The monthly Nationwide house price survey out today shows a 0.4% fall in April, although the pace of decline has slowed.
The news is a blow to the beleagured housing market after HMRC's figures recently showed an increase in the number of property transactions.
Falling house prices mean that interest rates are likely to stay low for some time while the Bank of Enlgand tried to encourage lending. In turn, that means the Pound suffers due to reduced international demand - so exchange rates are unlikely to improve.
The Pound fell slightly on the news this morning, making money transfers to America and sending Euros to France or the rest of the Eurozone, slightly more expensive.
Thursday 30 April 2009
Fed expects weakness to persist
At the monthly Federal Reserve interest rate meeting in the USA last night, as expected there was no change to the 0.25% base rate in operation.
Following news that ths US economy contracted more than expected during the first quarter, the Fed said "the economy has continued to contract", adding that it would "remain weak for some time".
The US Dollar has weakened overnight as a result, making transferring dollars to the USA around 1% cheaper than yesterday. Mid-market levels are at 1.4890 as at 9.40am.
Following news that ths US economy contracted more than expected during the first quarter, the Fed said "the economy has continued to contract", adding that it would "remain weak for some time".
The US Dollar has weakened overnight as a result, making transferring dollars to the USA around 1% cheaper than yesterday. Mid-market levels are at 1.4890 as at 9.40am.
Wednesday 29 April 2009
UK Mortgage Lending falls back
Mortgage lending in the UK fell for the first time in 4 months during March, figures out today show.
6.8% less new mortgages were issued than in February.
The news is a blow after some encouraging recent data suggesting the housing market may at last be picking up - and the news has hit the Pound on foreign exchange markets this afternoon.
The Pound fell around 1c against the Euro and US Dollar, while sending money to Australia is now over 1% more expensive than yesterday. Candian Dollar exchange rates have also fallen.
6.8% less new mortgages were issued than in February.
The news is a blow after some encouraging recent data suggesting the housing market may at last be picking up - and the news has hit the Pound on foreign exchange markets this afternoon.
The Pound fell around 1c against the Euro and US Dollar, while sending money to Australia is now over 1% more expensive than yesterday. Candian Dollar exchange rates have also fallen.
Tuesday 28 April 2009
Pound Boosted by CBI Survey
The Confederation of British Industry has reported a shock rise in high street sales in April - the best result since January 2008.
Although the "green shoots of recovery" may be some way off, the majority of retailers reported increased sales for April, compared to analysts' expectations of 40% more who were expected to report declining sales.
As a result the Pound has dramatically come back in to demand, showing increases of over 1c against the Euro and US Dollar since the data was released this morning.
If you need to transfer money abroad do contact your currency company to discuss your options.
Although the "green shoots of recovery" may be some way off, the majority of retailers reported increased sales for April, compared to analysts' expectations of 40% more who were expected to report declining sales.
As a result the Pound has dramatically come back in to demand, showing increases of over 1c against the Euro and US Dollar since the data was released this morning.
If you need to transfer money abroad do contact your currency company to discuss your options.
Aussie, New Zealand Rates Up
An opportunity this morning for anybody needing to send money to Australia or make money transfers to New Zealand. The Swine Flu panic has sent investors fleeing to hold assets in US Dollars (a so called "safe haven" currency) - instead of the Antipodeans.
As a result the Aussie and New Zealand have been sold off overnight leading to better exchange rates.
Although both currency rates are not as good as last year, in the current climate of weak sterling, any spike like this is good news. Speak to your UK currency company to find out your options.
As a result the Aussie and New Zealand have been sold off overnight leading to better exchange rates.
Although both currency rates are not as good as last year, in the current climate of weak sterling, any spike like this is good news. Speak to your UK currency company to find out your options.
Monday 27 April 2009
Sterling down in Budget aftermath
The Pound is struggling in early Monday trading, further to a raft of negative data released last week including the Budget on Wednesday, along with GDP, unemployment and inflation figures which all worsened in a terrible week for the UK's economic prospects.
Sterling may struggle to recover for some time - so anybody looking to send money overseas in the coming months may do well to consider fixing an exchange rate for future delivery. Speak to your currency broker if you would like to discuss your options.
Sterling may struggle to recover for some time - so anybody looking to send money overseas in the coming months may do well to consider fixing an exchange rate for future delivery. Speak to your currency broker if you would like to discuss your options.
