Currencies Brief – 31st August 2017

Pound is biased Negative

The latest consumer credit and mortgage data helped the pound support higher against euro and hold steady against dollar says Currencies Direct, the UK based foreign exchange broker. The full article can be read in this link - https://www.currenciesdirect.com/en/news/currency-news/pound-recovers-from-worst-levels

Pound sterling is under pressure Vs dollar and other major currencies because of the Brexit talks between UK and EU, political uncertainty and economy. The full article can be read in this link - https://www.bloomberg.com/news/articles/2017-08-31/brexit-hit-pound-set-for-worst-month-versus-dollar-since-october

Dollar recovers

“There have been some supportive developments. The data from the U.S. is improving, it looks like we are going to get another solid payrolls report (on Friday),” said Lee Hardman, a strategist with Japan’s MUFG in London. “In general the dollar is trying to stage a rebound over the last couple of sessions, suggesting the falls last week were probably overdone.” The full article can be read in this link - https://in.reuters.com/article/us-global-forex-idINKCN1BB02O

Euro Sinks

“They are somewhat concerned about the euro’s strength and the source piece backed that up again,” said Citi strategist Josh O’Byrne. The full article can be read in this link - https://www.reuters.com/article/global-forex-idUSL8N1LH47Y

Yuan Gains

Chinese currency yuan weakened against dollar slightly but is expected to rebound after a strong economic data. The full article can be read in this link - https://in.reuters.com/article/uk-china-yuan-midday-idUSKCN1AX0CA

Rupee down

The rupee opened 2 paise down against US dollar because the American currency was gaining against the other major currencies. The full article can be read in this link - http://economictimes.indiatimes.com/markets/forex/rupee-opens-2-paise-lower-against-us-dollar-at-64-03/articleshow/60302503.cms

www.xferisfree.com is an upcoming currencies comparison startup. Our mission is not only to help you find the best rates possible but also to provide you the relevant offers that would enable you to buy for less. We intend to provide you with shopping coupons of your favourite brands so that you get a value of more than the money that you paid as transfer charges - thereby making your transfers virtually free. And we would publish articles that would help one decide the best way to transfer money. We are an affiliate  of TransferWise, Xendpay, Azimo, Currencies Direct, Orbit Remit, and World Remit

Please support by using our services and spreading the word.

Thank you very much indeed!