntary code on payment terms to encourage
the prompt payment of bills between businesses is unlikely to spark a genuine move away from late payment culture in the UK, warns credit referencing agency, Graydon UK.

Adviser Matrix gears up for 2009 rush

Adviser Matrix, a free independent research service for brokers says it is anticipating an increase in directly authorised mortgage and independent financial advisers looking to join networks in 2009.

Value for money in DC pensions

The Pension Policy Institute (PPI)’s recent report “Value for money in DC pensions” tries to identify factors by which people can assess whether their pension offers fair value for money (VFM). Fiona Tait provides an overview of the findings. Positive Outcomes It is extremely hard to assess VFM in a pension. Press activity naturally focuses […]


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  • Peter James 23rd January 2011 at 8:29 pm

    Yes you realy need to look around for a good rate when you move money around and don’t think your old broker is going to look after you.

    As a long term customer who had been with currencies-direct for about ten years i was a bit upset when i last phoned up for a large deal on the GBP/EUR pair and the rate i was given by the broker was 2.5% above the current exchange rate.

    When i questioned the broker about this large profit margin he wanted to go on about interest rates might rise in the UK but that has nothing to do with the current spot price.

    I contacted another currency broker only to find i could get a rate of 0.75 above the mid price and sent currencies-Direct an email to complain but did not get a reply which makes the gurantee they offer worthless.