Friday 24 April 2009
UK GDP falls, Pound down further
UK Gross Domestic Product (GDP) data out this morning came in worse than expected, causing the Pound to take a further tumble after an already miserable week for the UK currency.
First quarter GDP showed a decline of 1.9% and a decline of 4.1% for the 12-month period. This was worse than analysts' expectations of 1.5% and 3.8% respectively.
Negative news in the UK economy usually means lower exchange rates. This has been the case today with the best US dollar exchange rate falling over a cent this morning, and Euro exchange rates similarly affected.
First quarter GDP showed a decline of 1.9% and a decline of 4.1% for the 12-month period. This was worse than analysts' expectations of 1.5% and 3.8% respectively.
Negative news in the UK economy usually means lower exchange rates. This has been the case today with the best US dollar exchange rate falling over a cent this morning, and Euro exchange rates similarly affected.
Thursday 23 April 2009
Q&A: So why does public debt matter?
A lot has been written recently regarding the public debit and all the news surrounding Alistair Darling's second Budget, but why does public debt matter?
What is GDP and why is it significant?
Gross domestic product is, in effect, the income a country generates. As with individuals, you have to consider what is a sensible level of borrowing you can take out against the income you produce. The numbers now, in terms of borrowing levels, are increasing significantly – and in a relatively short period.
What is meant by net public debt and how will Britain’s change?
Net public debt is the amount a country has built up during years of borrowing. The chancellor is now forecasting that public debt will rise to close to 80 per cent of GDP by 2013-2014 – that’s roughly £1.4trillion, or £23,000 a person.
And how will we all be affected?
Ultimately, that debt has to be borrowed from international sources and will need to be paid back. As individuals, we will all pay for the borrowing in one way or another, through higher taxes or reduced spending.
Historically, how does this compare?
The level of net public debt is the highest since the 1950s, when we were paying off the cost of World War II. That’s a pretty high level of borrowing, seeing as its closest comparison is when we were emerging from a war. Back then, net public debit was 250 percent of GDP.
Will Britain’s credit rating be harmed?
The new figure is almost twice the previous public debt ceiling of 40 per cent of GDP. It raises the risk the bond markets will eventually push up the cost of government debt in response. Not only are we borrowing billions, but the cost of servicing the debt could well rise.
What will happen to exchange rates?
High public debt causes confidence in the UK economy to fall. Therefore sterling assets are less in demand and the value of the Pound can fall. This was demonstrated after the budget speech itself, when Euro exchange rates and GBPUSD both fell over 1%. Until confidence returns to the UK economy, there is unlikely to be much upward movement for sterling.
What is GDP and why is it significant?
Gross domestic product is, in effect, the income a country generates. As with individuals, you have to consider what is a sensible level of borrowing you can take out against the income you produce. The numbers now, in terms of borrowing levels, are increasing significantly – and in a relatively short period.
What is meant by net public debt and how will Britain’s change?
Net public debt is the amount a country has built up during years of borrowing. The chancellor is now forecasting that public debt will rise to close to 80 per cent of GDP by 2013-2014 – that’s roughly £1.4trillion, or £23,000 a person.
And how will we all be affected?
Ultimately, that debt has to be borrowed from international sources and will need to be paid back. As individuals, we will all pay for the borrowing in one way or another, through higher taxes or reduced spending.
Historically, how does this compare?
The level of net public debt is the highest since the 1950s, when we were paying off the cost of World War II. That’s a pretty high level of borrowing, seeing as its closest comparison is when we were emerging from a war. Back then, net public debit was 250 percent of GDP.
Will Britain’s credit rating be harmed?
The new figure is almost twice the previous public debt ceiling of 40 per cent of GDP. It raises the risk the bond markets will eventually push up the cost of government debt in response. Not only are we borrowing billions, but the cost of servicing the debt could well rise.
What will happen to exchange rates?
High public debt causes confidence in the UK economy to fall. Therefore sterling assets are less in demand and the value of the Pound can fall. This was demonstrated after the budget speech itself, when Euro exchange rates and GBPUSD both fell over 1%. Until confidence returns to the UK economy, there is unlikely to be much upward movement for sterling.
Wednesday 22 April 2009
Pound falls further on Budget
The Pound has come under renewed pressure after the UK budget predicted the worst year for the British economy since 1945.
Euro exchange rates are 2c lower than at the start of this morning.
