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Welcome to Convert Dollars to Pounds!

Thanks for visiting the site.  We provide you with a simple to  use currency converter that will show you the current rate between USD and GBP and how much you will get if you convert Dollars to Pounds.  Soon we will be introducing a handy currency brokers comparison tool that will show you which forex specialist is offering the best rate for you at any given moment.  This will help save you potentially large sums of money if you are used to using your bank when you exchange currency.

If you have any questions, please do not hesitate to get in touch.

Welcome!

Welcome to Convert Dollars to Pounds.  Are you looking to transfer your US Dollars into Great British Pounds?  Maybe you are retuning from a trip to the States, are emigrating to the UK, have business requirements in the UK, or something else?

Canadian and US Dollars at Parity

By the end of Friday’s trading session, sterling gained 0.8 percent to reach $1.5641 versus the United States dollar. The Aussie also gained to $1.0560. Despite the higher levels reached by the greenback, Friday’s trading session saw an unexpected drop. United States unemployment reports showed a gain of 163,000 jobs. Although this is higher than the expected 100,000 jobs, it still leaves the unemployment at a higher level of 8.3 percent. Compounding this issue, the Federal Reserve Bank announced last week that it was not undertaking any new policy measures until at least September. The negative economic data from the United States has given investors hope that the September policy meeting will bring about another round of quantitative easing.

Euro Gains

Versus the United States dollar, the euro rose 1.6 percent to reach a level of $1.2377 on Friday night. At its lowest, the euro was at $1.2167 during the Asian trading session. Comments by the European Central Bank fueled a drop in the already weak euro. The ECB decided last week that it would not be buying government bonds in the near future.

After the announcement by the ECB, the United States dollar rose 0.6 percent against the yen. By the end of trading, it was at 78.59 yen. This is a slight reversal of the trend in recent weeks. Previously, investors had turned to the yen as a safe haven currency. During early morning trading on Friday, the yen reached 78.06 versus the dollar. If the yen keeps appreciating, the Bank of Japan may take action in order to protect their export market. Intervention is expected to happen if the dollar drops below 78 yen.

Canadian Dollar at Parity

Friday ’s trading session also marked the first time since May that the Canadian dollar was at parity with the greenback. The loonie sustained its fourth week of gains against the United States dollar. This gain was fueled by the rise in employment numbers within Canada. During last week’s trading session, the loonie gained 0.2 percent to reach C1.0013 versus the greenback. Currently, one loonie will buy 0.9987 United States dollars.

In response to the rise of the loonie, many future traders are betting that the Canadian dollar will soon decline. Futures or a future contract is an agreement by investors to purchase currency or assets at a set price in the future.

Canada added a total of 9,000 jobs in July which is a marked increase from the 7,200 added jobs in the month of June. The overall jobless rate remained at 7.2 percent in the nation.

Meanwhile, Canadian ten-year government bonds dropped two basis points to reach 1.77 percent.  The Canadian dollar was also trading at C$1.2197 on Thursday against the euro.

India Adds Foreign Exchange Reserves

During the week ending on July 27, India’s central bank developed $1.31 billion to $288.64 billion more in foreign reserves.  The data shows that Indian reserves grew by $589 million to $287.34 billion in the preceding week. Despite the growth in foreign reserve, India’s holdings in gold reserve remained at $25.76 billion.

Asian Currencies Ease

On Friday, many emerging markets in Asia eased up on the gains they made during the previous week. With the statement by the ECB, investors were increasingly risk averse throughout the trading session.

Despite the high value of the yen, some firms in Japan are still posting high profits. Japan’s All Nippon Airways showed a net profit of 668 million yen during its first fiscal quarter. During the previous year, ANA had been operating at a loss following the tsunami and decreased travel demand. By cutting costs and boosting international travel, Japan’s second-biggest airline managed to post increased profits. Compared to this time last year, sales at All Nippon Airways are up 20 percent.

Syria’s Inflation Jumps

With the public unrest in Syria, one-third of small businesses have shut down. This has caused a drastic rise in unemployment and a decline in the growth rate. The nation is presently suffering from a 22.5 percent inflation rate for the first quarter of 2012. In 2011, this rate was at just 4.6 percent. Some estimates also show the unemployment rate in Syria is at a high of 25 percent.

United States GDP Expectations

Most market analysts believe that the gross domestic product for the second-quarter will come in at about 1.5 percent. During the first quarter of the year, the United States showed an expansion of 1.9 percent. With all of the financial uncertainty in the markets, exports and manufacturing data has contracted slightly as world demand drops.

If the GDP report shows a growth lower than 1.5 percent, the Federal Reserve may be forced to take action. Earlier this month, Federal Reserve Chairman Ben Bernanke hinted that the Fed would be willing to take action if the economy deteriorated any further. With the weak economy in Europe and the United States, many investors are speculating on the possibility of future quantitative easing measures. If the Fed adopts a new monetary policy, it would be the third round of quantitative easing measures.

The dollar is currently holding steady against the yen. On Monday, the greenback hit a seven-week low of 77.94 yen. During Friday morning trading, the dollar was stable at 78.27 yen. Meanwhile, the euro rose one percent against Japan’s currency following Draghi’s statement. The last trade for the euro was at 96.09 yen. On Tuesday, Europe’s currency had reached a 12-year low of 94.12 yen. Analysts see resistance at 96.97 yen.

