USD strength has been the main theme of the week, with focus solely on preparation for The Fed Reserve to begin tapering in November. Initial concerns were raised around tapering beginning too soon with the global economic recovery slowing, as well as high inflation taking place across the board.
The Federal Reserve of the US and Bank of England of the UK both kept interest rates on hold last week. With the markets expecting no changes in rates and Quantitive easing; they were however looking for some forward guidance as to when an interest rate hike may come.
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Wednesday’s main focus for traders was The Fed Reserves Interest Rate decision, an eagerly awaited data release providing forward guidance on interest rates and monetary policy. Rate hikes globally have been a topic of conversation over the past few months with inflation over-shooting many central bank targets of 2%.
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Staying on top of the latest currency news can help you time your transfers more effectively, so find out what you should be looking out for over the next couple of weeks…
The Pound commenced last week much higher against the Euro & US Dollar due to Bank of England’s hint of an interest rate hike. However, the pound has fallen against the Euro and USD towards the close of trading on Friday last week.
In 2001, El Salvador decided to abandon “colon’, its own currency, and adopt the U.S. dollar as legal tender. The reform was intended to control inflation in the country and improve trade relations with the U.S.
