Virgin's ‘grin and tonic’ Branson ice cubes

The ice cubes have been created using the exact measurements of Sir Richard’s head

The British-based Virgin Atlantic is giving passengers some extended face time with Richard Branson, the carrier’s billionaire founder, to celebrate the launch of the airline’s newly redesigned upper-class section.



No, Sir Richard won’t be accompanying passengers in the Upper deck – it’ll be his icy avatar.

Well-heeled passengers in Virgin’s upper class will be offered Richard Branson-shaped ice cubes to chill at 40,000ft in the air.

Virgin Atlantic is giving Upper Class passengers the chance to cool their in-flight drinks in the most innovative way possible this Spring – with the launch of its

‘Little Richard’, as the carrier calls the bespoke ice cubes, will be served on board one of the first flights of the airline's new Upper Class Cabin this May, and have been crafted in the image of Virgin Atlantic’s president Sir Richard Branson.

A statement from the airline said that the new ice innovation means all passengers will be able to enjoy some chill out time with Mr Branson at the new bar – which it claims is the longest of any airline – and which has been designed to provide additional space and comfort for those keen to socialise while flying.

The bar will also incorporate a raft of additional innovations including the fabulous new champagne coupe glass, enhanced mood lighting and a new seating system to facilitate the most comfortable social experience in the air.

“The ice cubes have been created using the exact measurements of Sir Richard’s head and feature an impressive level of detail. The mould for the ice cubes took a team of four skilled designers a painstaking six weeks to create using detailed photographic techniques and laser scanning technology to create the perfect likeness of Sir Richard,” the airline said.

Luke Miles, Head of Design for Virgin Atlantic Upper Class said: “We’re delighted to be able to offer our Upper Class passengers access to the newest, longest bar in the sky, and what better way to celebrate this than giving passengers the opportunity to share a drink with the face of our business? “

Steve Ridgway, Chief Executive of Virgin Atlantic said: “While Richard would love to be able to sit and enjoy a drink with all of our passengers, his schedule means that it simply isn’t possible. Now he is able to join our guests ‘in spirit’ on one of the Upper Class Cabin’s first flights as they raise a toast to their trip and the exciting times ahead.”

Euro Sinks Under Political Weight

Euro is sinking right now, forced down by the political situation in the eurozone. Concerns about what’s next for the 17-nation currency zone are dragging down the euro as Forex traders look for safety, and choosing the US dollar and the Japanese yen instead.

Euro is struggling as the political situation in the eurozone deteriorates. For the most part, the focus is on Greece. The country has been unable to form a new government, and there are already rumblings of another election — and the possibility is being raised that Greece will withdraw from the currency bloc. Even if a government is eventually formed, the worry is that the new leaders won’t adhere to the austerity measures agreed to for the Greek bailout.


But it’s not just Greece that is struggling. The new French President, Francois Hollande, is calling for less austerity and more spending for stimulus. This is an approach that Angela Merkel, the German Chancellor, has already rejected. The relationship between the two largest economies in the eurozone is likely to only become more strained, and overall eurozone leadership is in doubt.

As you might imagine, that makes for a great deal of uncertainty. The euro is suffering because of it, falling to safe haven currencies as Forex traders look for stability.

At 15:21 GMT EUR/USD is down to 1.2980 from the open at 1.3052. EUR/JPY is down to 103.6645 from the open at 129.3850.

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AUD Drops as Trade Balance Deficit Unexpectedly High

The Australian dollar dropped today, trading near this year’s lows, as a government report showed that the nation’s trade balance deficit in March was bigger than estimated by specialists.

Australia’s trade balance registered a deficit of A$1.587 billion in March, compared to experts’ forecast of A$1.380 billion. The February shortage was revised from A$0.480 billion to A$0.754 billion. The poor data made traders afraid that Australia’s economic growth is losing steam.



The Aussie, together with other growth-related currencies, suffers from the ever-growing concern about the future of Europe. Greek parties were unable to reach agreement and for a new government after the weekend’s election. The political turmoil added to worries that the most-indebted country of the European Union may leave the eurozone. Fears rule the Forex market and commodity currencies are depressed.

AUD/USD fell from 1.0196 to 1.0102 as of 23:40 GMT today, reaching the low of 1.0088 intraday — the lowest level since December 29. AUD/JPY declined from 81.45 to 80.64, while the low of 80.44 hasn’t been seen since January 20. EUR/AUD was up from 1.2796 to 1.2862.