Growth forecasts have been revised down, borrowing is far higher than anticipated, and tax rises have been announced.
Anyone needing to send money abroad for a property purchase should contact their currency broker to discuss the options. If the market continues to slide, Euro rates of 1.10 or buying dollars above 1.40 do not look like they will last for long.
Euro exchange rates are 2c lower than at the start of this morning.
Growth forecasts have been revised down, borrowing is far higher than anticipated, and tax rises have been announced.
Anyone needing to send money abroad for a property purchase should contact their currency broker to discuss the options. If the market continues to slide, Euro rates of 1.10 or buying dollars above 1.40 do not look like they will last for long.
Borrowing Up, Unemployment Up, Pound Down
This morning's data has brought the Pound's recent surge to an abrupt halt - public borrowing has risen to £19.1bn for March and official unemployment figures show a rise to 6.7%.
The Pound has been suffering accordingly, dropping nearly 1c against both the US Dollar and Euro. We still have around the best exchange rates for dollars and euro for some time, but with the budget this lunch time analysts are concerned that there is further to fall for the UK currency.
UK currency companies will be happy to help with your requirements.
The Pound has been suffering accordingly, dropping nearly 1c against both the US Dollar and Euro. We still have around the best exchange rates for dollars and euro for some time, but with the budget this lunch time analysts are concerned that there is further to fall for the UK currency.
UK currency companies will be happy to help with your requirements.
Tuesday 21 April 2009
Canada cuts interest rates
The Bank of Canada has today unexpectedly cut its interest rate from 0.5% to 0.25%.
Analysts thought the rate would be held at today's meeting, and on top of weaker wholesale sales figures, the Canadian dollar is weakening significantly this afternoon.
Therefore if you are sending money to Canada there is an opportunity to take advantage of better exchange rates.
Don't forget a reputable currency broker will be able to offer you a fixed exchange rate up to 2 years ahead if you would like to remove the exchange rate risk from your transaction.
Analysts thought the rate would be held at today's meeting, and on top of weaker wholesale sales figures, the Canadian dollar is weakening significantly this afternoon.
Therefore if you are sending money to Canada there is an opportunity to take advantage of better exchange rates.
Don't forget a reputable currency broker will be able to offer you a fixed exchange rate up to 2 years ahead if you would like to remove the exchange rate risk from your transaction.
Inflation falls less than expected
CPI and RPI data has fell less than expected in March - in what is seen as a positive data release for the Pound. Sterling has found a little strength, making rates available from your currency broker slightly better if you are transferring money overseas.
Unfortunately the inflation figures were followed by consumer sentiment data in Germany which is much higher than expectations, leading to Euro exchange rates falling back straight away.
Against the US Dollar, the Pound is up nearly a cent from its lowest position this morning.
Unfortunately the inflation figures were followed by consumer sentiment data in Germany which is much higher than expectations, leading to Euro exchange rates falling back straight away.
Against the US Dollar, the Pound is up nearly a cent from its lowest position this morning.
UK Inflation Data out Today
9.30 today sees UK Consumer and Retail Price Index data released - the monthly key inflation figures for the economy.
These can cause volatility for the Pound and are worth watching out for if you need to send money overseas. Results will be published here by 10am.
These can cause volatility for the Pound and are worth watching out for if you need to send money overseas. Results will be published here by 10am.
Monday 20 April 2009
Sterling punished
The Pound is falling this morning on a decline in risk appetite from investors, who are selling off sterling assets on fears of further global economic weakness.
Other currencies to be affected are New Zealand and Australian dollar exchange rates, which are also being sold off, leading to slightly better rates against the Pound today.
The US Dollar is the main benefactor, strenghtening (becoming more expensive) over 2% against the Pound since Friday. US dollar exchange rates are heading down towards 1.45 (mid-market rate) compared to nearly 1.50 last week.
”Its failure to react positively to the housing data warns that sterling is heading towards a pronounced downward correction,” said Hans Redeker at BNP Paribas this morning.
Other currencies to be affected are New Zealand and Australian dollar exchange rates, which are also being sold off, leading to slightly better rates against the Pound today.
The US Dollar is the main benefactor, strenghtening (becoming more expensive) over 2% against the Pound since Friday. US dollar exchange rates are heading down towards 1.45 (mid-market rate) compared to nearly 1.50 last week.
