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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.”

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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.