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Taiwan Dollar Fluctuates, Will Central Bank Allow Currency Appreciate?

The Taiwan dollar fluctuated today as the impact of the general negative sentiment on the Forex market battled with the influence of speculation that the nation’s central bank will allow the currency appreciate.

Analysts speculate that Taiwan’s central bank will tolerate gains of the currency to stem growth of inflation even as the strong currency puts pressure on exporters. Inflation accelerated to 1.44 percent in April from a year ago after consumer prices increased 1.25 percent in March. At the same time, exports declined 6.4 percent last month from a year earlier, compared with the 3.2 percent drop in the month before.


Taiwan dollar considered to be a risky currency and as such suffers from risk-off sentiment on FX market. Elections in various countries of Europe create a sense of uncertainty and traders don’t like to risk in such an environment. The uncertainty is likely to persist for some time as the past elections in France and Greece will be followed by votes in Italy and Ireland.

USD/TWD was up from 29.3320 to 29.3400 as of 2:05 GMT today. The daily minimum was 29.3270, while the maximum was 29.3650.

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Japanese Yen Strengthens on Risk Aversion

Risk aversion is rising right now, and the Japanese yen is gaining across the board because of it. Concerns about Europe continue to dominate the markets, and Forex traders are looking for stability and safe haven. The Japanese yen offers that, and is quite popular right now.

The biggest concern right now is Greece. Right now, the party Syriza is trying to form a government, but that party (known for its anti-bailout sentiment and opposition to austerity measures) is having difficulty forming a government. Others will be given three days to form a government, and if no one can, elections will be called again. In any case, there are concerns that the Greek government can’t pull it off, and that Greece will withdraw from the monetary union by the end of the year.


With risk aversion such a concern, it is little surprise that the yen is gaining in strength. The currency has long been considered a safe haven, and it offers a certain stability. With yen moving higher, it’s time for Bank of Japan leaders to once again consider intervening. However, if things continue to remain this uncertain on the global market, no amount of intervention is likely to keep the yen weaker.

At 13:07 GMT USD/JPY is down to 79.5740 from the open at 79.8730. EUR/JPY is down to 102.9060 from the open at 103.8810. GBP/JPY is down to 127.9510 from the open at 129.0650.

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Greece, Spain Weigh on Euro

Euro is down across the board today, falling as concerns about what is happening in the eurozone weigh on financial markets around the world. The financial and political turmoil in the eurozone are causing trouble, and the euro is below the 1.30 level against the US dollar as a result.

Thanks to the political turmoil in the eurozone, financial markets are in upheaval today. While the eurozone will take some getting used to Francois Hollande, the new French president, there are more immediate issues pressing right now. It appears that Syriza will be unable to form a government in Greece. Next, tries to go to PASOK and then to the President. If none of these can form a government, new elections will be held. The uncertainty regarding Greece, and whether or not it will live up to its austerity agreements, has increased quite a bit. Additionally, there is speculation that Greece will leave the currency union.


On top of this, the situation in Spain continues to be precarious. 10-year bonds are once again pushing toward a 6% yield, indicating that Spain’s ability to meet its obligations and roll over its debt is in doubt. A Spanish crisis on the heels of the Greek crisis would not be good for the eurozone. As a result, it is little surprise that risk aversion is strong today.

At 13:49 GMT EUR/USD is down to 1.2942 from the open at 1.3007. EUR/GBP is down to 0.8044 from the open at 0.8049.

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Negative Outlook for Australian Fundamentals Hurt Aussie

The Australian dollar dropped, reaching the lowest level against its US counterpart this year, as Forex market participants anticipate a set of poor fundamental data from the South Pacific country today.
Australian employment is expected to fall by 4,800 in April, following the increase by 44,000 in preceding month. Analysts predict that the unemployment rate will rise from 5.2 percent to 5.3 percent. The trade balance deficit widened from A$46.0 billion in February to A$49.8 billion in March, according to estimates before the government report.


The news from outside of Australia was also bad. Greece is still struggling to form a new government and the political turmoil threatens the stability of the whole eurozone. The MSCI World Index of shares slid 0.8 percent. All in all, the news was negative for the most currencies, except for safer ones.

