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Clarien customers chase currency advantage

Bermuda residents have shown increased interest in non-US major foreign currencies after the recent strengthening of the US dollar.

And the pound has taken a beating.

Late on Wednesday, one pound sterling was worth $1.09, having rallied against the dollar after the Bank of England announced the temporary purchases of long-dated UK government bonds.

Early on Monday, the UK pound traded at an all-time low of $1.03 before rebounding to $1.07, as the Canadian dollar also found an attractive low.

In Bermuda, for parents whose children attend UK or Canadian universities, and for any other person or group, the currency valuations provide greater purchasing power overseas.

A spokesman for Clarien Bank Limited said: “As a result of the comparatively strong dollar, we are seeing increased buying of non-USD major foreign currencies and remain well-positioned to support the needs of our clients.”

The pound has tumbled since delivery of the UK government’s mini-budget last Friday by Kwasi Karteng, the Chancellor of the Exchequer, which included sweeping tax cuts.

Meanwhile, one Canadian dollar was worth 73 cents US in late trading on Wednesday.

The Canadian dollar opened 2022 trading at 79 cents, but had dropped to 76 cents at the beginning of this month.

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Published September 29, 2022 at 7:46 am (Updated September 29, 2022 at 8:40 am)

Clarien customers chase currency advantage

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