Global markets were somewhat mixed overnight with European equities getting hammered in overnight trade with the Stoxx 50, the biggest loser, down 2.7%. U.S stocks were down in early trade, Dow down as much as 190 points, with many expecting an awful finish. However as is becoming common place a late rally on the S+P, bouncing off 1296 saw U.S equities finish close to even. It would appear 1300 is the new key level to watch, Continue reading
As Globalization continues to take root tourists are finding themselves having to deal with more and more unique currencies. With some trips as long as six month’s as far afield as South America it becomes important to understand what the best bank exchange rate is for these exotic currencies and how you get it.
One thing I have learnt during my own travels and during Continue reading
A Bank Exchange Rate is the rate at which a bank or a non-bank financial institution is willing to buy or sell a particular currency against another. It is not the OFFICIAL exchange rate. This is an important distinction and explains why every bank has a different set of exchange rates.
The official market rate is not set by any one bank or individual, rather it is a function of the markets willingness to buy or sell a certain currency against another. The international foreign exchange market is open almost 6 days a week, 24 hours a day. Continue reading