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Premier FX Update from Private Fund Management in Almancil

cashThe Private Fund management Team writes: "we have linked below a communication from the Financial Services Compensation Scheme which is self explanatory:

See, International Adviser Communication from FSCS - ‘UK Lifeboat scheme won’t cover expats using defunct FX firm

Our suspicions have been confirmed by this communication and it is with regret that customers and clients of Premier FX will not be covered by the Financial Services Compensation Scheme. This is mainly due to the fact that Premier FX were acting and engaging with their customers and clients outside of their authorised and regulated remit under their licence with the Financial Conduct Authority (FCA).

Rising odds of ‘no-deal’ Brexit keeps Sterling struggling

Currencies DirectThe pound resumed its slide lower on Tuesday, with the currency drifting on Brexit uncertainty and rumours that Bank of England Governor Mark Carney has decided to stay in his position for an extra year.
This morning, GBP/EUR is trading at €1.1018, GBP/CAD is holding at C$1.6634 and GBP/USD has advanced to $1.2872. Meanwhile, GBP/AUD and GBP/NZD are both up this morning and trading in the region of AU$1.7612 and NZ$1.9207 respectively.
Today’s session is expected to be a quiet one, with the main market-moving data release being the US Q2 Gross Domestic Product release as well as spending figures in the form of Core Personal Consumption Expenditures. Both figures are expected to impress, so we could see some upside pressure on USD/GBP.

Exchange of information – what changes in September?

Exchange of information – what changes in September?Last September, tax authorities across the world, including Portugal and the UK, began sharing and receiving new information on their taxpayers’ offshore assets and income.

This is carried out under the Common Reporting Standard (CRS) for automatic exchange of financial account information. More than 100 countries have so far committed to obtain information from their financial institutions and pass it on to the clients’ country of residence.

Pound exchange rate weakened by UK government’s no-deal Brexit paper

Pound exchange rate weakened by UK government’s no-deal Brexit paperThe pound plummeted on Thursday as the UK government revealed some of the preparation that would be required to help mitigation the pressures caused by a no-deal Brexit.
Sterling is trading in a wide range again this morning, with GBP/EUR subdued at €1.1094 and GBP/CAD muted at C$1.6788 and GBP/USD climbing to $1.2835. Meanwhile GBP/AUD and GBP/NZD have dipped to AU$1.7622 and NZ$1.9296 respectively.
The US dollar is likely to be in the spotlight today, with markets focused on the Jackson Hole symposium and the latest US durable goods dataext

Pound exchange rates slide as Brexit takes centre stage

Currencies DirectThe pound fell back on Friday, driven lower by ongoing no-deal Brexit worries and renewed demand for many of its peers.
At the start of this week’s session GBP/EUR is muted at €1.1153, GBP/USD is flat at $1.2740 and GBP/AUD and GBP/CAD are holding steady at AU$1.7438 and C$1.6645 respectively. Only GBP/NZD is showing any real movement so far as it climbs to NZ$1.9250.
Today will bring the release of the Eurozone’s latest construction output figures, with the euro likely to advance should output rise in line with forecasts…

Pound exchange rates struggle despite solid upswing in domestic retail sales

Currencies DirectThe pound put on a mixed performance on Thursday, with the UK’s latest retail sales figures failing to drive demand for the currency despite faster-than-expected growth last month.
Sterling is showing limited movement this morning, with GBP/EUR flat at €1.1166, GBP/USD muted at $1.2711 and GBP/CAD stable at C$1.6716. GBP/AUD and GBP/NZD are holding steady at AU$1.7493 and NZ$1.9280 respectively.
Today’s session will see the release of the Eurozone’s latest CPI figures, with investors expecting a muted reaction in the euro despite a likely rise in inflation.

Premier FX officially in administration - hundreds of clients affected

PremierFXAt last, there is news for clients of Premier FX, the Almancil-based foreign exchange company that abruptly closed its doors in late July, freezing its customers’ funds and failing to communicate - beyond a brief message on its website, apologising “for any inconvenience that this may cause.”

On 13 August, 2018, on the application of the FCA, the High Court made an Administration Order in respect of Premier FX Ltd.

Pound US dollar exchange rate tumbles following emerging market sell-off

Currencies DirectThe pound fell to a new 13-month against the US dollar at the end of last week as a collapse in the Turkish lira saw investors flock to USD.
Trade in Sterling appears muted at the start of this week’s session, with GBP/EUR flat at €1.1196, GBP/USD subdued at $1.2747 and GBP/CAD stable at C$1.6760. Meanwhile GBP/AUD and GBP/NZD are holding steady at AU$1.7506 and NZ$1.9363 respectively.
A fairly quiet start to the week in terms of data may leave trade fairly thin today, barring any major Brexit or US trade headlines of course…