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    Foreign banks closing US accounts in response to US Tax law FATCA

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    Global Tax

    Several foreign banks are closing any and all US accounts following the implementation of the US Foreign Account Tax Compliance Act, also known as FATCA, which will force all foreign financial institutions to disclose full details of any US assets over $50,000 to the US tax authorities.   This includes providing details such as account numbers, Continue Reading

    UK GDP expands, AUD interest rate at record low

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    Australian Dollar interest rates at record low

    In Australia, bets are off that interest rates are going to rise soon.   Currently at a record low of 2.5%, the Royal Bank of Australia are wondering what needs to be done as the housing boom has cooled, and business and consumer confidence certainly aren’t at their once peaky levels. There is also a Continue Reading

    GBP falls on Bank of England minutes

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    Early morning trading saw GBP retract against most major currencies as the market hedged its positions pre BoE minutes. The expectations were for a unanimous vote to keep policy unchanged with the Bank Rate at 0.5% and QE at £375bn. The minutes came in completely as expected. The reaction has seen GBP fall slightly which Continue Reading

    Delayed US employment data in focus

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    Todays focus will be very much on the delayed US Employment figures, in particular the Nonfarm Payrolls at 1.30pm UK time. Remember the US unemployment figure is a key pointer as to when the Fed may consider the fabled tapering – a better than expected payrolls figure will see USD strengthen. Market expectations are that Continue Reading

    Whatever happened to GBP/EUR?

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    With so much focus on GBP/USD of late it feels as though we have effectively ignored the movements of GBP/EUR. However the truth is that very little has happened – GBP/EUR has been firmly range bound between 1.1700 and 1.1900. Traders are now looking at this weeks data releases for some clues as to the Continue Reading

    GBP has strong finish to week

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    Yesterday’s UK retail figures came in better than expected which gave GBP an unexpected boost. After an initial period of strength the US dollar lost 200 pips versus GBP yesterday. The market has begun to price in a reduced chance of tapering from the Fed amid dampened growth caused by the US Government shutdown, Overnight Continue Reading

    US debt ceiling raised

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    The US debt ceiling has been raised until February 7th, with the government fully funded until January. The can has been truly ‘kicked down the road’. The market will now focus on the damage done and the potential for the Fed to taper in the coming months (before the US Government shut down you may Continue Reading