| A bear growls at yen
TOKYO: The yen will slump 5 percent this quarter, the worst start to a fiscal year since 1989, as Japanese invest more of their savings overseas, said Toru Umemoto, chief foreign-exchange strategist at Barclays Capital. Individuals are disheartened by returns on offer in Japan as the central bank's benchmark interest rate of 0.5 percent is unlikely to rise until the third quarter, said Umemoto. The currency will drop to 125 against the dollar, he said, the weakest since December 2002. The yen was lower against all 16 of the world's most actively traded currencies over the past month, with the biggest losses versus higher-yielding currencies such as the Australian and New Zealand dollars. Borrowing costs in both countries are 5.75 percentage points and 7 percentage points higher than those in Japan, respectively.
Brits abroad stung with millions in credit card charges
British holidaymakers will be charged £355 million when they use their credit cards overseas this year, according to new research from uSwitch.com, the independent price comparison and switching website.
uSwitch.com estimates that UK consumers will be charged £204 million on credit card purchases and £151 million withdrawing foreign currency with their credit cards from cash machines.
Banks and credit card companies hit consumers each time they use their cards to make purchases and withdraw cash overseas with the following charges:
Exchange-rate loading fees – the average fee is 2.61% in the USA and 2.59% in Europe, this is added on to credit and debit card transactions (purchases and withdrawals) made overseas by most credit and debit card companies.
Aussie Shows Strength Across The Board Early Wednesday
(RTTNews) - The Australian dollar made advances against the other major counterparts during early trading Wednesday in New York. However, into the overnight hours, Aussie showed weakness to the Greenback, Euro and Loonie but reversed the loses completely soon after. French and Italian February CPI and the British economic data, which were released during the session helped Aussie to gain further versus Euro and Pound. The market now turns toward the Euro-Zone Q4 employment data followed by the US Q4 current account balance and the February import price index data at 8:30 am ET. Later in the day, Australia March consumer inflation expectation, February employment, unemployment, participation rate and the RBA foreign exchange transaction are expected. Overnight New York Wednesday, the Australian currency moved sideways to the Greenback.
Sebastian River Holding's, Inc. Announces Its New Foreign Currency ...
SEBASTIAN, Fla.--(BUSINESS WIRE)--Sebastian River Holding's Inc. (Pink Sheets: SBRV) today announced that the company has formed a new foreign currency division, where Sebastian River Holding's Inc. will be purchasing other countries' currency, which will increase profits to the bottom line. Since the company has a surplus of revenue and is in a good financial position, it feels that capitalizing on other countries' weaker currency value will help Sebastian River Holding's Inc. be able to profit on other countries when they revalue their currency. Sebastian River Holding's will be searching for the right investments that will have the greatest increase in value for the company's earnings per share. "This is going to be a huge division," stated Daniel Duffy, President of Sebastian River Holding's Inc.
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