AUD/USD traded near 1.0057 as of 00:45 GMT today after it fell from 1.0120 to 1.0050 yesterday and reached 1.0021 — the lowest rate since December 20. AUD/JPY was at 80.16, following the decline from 80.82 to 80.02 and the drop to the lowest level since January 19 of 79.71. EUR/AUD was down from 1.2877 to 1.2861 today.

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US Dollar Pulls Back as Risk Appetite Makes an Appearance

After a few days of gloom over Europe, risk appetite is making an appearance in the financial markets. US dollar is pulling back from recent highs against the euro and the pound, and heading lower as Forex traders look for a little extra yield, and as a degree of optimism is seen as moves are made to shore up Spain.

US dollar was headed higher today, moving up as news about Great Britain’s economy disappointed. However, the Bank of England put quantitative easing on hold, and it appears that the body is prepared to maintain that position. So, even with the British economy in recession, the pound is getting a slight boost against the US dollar.


Against the euro, greenback reached a three-month high. Uncertainty about Greece continues, and worries about the relationship between France and Germany have been weighing on the euro. The 17-nation currency has found support, though, and is heading higher right now, as Spain moves to shore up its flagging financial sector.

The latest jobless claims data in the United States shows a drop of 1,000. The news is disappointing, but for now there is enough cautious optimism for risk appetite to help some of the high beta currencies.

At 12:47 GMT EUR/USD is up to 1.2957 from the open at 1.2930. GBP/USD is up to 1.6169 from the open at 1.6128.

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Euro Finds Support in Forex Trading

Euro is finding some support in Forex trading today, heading a little bit higher. Even though there are still concerns about what is happening in Europe, traders are looking for a little bit of respite from the risk aversion and gloom. So, the euro is a little bit higher right now, and other high beta currencies are seeing some success as well.

Euro is slightly higher against the US dollar right now. Spain has all but nationalized its fourth-largest bank, and is taking aggressive steps to shore up its financial sector. While this may not solve Spain’s problems, it’s at least an attempt, and one that many are viewing favorably. Additionally, UK pound, another high beta currency, is seeing success against the US dollar. The Bank of England is keeping quantitative easing on hold, and that means that the pound won’t be intentionally weakened right now.

Euro is still higher against the pound today, and is seeing modest gains against its major counterparts. However, gains are limited, and the euro is rangebound, due largely because of the uncertainty that remains. A Greek government has yet to be formed, and questions remain about how the eurozone will tackle stimulus. There is plenty of room for the euro to fall to the US dollar in the future.

At 14:01 GMT EUR/USD is up to 1.2971 from the open at 1.2930. EUR/GBP is up to 0.8018 from the open at 0.8017. EUR/JPY is up to 103.6595 from the open at 102.9720.

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Bank of England Avoids Quantitative Easing, Pound Profits

The Bank of England refrained from easing the monetary policy at today’s meeting, causing the Great Britain pound to climb. The United Kingdom still suffers from the double-dip recession and it is questionable whether the currency could maintain its gains.
The BoE held its key interest rate at 0.5 percent and the asset purchase facility at £325 billion. The bank’s decision was likely caused by fears that excessive easing may lead to a surge of inflation. The BoE maintains its main rate unchanged since March 2009. The central bank also initiated the bond purchase program in March 2009 and expanded the program last time in February 2012.



GBP/USD climbed from 1.6126 to 1.6177 and GBP/JPY rose from 128.37 to 129.34 as of 14:09 GMT today.

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Aussie Rallies on Surprisingly Good Employment Data

Australia’s employment data made a pleasant surprise for those Forex traders that were bullish on the Australian dollar as employment unexpectedly grew and the unemployment rate fell.

The number of employed persons in Australia rose by 15,500 in April from March, while analysts expected a drop by 4,800. The unemployment rate slipped from 5.2 percent to 4.9 percent, even though an increase to 5.3 percent was predicted. The Australian currency is still pressed by negative outlook for Europe and uncertain prospects for China, but the domestic data was simply too good and pushed the Aussie up, at least for now.


AUD/USD rose from 1.0039 to 1.0113 and AUD/JPY climbed from 79.91 to 80.81 as of 15:26 GMT today.

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Loonie Looks Stronger, Employment Data May Weaken Currency

The Canadian dollar gained today as Forex traders showed risk appetite on signs that the situation in Greece is improving and some positive data from the United States. The gains of the currency were limited as tomorrow’s employment data is expected to be rather poor.
European politicians confirmed that Greece is receiving a next round of bailout. There are speculations that the most-indebted European country made progress in forming a new government. US federal budged had its first surplus since 2008. Most news was good today and that translated
into demand for riskier assets. Both the Standard & Poor’s 500 Index and MSCI World Index of stocks were up 0.5 percent today.

