Wise, formerly TransferWise, is expanding into Fiji as it looks to overhaul the Pacific money market. With remittances making up 5% of the local economy, Australia country manager Tristan Dakin said it is hoping to shake up the market and make transfers cheaper, faster, and more transparent. To overcome a […]
Signs that the US recovery is slowing, the Fed's ultra-low interest rates, and rebounds in other countries are weighing on the dollar.
The dollar index fell 2.5% in April, the most since July 2020. Analysts pointed to a brighter global outlook and the Fed's low interest rates.
Most markets were shut for a public holiday, but a key read on the US labor market that could show the best jobs growth in six months was hours away.
The lira is tumbling, as well as domestic stocks and bonds, after the Turkish premier installed the third governor in two years.
The dollar hit its lowest point since April 2018, pressured by investors pushing back into risk assets as COVID-19 vaccines reach the general population. The dollar index is set for its biggest fourth-quarter slide since 2003, having lost 4% so far. Major investment banks, economists and asset managers are predicting […]
Australian businesses and sole traders are suddenly being stung by a new 3% PayPal fee charged on any US transfers, including use of a PayPal competitor to convert currency. The extra charge leaves many online businesses, which frequently trade in US dollars, either paying PayPal’s “horrible” FX rates or shelling […]
Turkish lira soars by as much as 4% against the dollar, after the surprise firing at the weekend of the central bank governor, who many have blamed for the collapse in the currency in the past few years. The treasury minister also resigned and cited ill health as the reason. […]
Global stocks fell on Thursday, driven by fading chances of a fiscal deal before next month’s election, rising COVID cases in Europe and after some Wall Street banks posted weaker earnings. European shares fell following a downbeat session in Asia. The dollar index rose and the US 10 year yield […]
Kristo Käärmann, CEO and co-founder of foreign exchange platform TransferWise, says it makes perfect sense for Australia’s big four banks to integrate the company’s platform in order to get their customers back. Käärmann told Business Insider Australia that after its successful partnership with Up, TransferWise had a number of other […]
Kyle Bass is creating a high-risk bet that Hong Kong’s currency will break free of its peg to the US dollar, Bloomberg reported Tuesday. The founder of Hayman Capital Management has already shorted the currency for more than a year and now plans to use options contracts with 200-times leverage […]
Some nations’ strong fiscal positions and smooth reopenings are creating attractive opportunities to short the dollar, Goldman Sachs said in a Sunday note. The firm highlighted the Norwegian krone as the currency of choice for betting against the dollar. The nation’s healthcare system, demographics, and ability to shore up cash […]
While banks usually offer foreign currency transfers, there are plenty of websites and apps which can provide the service at cheaper prices. We rounded out a list of 5 websites you can use to transfer money overseas, including Airwallex, World Remit and TransferWise. Their fees vary depending on where you’re […]
President Trump complained about the US dollar’s strength several times in 2019, but eight major currencies are set to outperform the dollar this year. The US dollar index (DXY) is up more than 1% year-to-date, rising despite summer recession fears and trade war tensions. Here are the eight major currencies […]
Vanguard Group is testing a blockchain-powered platform that would allow asset managers to trade currencies without using major banks as intermediaries, Bloomberg reported Thursday. The currency market handles $US6 trillion each day, and is currently dominated by firms like JPMorgan Chase and Citi. Vanguard’s platform would skirt the banks’ fees […]
Argentinian traders found a new way around their government’s capital controls – and the bond-trading technique is consistently netting 7% returns, Bloomberg reported. The traders profit off the difference between the US-Argentine peso exchange rate and the government’s new peso value. The official exchange rate of about 56 pesos to […]
The Australian Competition and Consumer Commission (ACCC) has completing its inquiry into foreign exchange (FX) service providers, finding that Australians are paying far too much in exorbitant fees and poor exchange rates. The main reasons FX providers had managed to get away with charging both were a significant lack of […]