The pound fell sharply on the currency markets following comments from the Bank of England. The Bank said that it would be prepared to tolerate a long period where inflation remains above its target rate of 2%. The pound hit a fresh six-month low against the dollar, and was down 0.6% at $1.5573 in lunchtime trade. Against the euro it fell 1% to 1.1521 euros .http://www.bbc.co.uk/news/business-11899862 See the graph of pound v peso : http://www.xe.com/currencycharts/?from=GBP&to=PHP
I don't send money across very often, since my wife came to the UK but when I do this will affect the currency exchange. And we were planning on a trip over at the end of the year and it will be affected to.
Peso rises on news of Japan’s bond purchases The peso inched up on Thursday amid reports the Japanese central bank would push through with its intended stimulus program. The local currency closed at 40.635 against the US dollar, up by 3.5 centavos from the previous day’s finish of 40.67:$1. Intraday high hit 40.60:$1, while intraday low settled at 40.645:$1. Volume of trade reached $709.8 million from $715.2 million previously. The appreciation of the peso, which came with the rise of other key Asian currencies, came as investors expected significant liquidity to flow to emerging markets over the short term. Traders said such an expectation has been partly anchored on the plan of the Bank of Japan to boost the Japanese economy through bond purchases. Portions of the additional liquidity resulting from the asset purchases are expected to go to emerging markets like the Philippines in the form of investments in securities. In its latest policy meeting, the Japanese central bank decided to push through with its asset purchase program to start in 2014. Efforts to stimulate the Japanese economy, a key export market for goods coming from the Philippines and its neighbors, are seen to benefit economies of exporting countries as well. Source:- http://business.inquirer.net/107609/peso-rises-on-news-of-japans-bond-purchases
Hate how much my wife gets out of the exchange when I've sent her money this month and the last, it just seems we are losing money... I'll be glad when she comes over so I can stop doing it..
More woe as Britain loses its triple AAA rating? http://www.tititudorancea.com/z/gbp_to_php_exchange_rates_british_pound_philippine_peso.htm
Yes, I heard that on the news this morning. I understand it happened late last night around 10pm I don't think it comes as any surprise and doubt it will have any significant immediate impacts, but it is another 'nail' so to speak. I'm not sure what the new head of BoE will be able to do when he takes over, but the markets are waiting with bated breath. Seems he has some plans to get UK growth moving 'onwards and upwards'. Thank goodness we don't need to send any money to Philippines just now. I don't see us sending any bank deposits until the rate gets above 65 ( or if it looks like sinking down fast much more)
I would have thought the R.P will soon be pushed up to investment grade.. That will certainly effect the exchange rate. The P.I central bank will have to step in at some point soon IMO.
Well, it's now dropped below 62 Checked at 61.70 I guess that's not as bad as it could have, currency markets do seem to get spooked more than stock markets. I'm now wondering just how long it'll be before our petrol pump prices jump up again. Why is oil still priced in dollars?
"Some oil producing countries and big buyers are hatching a plan to move away from pricing oil in dollars—a potential blow to the greenback's prestige" //www.businessweek.com/stories/2009-10-06/oil-not-priced-in-dollars-by-2018-businessweek-business-news-stock-market-and-financial-advice
Some good news (for some). North Sea oil investment at 30-year high, industry says http://www.bbc.co.uk/news/business-21564947
Effectively 10% fall since early December, I was getting 66.4 at money changers in Manila on 12th December, now I doubt you could get 60.4 would be interested if anyone has exact current local money changer rates. When I left in mid January we were getting 63.2 ish. I can't keep this up, much further and my family are going to have to start taking cuts, at this rate I'll never be able to save to get back there
It really is a tough break for you guys and very frustrating too,Im sure. Im pretty certain that many British expats living here may have to start thinking again long term.. Especially those on Gov pensions.
Has anyone noticed the exchange rate just now. 69.2 today. I noticed it last week when we sent some money, back to levels from 2 years ago.
I caught it at 69.36 briefly on XE yesterday, wonderful there has been a 13 percent movement since late February makes a hell of a difference to me. edit: it's just taken a big drop again back to 68.7
