Mark Bolsom, Travelex

Market commentary: Travelex

Mark Bolsom is Head of the UK Trading Desk at Travelex Global Business Payments.

Travelex Global Business Payments is a global foreign exchange specialist providing payments and receipt of domestic and international funds for businesses of all sizes. For more than 30 years, Travelex Global Business Payments has provided clients with sophisticated market knowledge, leading edge technologies and practical and innovative solutions tailored to individual requirements. Every year, Travelex Global Business Payments processes payments around the world over 35,000 businesses to 1 million beneficiaries.

Italy expected to vote through emergency austerity measures today

11 November 2011
The pound, US dollar and yen weakened yesterday as investors eased back on risk aversion after the European Central Bank reportedly came to Italy’s rescue. Bond yields on benchmark Italian debt fell dramatically back below the 7% threshold which markets regard as an unsustainable level of interest on borrowing.

Market signals imply the world is on the verge of another financial meltdown

10 November 2011
Market signals imply that the world is on the verge of another financial meltdown after yields on Italian government bonds finally broke through the critical 7% barrier.

Berlusconi finally agrees to resign

9 November 2011
Stock markets and the euro bounced on Tuesday as Italian Prime Minister, Silvio Berlusconi, finally agreed to resign after his government won a vote on a budget report, but failed to secure a majority as confidence in his leadership plummets.

Euro manages to find its feet after reports of Berlusconi has offered his resignation

8 November 2011
After coming under immediate selling pressure on Monday morning, the euro managed to find its feet on reports Italy’s Prime Minister, Silvio Berlusconi, had offered his resignation and Greece were close to forming a unity government in time to sign for more emergency financial aid.

Italy agree to let the IMF offer direct support

7 November 2011
Italy has agreed to let the International Monetary Fund offer direct support in order to address the country’s dire public finances in what appears to be a desperate attempt to dampen speculation Rome will be next domino to fall in the sovereign debt crisis.

Greece overshadows shock interest rate cut from the ECB

4 November 2011
Thursday’s political rollercoaster in Greece dictated activity in financial markets, overshadowing a shock interest rate cut from the European Central Bank as investors seek clarity over Athens’ future involvement in the euro.

Greece not to receive another penny until it decides whether to remain part of the euro

3 November 2011
Any hopes of EU leaders persuading Greece to re-think its astonishing decision to hold a referendum on its bailout package were dashed last night, following showdown talks between German chancellor Angela Merkel, French President Nicolas Sarkozy and Greek Prime Minister George Papandreou.

Greek officials in emergency talks

2 November 2011
Greek officials will hold emergency talks today with France, Germany, the European Central Bank and the International Monetary Fund after announcing that it will be pressing ahead with its shocking call for a referendum on the EU’s hard-fought bailout package which was designed specifically to reduce Athens’ colossal debt pile.

Headlines turning currency markets on their heads

1 November 2011
There are a number of headlines this morning that are turning currency markets on their head and consequently driving strong flows back into refuge assets such as the US dollar.

“I’ll continue to intervene until I’m satisfied”

31 October 2011
Japan gave investors little time to digest the eurozone’s latest plan to end the sovereign debt crisis after it intervened in currency markets for the second time in three months, responding to the yen breaching new record highs against the US dollar on an almost daily basis last week.

Investors surge back into riskier assets in spectacular fashion

28 October 2011
Investors surged back into riskier assets in spectacular fashion on Thursday as equity markets produced a stunning rally subsequent to eurozone leaders defying expectations of more delaying tactics.

Eurozone leaders come good on their promise to end the region’s sovereign debt crisis

27 October 2011
The safe haven US dollar collapsed overnight after eurozone leaders finally came good on their promise to end the region’s sovereign debt crisis.

US dollar plunges to yet another fresh post World War II low against the yen

26 October 2011
The US dollar plunged to yet another fresh post-World War II low against the yen after US consumer confidence fell back to 2009 lows in October. Growing expectations of more US Federal Reserve stimulus also facilitated the greenback’s demise to multi-week lows against pound, euro and franc yesterday.

Euro touches new 6-week highs against weaker US dollar

25 October 2011
Comments from eurozone officials hint that leaders might finally deliver a bold and wide-ranging debt fighting plan at Wednesday’s decisive EU summit.

Euro remains vulnerable, particularly after Friday’s gains

24 October 2011
The EU summit which took place over the weekend has failed to come up with a comprehensive solution to the debt and banking crises in Europe. Leaders say they are getting close to a solution although another meeting on Wednesday should provide more solid details.