Fiscal Cliff not avoided by mere political posturing, says HiFX

Wednesday 2nd January 2013

By Jason Gaywood, director, corporate premier services at foreign currency exchange brokers HiFX:

“The events in the US over New Year are truly remarkable but perhaps for all the wrong reasons. The dangerous game of brinkmanship played by the Republicans in delaying any accord and the fact that the eventual agreement amounted to little more than papering over the cracks are both worrying signs that the US economy is in as big a mess as its EU counterpart. Toppling over the ‘fiscal cliff’ has by no means been averted in 2013 because all Senate and the House of Representatives have done is ‘kick the can down the road’ in much the same way as Obama criticised EU leaders for doing over here in 2012.

“The similarities between what we have just witnessed across the Atlantic  and the endless rounds of bailing out Greece and others in Europe only go to highlight how vulnerable the global economy remains. Raising taxes on the rich and simply delaying spending cuts for a paltry two months are going to do little to remedy the humongous US debt problem which amounts to over $17 trillion.

“The euphoric Equity gains overnight in the Far East are likely to be very short lived and significantly were not mirrored by the currency market where the US Dollar has failed to strengthen in the wake of the deal. The danger is far from over.”

For further information please contact:

 Sarah Waterson

Lansons Communications

020 7294 3649

sarahw@lansons.com

About HiFX

HiFX is the UK’s premier provider of foreign exchange and cash deposit services. Established in 1998, HiFX launched the first online international money transfer service with live exchange rates and no hidden fees. Working with over 40,000 private individuals each year and approximately 2500 corporate clients worldwide managing their foreign exchange and currency needs, HiFX offers both companies and private individuals significantly better exchange rates and exceptional service.

 

The breadth of activity HiFX helps its clients with is far reaching. For private individuals activity typically includes overseas property acquisition, migration overseas, salary transfers, international pension transfers and high value asset purchase. For corporate clients it is an effective way to pay overseas suppliers and staff, receive international payments, settle invoices and conduct business abroad. Last year HiFX advised on and executed over £9 billion in foreign exchange and has in excess of £2 billion placed on the Money Markets on behalf of our commercial customers.

 

HiFX systems work to 99.999% uptime standards, and just like the worlds banks are independently tested. HiFX also uses independently verified online security with the highest level of VeriSign certification. HiFX is the service provider for the Post Office’s ‘International Payments Service’. If you send money overseas through the Post Office, you will be talking to HiFX.

HiFX standing in the market is highlighted by the number of visitors to its website. In 2010, it had 4.2 million visitors and 1.3 million unique users to its website.

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