”Its failure to react positively to the housing data warns that sterling is heading towards a pronounced downward correction,” said Hans Redeker at BNP Paribas this morning.
Budget & Lots of UK Data This Week
This week's Budget on Wednesday will be grabbling most financial headlines, but there is also a lot of other UK data out which could affect the Pound and therefore exchange rates for sending money overseas.
Tomorrow's CPI and RPI (inflation figures) are important, and on Wednesday this month's Bank of England minutes are released along with jobless numbers and public borrowing.
On Friday, we also have retail sales and GDP.
All these are important releases which are likely to move exchange rates against sterling this week, as well as Wednesday's budget speech at lunch time.
The Pound has been on a good run in the last 2 weeks, however this morning you are losing ground if you need to send money in Euros or transfer dollars to the USA. Has the market peaked? Nobody knows of course, but speak to your currency broker today for an experienced opinions.
Tomorrow's CPI and RPI (inflation figures) are important, and on Wednesday this month's Bank of England minutes are released along with jobless numbers and public borrowing.
On Friday, we also have retail sales and GDP.
All these are important releases which are likely to move exchange rates against sterling this week, as well as Wednesday's budget speech at lunch time.
The Pound has been on a good run in the last 2 weeks, however this morning you are losing ground if you need to send money in Euros or transfer dollars to the USA. Has the market peaked? Nobody knows of course, but speak to your currency broker today for an experienced opinions.
Friday 17 April 2009
European Trade Data today
In a quiet day for data, European trade balance figures are released at 10am. The effect on the Euro is unlikely to be significant.
There is no other major data out today or Monday, but a lot of releases are due on Tuesday.
Consider taking advantage of current Dollar and Euro exchange rates, which are at their best for weeks. Currency Index is a UK based currency broker.
There is no other major data out today or Monday, but a lot of releases are due on Tuesday.
Consider taking advantage of current Dollar and Euro exchange rates, which are at their best for weeks. Currency Index is a UK based currency broker.
Thursday 16 April 2009
Has Euro Rate Peaked?
Sterling - Euro peaked this morning above 1.1350 (or 88.1p) - the best rate for buying Euros this year.
Slightly positive Euro data out this morning seems to have halted the Pound's momentum, and we have dropped the best part of a cent in the last 2 hours.
If you are considering transferring Euros abroad in the coming weeks, do contact your UK currency broker to discuss a currency strategy - with the budget next week and a lot of other figures released on the British economy on Tuesday, it could be good to consider securing a rate now.
Slightly positive Euro data out this morning seems to have halted the Pound's momentum, and we have dropped the best part of a cent in the last 2 hours.
If you are considering transferring Euros abroad in the coming weeks, do contact your UK currency broker to discuss a currency strategy - with the budget next week and a lot of other figures released on the British economy on Tuesday, it could be good to consider securing a rate now.
Wednesday 15 April 2009
Pound Up - no news is good news
The Pound has continues its upward movement against major currencies - producing the best exchange rates for Euros and Dollars for some weeks. If you need to send money to a notaire in France, a builder in Bulgaria or an escrow account in the States, you should speak to your currency company straight away.
There is no particular reason for the movement - except perhaps a break from the negative news which has been dogging the UK economy in recent months. There has been no significant negative data for a week, allowing the Pound to gain some value in the markets.
Tomorrow's European inflation data and US jobless numbers will perhaps give us the next indication as to which way rates will move in the short term.
There is no particular reason for the movement - except perhaps a break from the negative news which has been dogging the UK economy in recent months. There has been no significant negative data for a week, allowing the Pound to gain some value in the markets.
Tomorrow's European inflation data and US jobless numbers will perhaps give us the next indication as to which way rates will move in the short term.
Thursday 9 April 2009
Bank of England meets today
The Bank of England's Monetary Policy Committee announces its monthly interest rate decision today - and any changes to the Quantitative Easing policy.
No changes are expected so there is no reason to expect much effect on the Pound. Sterling is falling back this morning as overseas appetite for UK investments is easing slightly.
If you are making international money transfers make sure you speak to your currency broker for the latest news and views.
No changes are expected so there is no reason to expect much effect on the Pound. Sterling is falling back this morning as overseas appetite for UK investments is easing slightly.
If you are making international money transfers make sure you speak to your currency broker for the latest news and views.