Canada’s currency profited from the general positive sentiment on the FX market, but is weighed down by poor fundamental outlook for the North American nation itself. Canada’s employment growth is expected to be a meager 10,100 in April, compared to the March 82,300. The unemployment rate is expected to rise from 7.2 percent to 7.3 percent. The employment report from Statistics Canada will be released tomorrow.

USD/CAD was down from 1.0025 to 1.0019 as of 21:00 GMT today, while the intraday low was 0.9975. CAD/JPY climbed from 79.37 to 79.72. EUR/CAD was flat at 1.2959.

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India’s Central Bank Supports Rupee

The Indian rupee rallied today as the Reserve Bank of India took measures to support the currency that has been performing very badly. The central bank decrease the amount of foreign currency companies may hold.

The RBI announced that companies may keep only 50 percent of their profits in foreign currency, down from 100 percent, while other half should be exchanged to the domestic currency. This measure should bolster central bank’s dollar reserves. The currency definitely needs support as it has fallen 4.8 percent this quarter
.

Indian stocks reacted positively to the central bank’s decision, rising as much as 1.2 percent. Risk sentiment on the Forex market was good, adding to the strength of the currency. Analysts said that the rupee reached a bottom and most negative fundamentals are priced in.

The currency appreciated 1.6 percent today, the biggest gain since December. USD/INR traded at 53.2550 today as of 23:00 GMT.

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Indonesia Rupiah Advances as Intervention Anticipated

The Indonesia rupiah advanced today on speculation that the nation’s central bank will intervene, buying the currency, to reduce currency volatility and slow growth of consumer prices.

Analysts speculate that the Bank Indonesia may boost its interest rates after keeping them unchanged on the last policy meeting. The bank may do so to keep inflation in check after it jumped the highest level in seven months. Indonesia’s central bank may slow inflation growth and lower volatility by removing surplus funds from the financial system.


USD/IDR fell from 9,175.0000 to 9,150.0000 as of 9:24 GMT today.

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Euro Falls as Greece Continues to Wrangle

Greek political leaders continue to wrangle in an effort to form a government, and that is weighing on the euro, especially against the US dollar. Yesterday, the euro showed some spunk, and riskier assets received a bit of a boost. Today, though, risk aversion is back in full force over Greece, and over the latest news from JP Morgan Chase.


In Greece, the political wrangling continues. Political leaders differ on what they think will happen, with some insisting that a government can be formed, while others say that it’s likely that Greek citizens will be headed back to the polls. The uncertainty about what is happening in Greece — and whether or not the eurozone will be able to overcome its woes — once again weighs on the euro.

Also contributing to a climate of risk aversion today is the fact that JP Morgan Chase has seen huge losses. The bank is blaming the losses on a trader known as the ”London Whale.” The losses amounted to more than $2 billion, and is being attributed to a credit derivatives strategy gone bad. The news is weighing on risk appetite in general, and that is sending Forex traders to the stability of low beta currencies.

At 12:58 GMT EUR/USD is down to 1.2923 from the open at 1.2936. EUR/GBP is up to 0.8039 from the open at 0.8012. EUR/JPY is down to 103.2255 from the open at 103.3970.

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Canadian Dollar Gets Boost on Employment Gains

Canadian dollar is getting a boost today against the US dollar as employment news turns out more positive than expected. Loonie is higher against its US counterpart on the good news, even as risk aversion in general weighs on other high beta currencies.

Canadian dollar is heading higher today, thanks to a strong employment report. According to Statistics Canada, employment rose to 58,200 in April. This came on the heels of a jump of 82,300 in March. The good news is supporting the idea of a relatively strong Canadian economy — especially when compared against the US economy.


Additionally, some analysts and Forex traders are seeing this news as an argument in favor of boost the interest rate. So far, the Bank of Canada has been reluctant to raise borrowing costs. Now, with evidence of economic growth, some hope that interest rates can be raised in order to keep inflation in check. Higher rates would make the loonie even more attractive versus the greenback.

For now, the loonie is bucking a trend. Other high beta currencies, like the pound and the euro, are losing ground to the US dollar on difficulties in Greece and worries about JP Morgan Chase losses due to the London Whale.

