Well as expected the Fiscal cliff episode did go down to the wire and will now probably still be spoken about for a while before we hear the end of it – What did it do to the currency markets?
Essentially it increased global attitude to risk (this was shown in the sharp rise in share prices today) which also led to investors pulling out of the ‘safer haven’ of the Dollar and pushing funds into the riskier currencies such as the Australian and New Zealand Dollar.
With this we saw a fairly sharp drop in the value of the Dollar and Swiss Franc making them cheaper to buy and a surge in strength for both the AUD and NZD. The Sterling/Euro pairing has spent the day not really knowing which way to head jumping between the mid 1.23s down to the late 1.22s over the course of the day.
In this current market you either have to have an eye on the rate all the time or you need someone to do this job for you, as the cost of your purchase can change sharply in a matter of minutes and you may get a nasty surprise when you come to purchase or sell your chosen currency.
We can help you with this, a large part of our service includes monitoring the markets on your behalf and we have a range of tools to protect you from adverse market movements such as stop loss and limit orders – Feel free to get in touch and ask how these work , they aren’t as daunting as they may sound!
If you would like an experienced currency broker on your side for any upcoming purchases either large or small for a private individual or a company then feel free to contact me directly by emailing me on [email protected] or by filling in the enquiry form on this page – I will personally get back to every email I receive and please do not think that we are too big for any of you – We are more than happy to help whatever your situation but we do not deal in travel money or cash.
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Personally I feel the U.K may see some fairly good data releases this month so the Pound could be in for a good run – However as always the on-going European crisis and Fiscal cliff could easily turn things upside down at any time!
Happy new year to all of my regular readers and I wish you all a fantastic 2013!