Wednesday 8 April 2009
Rate Update
Please see our latest article on current market conditions and exchange rates for EUR and USD:
http://www.homesgofast.com/view_news/1431/
http://www.homesgofast.com/view_news/1431/
Euro, Dollar at Best Rates for Months
We are seeing the best exchange rates for Euros and Dollars for some time - trading at 1.11 and 1.47 respectively.
Fundamentally, UK data is still very negative, but renewed appetite from investors in sterling assets has boosted demand for the Pound - and therefore we have better exchange rates for sending money to the USA and Eurozone.
This spike may not last. The only data of note out today are Canadian housing starts at 1.30pm, and minutes from the Federal Reserve's last interest rate meeting, released at 7pm.
Fundamentally, UK data is still very negative, but renewed appetite from investors in sterling assets has boosted demand for the Pound - and therefore we have better exchange rates for sending money to the USA and Eurozone.
This spike may not last. The only data of note out today are Canadian housing starts at 1.30pm, and minutes from the Federal Reserve's last interest rate meeting, released at 7pm.
Tuesday 7 April 2009
Euro holds at 1.10
The Sterling-Euro exchange rate is holding above 1.10 on interbank markets this morning after slightly better than expected UK industrial production data, and slightly worse than expected European GDP.
Sending Euros to France or any other Eurozone country is now at its cheapest for some weeks. Check back here for updates on currency news later in the week.
Sending Euros to France or any other Eurozone country is now at its cheapest for some weeks. Check back here for updates on currency news later in the week.
This morning's data
Some figures released this morning which could affect the Pound.
9.30am: UK Industrial Production and Manufacturing Production
(A weaker than expected number would be likely to hurt the Pound)
10am: European GDP data
(A stronger than expected number would be likely to strengthen the Euro)
If you need to make currency transfers to foreign bank accounts, call your currency broker in the UK to discuss your situation.
9.30am: UK Industrial Production and Manufacturing Production
(A weaker than expected number would be likely to hurt the Pound)
10am: European GDP data
(A stronger than expected number would be likely to strengthen the Euro)
If you need to make currency transfers to foreign bank accounts, call your currency broker in the UK to discuss your situation.
Monday 6 April 2009
Euro cheaper on PPI data
The Euro has lost ground (become cheaper) again today as Eurozone producer prices dropped 0.5% in February - leaving prices 1.8% weaker than in February last year.
This is the biggest annual drop in prices in Europe for almost 10 years, adding pressure to the European Central Bank to cut interest rates further in the coming months.
Lower interest rates tend to produce a weakening currency - so this is good news for anybody looking to send Euros to a foreign bank.
The exchange rate will struggle to improve much, however, as the Pound is dogged by one of the worst recessions in the western economies, according to analysts.
Speak to your UK currency broker to discuss any implications on your own currency requirements.
This is the biggest annual drop in prices in Europe for almost 10 years, adding pressure to the European Central Bank to cut interest rates further in the coming months.
Lower interest rates tend to produce a weakening currency - so this is good news for anybody looking to send Euros to a foreign bank.
The exchange rate will struggle to improve much, however, as the Pound is dogged by one of the worst recessions in the western economies, according to analysts.
Speak to your UK currency broker to discuss any implications on your own currency requirements.
This week's currency news
Please see our weekly article for a list of this week's currency data releases:
http://www.themovechannel.com/features/b455859f-1658/
The Pound improved last week for 3 reasons:
1. Surprise increase in UK house prices
2. Negative US data (poor non-farms employment data on Friday)
2. Negative Euro data (interest rates only cut by 0.25% last week)
This week it will be interesting to see if the Pound comes back down, or consolidates at a higher level. To make sure you achieve the best Euro rates or the best rate for sending dollars, contact your currency company today.
http://www.themovechannel.com/features/b455859f-1658/
The Pound improved last week for 3 reasons:
1. Surprise increase in UK house prices
2. Negative US data (poor non-farms employment data on Friday)
2. Negative Euro data (interest rates only cut by 0.25% last week)
This week it will be interesting to see if the Pound comes back down, or consolidates at a higher level. To make sure you achieve the best Euro rates or the best rate for sending dollars, contact your currency company today.
Friday 3 April 2009
Sterling jumps after UK services PMI data
Earlier today Sterling jumped against the Euro and US Dollar after a higher than expected service sector PMI data report, hitting a seven week high against the dollar. Bank of Scotland's Treasury currency analyst Wahid had this to say "The UK PMI has snapped up quite sharply higher and we're seeing sterling rally on the back of that".
