The dominance of the US dollar is falling as Russia and Saudi Arabia look to the Chinese yuan for oil trade.
Indeed, a change in how global oil trading is undertaken will have major implications for economies and, as such, investors across the world.
As I was quoted by MSN, Financial Express, Mena FN and Value Walk, amongst other media, one of the most important conclusions of the three-day summit between Russia’s Vladimir Putin Read More
Liz Truss has won the Conservative party leadership and takes over from Boris Johnson as the UK’s new Prime Minister.
Yet her victory is helping to further sink the troubled pound, and it looks as though things will only get worse.
As I was quoted by The Mirror, Pound Sterling Live, London Loves Business and Capital.com, amongst other media, up to now, Sterling is one of 2022’s worst performing major currencies, and on Monday fell to its lowest since 1985.
Part of the Read More
The Pound will likely decline further and more radically next week if Liz Truss is named the UK’s next Prime Minister as expected.
Sterling has registered its largest monthly fall against the Dollar since October 2016, at the height of the Brexit fallout.
Last month, the Pound fell 4.5% to $1.16 and nearly 3% against the Euro. Sterling kicked off September with an additional 0.3% fall against the greenback.
We forecast things will get worse for the Read More
Pent-up demand for international travel has seen a significant spike in demand for multi-currency cards and e-money apps.
We’ve reported a month-on-month rise of 72% in enquiries for our pioneering global e-money app and multi-currency card deVere Vault, ahead of the summer season.
Of course, we always see an uptick ahead of the peak holiday season.
However, following a year of coronavirus restrictions, the urge to go on holiday is bigger than ever, and Read More
The pound is set to encounter substantial volatility this week, and would drop to 1.20 against the dollar should there be a no-deal Brexit, which is looking more on the cards every day.
On Monday the pound lost 0.6% and another 0.2% in early Tuesday trading, as the penultimate round of Brexit talks kick off in London.
As I was quoted by The Guardian, concerns over a no-deal Brexit scenario are impacting the pound this week, dragging it lower against several Read More
Despite rising steeply over the past few days, the pound is still incredibly vulnerable, however it’s crucial that families and investors must not become complacent in terms of substantial declines.
Sterling has hit a 12-week high against the euro and reached new highs against the U.S. dollar. Indeed, the pound has enjoyed an impressive run recently as risk appetite improves amongst investors, partly due to stronger than forecast data.
That said, it’s vital to closely Read More
More and more Brits are moving to buy dollars due to weakness in the greenback coupled with fears over a plummeting pound.
The Dollar Index fell 0.5% on Monday, trading at levels we’ve not seen in over two years.
This sharp dollar sell-off is viewed by internationally-minded Brits as an opportunity to purchase dollars as they fear a steep plunge in the pound in the event of a no-deal Brexit – which is looking increasingly to be the case.
The dollar is being impacted by Read More
Coronavirus is likely to deliver the bloodiest nose to the pound, more so than Brexit and the financial crash of 2008-2009.
The pound dropped to its lowest level on record on Tuesday against the currencies of the UK’s major trading partners.
The Bank of England announced that the exchange rate, which is gauged against a basket of currencies corresponding to Britain’s trade flow, declined to 72.9. There was a slight increase on Wednesday to 74.4.
These Read More
The South African rand has fallen to its lowest-level in almost four years, South African-listed equities have plummeted into correction territory, and a junk credit-rating for the country is now looming.
The widespread rush from risk assets hit commodities, including oil, copper and iron, pushing the Bloomberg Commodity Index to a 33-year low as worries grow over the demand for materials will be weakened as coronavirus drags on Chinese and global economic Read More
Sterling is set to receive a welcome boost after the Brexit Party said it will not come up against the Conservatives in 317 seats in the December election.
Brexit party leader Nigel Farage has announced he will stand aside in all the 317 seats won by the Tories in the 2017 general election, and will only fight seats held by other parties on December 12.
This move by Farage has given Johnson a significant boost in the election as he stands down Brexit party Read More
Although Sterling remained largely unmoved, John Bercow’s refusal on Monday to allow a Meaningful Vote on the new Brexit deal will place further downward pressure on the UK economy.
Sterling experienced a minor downside knock following the decision by the Speaker of the House of Commons, but there was no big surprise.
This highlights that traders are patiently biding their time as they forecast the European Union will allow a Brexit extension in the coming Read More
Whether its Boris Johnson or Jeremy Corbyn in the driver’s seat, the pound will continue to receive a battering in the short to medium-term.
Sterling plummeted 4 per cent on Tuesday within its worst month since October 2016, as the likelihood of Britain leaving the EU without a deal on 31 October increases.
Indeed, as I was quoted as saying in The Sun, The Mirror and International Investment, amongst other media, the British pound is now the second-worst Read More