At 13:41 GMT USD/CAD is down to 0.9982 from the open at 1.0021. GBP/CAD is down to 1.6051 from the open at 1.6180.

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Ruble Follows Oil Price in Decline, Rebounds

The Russian ruble fell today, before rebounding later, as prices for crude oil, the chief export of the country, declined, resulting in a drop of the trade balance surplus.
Crude oil prices fell 0.2 percent to $96.86 per barrel in New York today, heading for a second weekly drop. The prices were under pressure from swelling US stockpiles and the European credit crisis. Russia’s trade surplus shrank to $19.4 billion in March from $20.3 billion in February. Analysts predict that the ruble is likely to fall against the dollar next week.



USD/RUB climbed from 30.1350 to 30.2430 before retreating to 30.1420 as of 18:12 GMT today.

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Pound Drops as Consumer Confidence Worsens

The Great Britain pound declined after a report showed that confidence of Britons worsened last month, spurring speculation that the Bank of England will be forced to perform quantitative easing.

Nationwide Building Society reported that the Consumer Confidence Index fell from 53 in March to 44 in April. Estimates before the report predicted the index to remain stable at 52. Robert Gardner, Nationwide’s Chief Economist, said:

It is not surprising that confidence remains fragile, with the economy shrinking over the past six months and labour market conditions still weak.



He added:

Looking forward, there are a number of one‐off factors that are likely to impact confidence in the months ahead. News that the UK dipped back into recession at the start of the year may further depress sentiment in the near‐term.

Britain’s central bank refrained to ease its monetary policy on May 10, but it does not look like the UK economy can go forward without stimulating measures. Speculators priced in QE and the pound suffered from it.

GBP/USD fell from 1.6143 to 1.6070 and GBP/JPY slid from 128.99 to 128.43. EUR/GBP went up from 0.8010 to 0.8033.

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Australian Dollar Falls as China Signals About Slowing Growth

The Australian dollar slipped, falling to the lowest level this year against its US peer, as negative macroeconomic data hurt prospects for Australia’s exports and general pessimistic sentiment on the Forex market reduced appeal of growth-related currencies.

The National Bureau of Statistics reported that China’s consumer price index fell from 3.6 percent in March to 3.4 percent in April, being in line with forecasts. Industrial production, on the other hand, frustrated forecasters, falling from 11.9 percent to 9.3 percent, while an increase to 12.1 percent was predicted. Other fundamental reports, including retail sales, were also worse than expected. China is the main trading partner of Australia, therefore its fundamentals have a great impact on the Aussie.

The FX market in general also was not supportive for the Australian currency as traders preferred to stick to safer investments. JPMorgan Chase & Co. announced a $2 billion loss, sparking fear among investors. The MSCI Asia Pacific Index of equities slid 1 percent and posted the second week of losses.

AUD/USD was down from 1.0075 to 1.0019 — the lowest rate since December 20. AUD/JPY dropped from 80.50 to 80.08. EUR/AUD went up from 1.2829 to 1.2887.

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GBP Falls vs. USD & JPY, Gains vs. EUR Over This Week

The Great Britain pound fell against the US dollar and the Japanese yen this week as growing concerns about the health of the UK economy reduced appeal of the currency. The sterling is still perceived as refuge from Europe’s crisis, therefore it gained versus the euro.

Britain’s economy has entered a recession, significantly hurting prospects for the sterling. The Bank of England refrained from expanding stimulus during its last policy meeting, but most economists agree that the country needs quantitative easing. The pound is supported by its status of a safe haven, but such role looks tenuous considering the economic condition of Britain. Anyway, the
problems of Europe allowed added to Britain’s strength against commodity currencies of countries that depend on European demand for their exports.

The pound was drifting down against the greenback and the yen since the end of March and it extended this trend for this week. The euro rose on Friday, but that did not help the shared 17-nation currency to erase its losses versus the sterling. The Canadian dollar was more successful, ending the week almost flat after falling for six consecutive trading sessions.

GBP/USD slid from 1.6133 to 1.6070 and GBP/JPY fell from 128.78 to 128.43. EUR/GBP was down from 0.8062 to 0.8033, while during the week it has reached 0.7994 — the lowest since 2008. GBP/CAD climbed from 1.6067 to 1.6201, but retreated to 1.6076 by the weekend.

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