The Euro rose early on Thursday after the ECB cut interest rates by less than expected, down 25 basis points rather than 50 basis points. But before the Euro could push on the ECB President Jean-Claude Trichet signalled there may be another cut in interest rates next month, as well as a decision on non-standard measures.
Unemployment looks likely to rise over the next few months according to Alistair Darling. Unemployment hit a 12 year high last month, hitting 2 million unemployed.
If you would like any currency guidance during this hectic time, do not hesitate to contact one of our senior brokers at Currency Index on 0800 043 2623.
The Euro rose early on Thursday after the ECB cut interest rates by less than expected, down 25 basis points rather than 50 basis points. But before the Euro could push on the ECB President Jean-Claude Trichet signalled there may be another cut in interest rates next month, as well as a decision on non-standard measures.
Unemployment looks likely to rise over the next few months according to Alistair Darling. Unemployment hit a 12 year high last month, hitting 2 million unemployed.
If you would like any currency guidance during this hectic time, do not hesitate to contact one of our senior brokers at Currency Index on 0800 043 2623.
Thursday 2 April 2009
US Dollar Cheaper on Jobs Data
Sending dollars to America is at its cheapest level for some weeks - today's jobless data showed the highest level of benefit claimants in the USA since 1982.
Such bad news tends to weaken the US currency as it has today - mid-market levels are now at 1.4697.
Of course, if you are sending money to Dubai in UAE Dirhams, or need any other currency pegged to the US Dollar, your exchange rate has also improved.
Currency Index is a specialist currency company and can help you with any foreign transactions - call us for a friendly discussion.
Such bad news tends to weaken the US currency as it has today - mid-market levels are now at 1.4697.
Of course, if you are sending money to Dubai in UAE Dirhams, or need any other currency pegged to the US Dollar, your exchange rate has also improved.
Currency Index is a specialist currency company and can help you with any foreign transactions - call us for a friendly discussion.
ECB Cuts Euro Interest Rates
The European Central Bank has cut the Eurozone interest rate by 0.25% to 1.25%.
This was a smaller cut than expected and may cause some Euro strength - making the best Euro exchange rates more expensive if you are sending money abroad.
Analysts were hoping for at least a 0.5% cut, which may have weakened the Euro and given a boost to the Pound.
This was a smaller cut than expected and may cause some Euro strength - making the best Euro exchange rates more expensive if you are sending money abroad.
Analysts were hoping for at least a 0.5% cut, which may have weakened the Euro and given a boost to the Pound.
House Prices in Shock Rise - Pound Up
Nationwide this morning reported a surprise jump in house prices for February - up 0.9%.
This is the first rise reported in 16 months and some much needed good news. The Pound has responded by surging against the Euro and US Dollar - although it is yet to break 1.10 against the single currency.
Later today the ECB's interest rate decision could provide the opportunity to buy Euros at better rates than have been available for some weeks. Contact your currency company to discuss your requirements.
This is the first rise reported in 16 months and some much needed good news. The Pound has responded by surging against the Euro and US Dollar - although it is yet to break 1.10 against the single currency.
Later today the ECB's interest rate decision could provide the opportunity to buy Euros at better rates than have been available for some weeks. Contact your currency company to discuss your requirements.
Wednesday 1 April 2009
Pound up on manufacturing data
The Pound has surged this morning against the Euro and Dollar, after UK manufacturing data was not as bad as had been predicted by analysts.
The Bank of England has, however, warned that we are yet to feel all the negative effects of higher unemployment in the UK.
Euro exchange rates are also being buoyed by the prospect of an interest rate cut by the European Central Bank tomorrow. In theory this should make sending Euros to France, for example, cheaper - but the better exchange rate is often priced in prior to the announcement.
Therefore, anyone needing to buy Euros might have a good opportunity today and tomorrow to secure slightly better rates than we have seen in the last week.
The Bank of England has, however, warned that we are yet to feel all the negative effects of higher unemployment in the UK.
Euro exchange rates are also being buoyed by the prospect of an interest rate cut by the European Central Bank tomorrow. In theory this should make sending Euros to France, for example, cheaper - but the better exchange rate is often priced in prior to the announcement.
Therefore, anyone needing to buy Euros might have a good opportunity today and tomorrow to secure slightly better rates than we have seen in the last week.
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