Royal Mail update

ROYAL MAIL’S Matthew Harris contacted the Euro Weekly News on Thursday January 26 with an update on the international delivery service.

“Although we recently resumed International Tracked & Signed as well as International Signed services to all destinations for business account customers and customers buying postage online, we have not actually resumed international services,” he said.

The halt was the result of a cyberattack by a Russia­linked ransomware gang named Lockbit discovered on January 10.

“Following the cyber incident, we have been temporarily unable to despatch export mail parcels to overseas destinations,” he added. “We have temporarily asked customers not to submit new export parcels into the Royal Mail network until further notice.”

USD/EUR: Down from €0.94 to €0.91

The US dollar opened 2023 on strong footing, the currency storming higher in the first week of the year as it was bolstered by a technical correction as well as stronger-than-expected employment figures.

But the ‘greenback’ struggled to maintain this momentum as USD investors continued to scale back their expectations for future Federal Reserve interest rate hikes.

This lead to a particularly strong response to the latest US consumer price index as another cooling of domestic inflation further undermined Fed rate hike bets.

The US dollar then sought to claw back some of its losses after some particularly disappointing US data stoked recession fears and bolstered demand for the safe-haven currency.

However, this only temporarily offset a prevailing risk-on mood, which also contributed to USD selling pressure over the past four weeks.

The Fed is widely expected to deliver a 25bps rate hike in February. Another slowdown of the Fed’s tightening cycle could extend the US dollar’s losses into the coming month.

Currencies Direct have helped over 430,000 customers save on currency transfers since 1996.