Ebury offers local collection accounts in 10 currencies, which can be used to receive local currency pay-outs from Amazon and other marketplaces

The past week has been another extraordinary one in the foreign exchange market, with many currencies hitting new lows and volatility levels spiking to multi-year highs.

The US dollar retreated against its major peers for the second straight day on Thursday, while the pound jumped back above the $1.10 level during another highly eventful day in financial markets.

This week has been another rather extraordinary one in financial markets, particularly in the UK, with gilts, equities and the pound still reeling from last Friday’s openly inflationary budget from Britain’s government.

Uncompetitive FX rates and excessive payment fees add to risk of further hardship as Ebury urges administrators and schemes to do all they can for this community

Sterling has been battered in the past couple of trading sessions, as investors make their feelings about last week’s (not so ‘mini’) budget announcement from the UK government abundantly clear.

The past week has been one of the most tumultuous in currency markets in quite some time.

The Federal Reserve raised interest rates by another 75 basis points on Wednesday, as expected, while indicating that it still has some way to go before it considers bringing its hiking cycle to a close.

The Bank of England is certain to raise interest rates again at its delayed September meeting on Thursday, although the magnitude of the hike (50 vs. 75 basis points) is more of an open question.