Market update: Western Union Business Solutions
Commentary by Nawaz Ali, UK Market Analyst
Western Union Business Solutions enables companies of all sizes to send and receive cross-border payments and manage foreign exchange. With deep expertise in moving funds around the globe, access to over 135 currencies, and a global financial network spanning more than 200 countries, we help companies spend less time managing international financial transactions and more time growing their businesses.
Following the acquisition of Travelex Global Business Payments, Western Union Business Solutions will become one of the world’s leading providers of cross-border business payments. Western Union Business Solutions operates through locally licensed affiliates in more than 18 countries.
20 September 2011
A shocking drop off in support for German Chancellor Angela Merkel’s CDU Party is likely the key factor keeping euro zone leaders at odds with each other over new anti-crisis measures to protect the single currency area.
19 September 2011
With Japanese markets closed this morning for a public holiday, liquidity in the Asian session was light. Nevertheless, it is clear which way sentiment is headed at this morning’s start with equity markets across Europe seen opening sharply in negative territory.
16 September 2011
European Central Bank president Jean-Claude Trichet has placed the responsibility on euro zone leaders to make the next move in order to address the current government debt crisis which could yet spark another global meltdown.
15 September 2011
Key developments from the euro zone allowed stock markets to advance yesterday while traders cautiously took on more riskier positions. The euro produced a mild turnaround against the US dollar following a statement which came after a call between officials from Germany, France and Greece.
14 September 2011
Global sentiment remains on a knife-edge and if overnight performance in Asian stock markets is anything to go by then currency moves could be weighted towards safer assets today.
13 September 2011
Markets are witnessing a slight improvement in sentiment on news that China are in talks with Italy over purchasing Italian debt as contagion looks set to spread to core nations within the euro zone.
12 September 2011
There was a show of intent but lack of real action following the G7 gathering in Marseille at the end of last week, although there was a clear divide on how the euro zone should contain its debt crisis.
9 September 2011
A shift in the monetary policy outlook between the euro zone and the US is helping to lift the dollar. ECB’s Trichet said in yesterday’s press conference that the risks to price stability are now ‘balanced.’
8 September 2011
There is a string of event risks on schedule for today. The line up could leave investors in a hurry-up-and-wait mood. First on today’s list is the Bank of England’s policy announcement. Economic data has proven that the UK economy is not immune from the global economic slowdown.
7 September 2011
The Swiss National Bank stunned markets yesterday with a move to halt the franc’s appreciation that has not been seen since the late 1970’s. The SNB said that it would spend ‘unlimited quantities’ to maintain a minimum bid of 1.20 in euro/chf. The announcement sent the franc lower, in some cases, by 10% against other major currencies.
6 September 2011
The sell off in equity markets continued in Asia. As a result, safe haven currencies such as the dollar, yen and Swiss franc are seeing gains at this morning’s start.
5 September 2011
Weak jobs data out of the US seemed to confirm that the world’s largest economy was headed for a double dip recession and Chinese service sector figures touched record lows this morning, compounding the bad news for the global growth outlook.
2 September 2011
The Swiss franc was once again the main benefactor yesterday. Economic data released in the EU and UK showed that manufacturing sectors were contracting.
1 September 2011
Economic data continues to weaken and is prompting a rush for the safe haven US dollar and Swiss franc. The franc was the biggest mover in markets yesterday as the Swiss government announced a stimulus package that was half of what had been expected.
31 August 2011
Sentiment figures released recently in the UK, EU and US all confirm an economic slowdown. US consumer confidence dropped to 4-year lows. The GfK consumer confidence in the UK released overnight also dipped into territory seen during the Lehman Brothers crisis and EU consumer sentiment also plunged as into similar territory.