5 of the biggest fluctuating currencies
Jan 24
Over recent weeks five of the biggest fluctuating currencies have been sterling, the euro, the USD, the AUD and the JPY.
Many traders specialising in forex trading have been a little surprised by the fact that until September 2011 the euro was one of the strangest currencies and appreciated against the USD over the year by 12.3% and against sterling it appreciated by 6.4%. It was also stronger against the yen than it had been twelve months earlier.
Over the previous week Sterling has continued to fall against the euro hitting its lowest point for four weeks. The UK economy shrank by 0.2% in the Q4 of 2011 and UK retail data has continued to disappoint.
Looking at sterling vs the US dollar, there have been significant fluctuations in the last week which has reversed the sterling exchange rate from being at an 18 month low to being the highest for the last five weeks. Sterling has been strengthened by the possibility of a Greek bailout package which increased pressure on the dollar, however real gains have been held back by fears of additional quantitative easing by the bank of England.
Looking at sterling v the AUD, over the last month the low was 1.5114 and the high was 1.5678. In the case of sterling v the JPY, the monthly low was 119.25 and the high was 122.77.
The yen was badly affected by the fact that Japan produced its first annual trade deficit for over 30 years (mainly as a result of the tsunami and the effect on the nuclear industry) which led to substantial off-loading of the currency as yen long positions were unwound. However the downside was limited by recent strong export figures.
The AUD has been experiencing a period of decline against the USD but recently there has been aq rally to a three month high. The AUD has also risen against the euro.
How do finances work?
Jan 19
Sometimes taking control of your finances can seem really tough especially when there is a minefield of terms and products out there. So how do finances work? Well here is our guide to some of the most popular financial products.
Credit cards
Credit cards – if used properly and wisely – can provide you with a flexible way of borrowing. In effect you use a credit card as a form of payment and the credit card provider is lending you the money to pay for the goods.
Every month you will get a statement which will tell you how much you owe on the card. If you pay of the card in full each month you won’t be charged any interest. However, if you leave a balance on the card then you will be charged interest on the remaining balance and if you keep failing to pay it off interest will continue to rack up.
Personal unsecured Loans
An unsecured personal loan can help when you need to pay for a big purchase such as a new car or to do up you home. A personal loan will normally be cheaper than a standard credit card, depending of course on the deal you get, and has a set monthly repayment amount which will include a set rate of interest and a payment of the body of the loan.
Secured loans
A secured loan works in a similar way to an unsecured loan in that you have a set monthly repayment amount but the major difference is it is for homeowners as it is secured against their property. Because of this the rate you pay is often lower but if you fail to make the repayments your home will be at risk.
Savings accounts
Savings accounts basically provide you a return for the amount of money your have invested in a financial institution. The more money you have in your account the more your return. However, the rate of interest you get will depend on the type of savings product you have.
Current accounts
A current account is designed for your day-to-day financial needs. You will be able to pay money in with ease as well as having instant access to your funds. From a current account you can also set up things like standing order or direct debits to pay your bills with.
3 money management apps for your iPhone
Dec 22There are probably more cheap and effective iPhone apps for managing personal finances than there are for any other type of mobile phone. While this is, in general, good news for iPhone users, it can also make finding the good ones a bit more tricky. These are three of the iPhone apps available for money management purposes.
Mint iPhone Application
This app is ideal for people who simply want to be able to secure quick up-to-date information on their current finance levels. On the downside it doesn’t allow for account updating, but the newer versions of the app do feature a number of improvements, such as being able to update purchase categories and real-time alerts. It represents a good option for people who want quick info on their budgets whenever it is required and offers a very easy-to-use system.
Moneystrands
This app has been given a 4.07 out of 5 score on an app website and is most suited to people with fairly simple budgeting requirements. It is able to support multiple currencies (44 in all), now has a cash account and is able to export data in a number of different types of file – including OFX and CSV. It provides money management information in a number of different formats, including graphs and pie charts, which you click on to receive more in depth information. On the downside, there could be improvements made in the navigation and support search facilities.
SplashMoney
This app enables you to maintain your money in good order and as a major plus point, it can be utilised without needing desktop software, although if you are using it in conjunction with such software it will work with PC or Mac designed SplashMoney desktop software. It also incorporates a number of useful time-saving features, such as the memorised transactions, auto fill and currency converter, in addition to options for changing security settings.
What is payment protection cover and who offers it?
Dec 21
Endsleigh.co.uk are just one of the many insurance companies that offer payment protection cover.
Payment protection cover is also known as PPI and comes in the shape of an insurance cover that has been designed to cover the likes of an outstanding debt. This could be a debt in the shape of credit card debt or an overdraft.
The same bank that has provided you with the credit card or loan as an extra precaution sometimes sells this type of insurance cover.
This type of PPI insurance cover usually covers the policyholder in the event of an accident, sickness or alternatively unemployment. As the policyholder will most likely no longer have a steady income, any one of the above will affect the repayments.
PPI insurance usually covers the policyholder on the minimum repayments for a certain period only. After the policy period is up, the policyholder must find another way to make these repayments.
The cost for PPI can vary dramatically, this usually depends on which insurer you choose to invest in.
PPI insurance can be extremely useful, however you should only take it out if you most certainly need it. There have been many accusations regarding PPI recently and it is said that some polices were in fact mis-sold alongside the likes of loans.
PPI protects an assortment of repayments on any financial products you may have, these could be store cards, bankcards, loans and anything else that is borrowed and therefore requires a monthly repayment.
In many cases, insurance companies will offer you PPI when you take out another policy with them. It is however only optional and should therefore be thought about carefully prior to investing in such an insurance cover.
Endsleigh.co.uk house a specialised team of advisors, these advisors are there to point you in the right direction when it comes to any sort of cover. Visit Endsleigh.co.uk today!
Business Insurance: who needs it and where to find it online
Dec 12
The term ‘business insurance’ covers a range of different policies designed to provide coverage for business of different types. Therefore it is almost certain that some form of business insurance will be required by anyone owning a commercial enterprise. With most of the major insurance companies now operating online, there is a large number of different online sources for securing business insurance.
If you are running a company with a separate business premises – whether it is an office space, warehouse, shop or any other type, you will need to secure commercial property owners insurance. This will protect you financially against any losses you might sustain if the premises are damaged due to fire, flooding or storms, which can leave you unable to access the property. This type of insurance policy will also cover damage to the contents of commercial premises – such as computers – that are essential to the running of the business. Alternatively, if you run a business entirely from your home, you will also need to secure home business insurance – as your normal home insurance will not cover you for losses or damages sustained as part of the business.
Another type of business insurance is public liability insurance, which is designed to protect you against negligence claims brought against your company, or an employee of it, by a member of the public. Again this should be acquired by anyone running a company, whether from home or separate commercial premises. Then there is landlords insurance, which covers buy-to-let-landlords against damage to their property, caused by external factors, or by the tenants. If you are renting property, either for personal or commercial use, you will need to consider this.
All of these types of business insurance can be found online, from a number of reputable providers, including Towergate Insurance. Many companies will provide you with a quote for the services you need, for free via their websites or over the telephone.