Fiscal Easing by the Fed?

The GDP report for the United States could indicate future fiscal easing measures by the Federal Reserve Bank. On Tuesday and Wednesday, the Federal Reserve Chairman Ben Bernanke gave a testimony before the United States Congress. Although he did not announce any new monetary measures, his testimony hinted at the possibility of future fiscal easing if the economy continues to contract. If the second-quarter gross domestic product is low, Bernanke may choose to adopt new fiscal easing measures. Any new monetary policies could cause the value of the dollar to decrease relative to world currencies.

If the GDP shows at least a two percent growth, the likelihood of the Fed enacting new policies would be significantly decreased. The United States economy is currently seen as one of the strongest among the advanced economies.

Venezuela to Allow Foreign Currency

The latest move by Venezuela toward a more open market was announced on Friday. To make the system simpler, the South American country is now allowing foreign currency bank accounts. Since 2003, the nation has maintained strict controls on the currency exiting or entering the nation. United States dollars in particular have been closely watched by the government of Venezuela. The move to open up the marketplace is geared at getting more foreign investors into the Venezuelan marketplace.  Anyone in the nation can use their foreign issued ATM card or bank account to withdraw Venezuelan bolivars. Foreigners will still have to pay the official exchange rate that is set by the government.

An Introduction to the Forex Markets

An Introduction to the Forex Markets

The Forex market, although technically the biggest in the world, is still relatively misunderstood by the average investor. Many people keep their focus on stocks, and ignore what is going on in other investment circles. For those who are interested enough to learn something about Forex, there is a wealth of opportunity there for the taking. Here are the basics of what you need to know about the Forex market.

What is Forex?The term “Forex” is short for foreign exchange. In this market, currencies are traded against one another. A trader hopes to be able to buy a currency that goes up in value relative to another currency. Then that trader can switch back into the original currency and realize a profit.

Every time a trader enters into a trade, he has to work with two different currencies. This is known as a currency pair. The first currency in the pair is referred to as the base currency, while the other is known as the quote currency. If the order is to buy, the trader is actually buying the first currency in the pair and selling the other. If the trader places a sell order, he is selling the first currency and buying the second one. Profit or loss is determined by what happens with the values of the two currencies that he is working with.

Imagine that you’re trading the EUR/JPY currency pair. This means that you are trading the Euro against the Japanese yen. If you buy this pair, you’re buying the Euro and selling the Japanese yen. If the Euro goes up in value relative to the yen, then you make money when you close the trade out. If the yen goes up relative to the Euro, then you lose money.

How to Access the Market

In order to be able to access the Forex market, traders have to work with brokers. These brokers provide the opportunity for a regular person to trade in the market, by offering large amounts of leverage. The exchange rate between two currencies don’t fluctuate very much over the course of a day or even a year. Because of this, traders have to use very large amounts of money in order to realize any profit. Since most of them do not have hundreds of thousands of dollars to trade on a single trade, brokers give them leverage. For example, in the United States, traders can use up to 50:1 leverage when trading Forex. This means that a trader is controlling 50 times what he actually has in his account. There are hundreds of different Forex brokers around the world. Most of them are regulated by some regulating agency. For instance, in the United States, Forex brokers are regulated by the National Futures Association and the Commodity Futures Trading Commission.

Global Market

Although the Forex market does have some common characteristics with other financial markets, it is definitely one-of-a-kind. The Forex market is a global market, and is not housed in one central location. Instead, it is a market that is facilitated through electronic exchanges around the world. There are several different trading sessions throughout the course of a day. The market is open 24 hours per day, for 5 days per week. Most brokers also do not charge commissions like they do in the regular stock market. Instead, they are compensated with the spread on each transaction.

Getting involved in the Forex market is an investment move that can make a lot of sense for those looking to diversify. Before trading, it is important for traders to do some homework, and learn the basics of how to trade first.

Capital Spreads Review

Capital Spreads is one of the most popular spread betting providers and is owned by London Capital Group – a company that is listed on the London AIM Index. London Capital Group is extremely experienced in the field of spread betting and provides its award winning platform as a white label to many other leading firms. For example, you might not be aware that TD Waterhouse and Intertrader re both powered by the same technology as Capital Spreads.
Up until recently Paddy Power Trader was another firm operated by London Capital Group but due to poor customer numbers, they decided to close their internet doors.
So what makes Capital Spreads so good? Well first of all its spreads are highly competitive with 1 point being charged on many of the leading markets. They are especially worth checking out if you use another broker to trade indices as this is their specialty.
Capital Spreads are currently offering new clients a £250 welcome bonus applicable if a loss is made using their services. This is a nice way for you to speculate on the markets, safe in the knowledge that if things do go pare shaped, £250 will be given back to you. This cash back can be withdrawn back onto your card, or if you wish, it can be used to place further trades.
Like we said before, the platform is well developed, looks very professional and executes trades in the blink of an eye. There are a number of great charting packages available if you want to look in
If you are new to spread betting or simply want to switch to a new provider then Capital spreads review is certainly worth taking a look at. With an unrivalled platform and an excellent welcome promotion then there is not much that can go wrong.