This week we have interest rate decisions in the UK, Eurozone, Australia and USA. As the various policies of interest rate changes, austerity measures and quantitative easing are revealed, which are variously being touted in the US, UK and Europe, we are likely to see some volatility in exchange rates through the week.
For the latest market reactions and how your own exchange rate may be affected, contact your currency broker for a jargon-free chat.
Monday 1st
0030 - Australian house price index
0900 - Eurozone manufacturing inflation
0930 - UK manufacturing inflation
1230 - US personal consumption & expenditure
1400 - US manufacturing
Tuesday 2nd
0330 - Australian interest rate decision
0800 - UK Halifax house price index
0815 - Swiss retail sales
0930 - UK construction PMI
Wednesday 3rd
0930 - UK services PMI
1400 - US factory orders
1815 - US interest rate decision
2145 - New Zealand unemployment rate
Thursday 4th
0030 - Australian retail sales & trade balance
1000 - Eurozone PPI inflation
1200 - UK interest rate decision
1245 - Eurozone interest rate decision
Friday 5th
0030 - Australian interest rate minutes
0930 - UK PPI inflation
1000 - Eurozone retail sales
1100 - Canadian unemployment rate
1230 - US non-farm payrolls & unemployment rate
Sunday 31 October 2010
Thursday 28 October 2010
Currency Index in the news
To see our interviews on the One Show, Sky News and Five News, regarding rogue traders Crown Currency Exchange and better regulation in the currency industry, please click here to view our YouTube channel.
Nationwide says house prices are falling
Nationwide this morning unveiled its report gauging housing prices in the UK with a worrying downward trend. The monthly comparison of prices showed a 0.7% decline coming after a no-change result last month and plummeting past the forecasted fall at 0.3%.
The official release deals with the potential consequences of the drops in price: "If the recent trend in house prices were to continue through November and December, the annual rate of house price inflation would drop to between 0% and -1% by the end of 2010. This would compare to a rate of +5.9% at the end of 2009."
Falling house prices are a worry for the economy as a whole, and tend to cause a fall in sterling. The Pound has dropped around 0.5c against the Euro and US Dollar this morning.
The official release deals with the potential consequences of the drops in price: "If the recent trend in house prices were to continue through November and December, the annual rate of house price inflation would drop to between 0% and -1% by the end of 2010. This would compare to a rate of +5.9% at the end of 2009."
Falling house prices are a worry for the economy as a whole, and tend to cause a fall in sterling. The Pound has dropped around 0.5c against the Euro and US Dollar this morning.
Tuesday 26 October 2010
Pound boosted by GDP figures
This morning's Q3 GDP figures showed that the economy grew more than expected from July to September, showing a 0.8% growth rather than the 0.4% expected by analysts.
This reduced the likelihood of futher Quantitative Easing (QE) next month, and the Pound has spiked up nearly a cent against the Euro and US Dollar on the back of the figures.
This reduced the likelihood of futher Quantitative Easing (QE) next month, and the Pound has spiked up nearly a cent against the Euro and US Dollar on the back of the figures.
Sunday 24 October 2010
This week's economic data releases
As we near the end of October, this week's economic data releases are as follows. For the Pound, Tuesday's GDP figure is the most important, as we learn how much the economy looks to have grown from July to September.
Monday 25th
1000 - Eurozone industrial orders
1500 - US home sales
Tuesday 26th
0930 - UK GDP
1500 - US consumer confidence
Wednesday 27th
0230 - Australian CPI inflation
1500 - US new home sales
2100 - New Zealand interest rate decision
Thursday 28th
0855 - German unemployment rate
1000 - Eurozone economic confidence
1330 - US jobless claims
Friday 29th
0700 - German retail sales
0930 - UK mortgage approvals
1000 - Eurozone unemployment rate
1330 - Canadian GDP
Monday 25th
1000 - Eurozone industrial orders
1500 - US home sales
Tuesday 26th
0930 - UK GDP
1500 - US consumer confidence
Wednesday 27th
0230 - Australian CPI inflation
1500 - US new home sales
2100 - New Zealand interest rate decision
Thursday 28th
0855 - German unemployment rate
1000 - Eurozone economic confidence
1330 - US jobless claims
Friday 29th
0700 - German retail sales
0930 - UK mortgage approvals
1000 - Eurozone unemployment rate
1330 - Canadian GDP
Thursday 21 October 2010
Retail sales fall as Euro rate continues down
This morning's UK retail sales showed a 0.2% decline in September (worse than expected), which has done nothing to help the ailing pound.
The rate for buying Euros is now at its worst since April, and there is no major data due out for the rest of the week to give cause for optimism.
US dollar rates, however, are still holding up due to weakness in the US economy.
The rate for buying Euros is now at its worst since April, and there is no major data due out for the rest of the week to give cause for optimism.
US dollar rates, however, are still holding up due to weakness in the US economy.
Wednesday 20 October 2010
Bank of England split 3 ways on policy
This morning's Bank of England Minutes revealed a 3-way split in the monetary policy committee's views on interest rates and quantitative easing.
While 7 of the 9 members voted for no change, one (Andrew Sentance) voted again for an interest rate rise, while one (Adam Posen) voted for a £50bn extension to QE.
Any extensions to QE are likely to hurt sterling and it now seems plausible that this will happen in the coming months.
On top of September's Public Borrowing figures, which showed record levels of UK debt, the Pound could easily fall further in the short term.
The government is also revealing its spending review cuts today.
While 7 of the 9 members voted for no change, one (Andrew Sentance) voted again for an interest rate rise, while one (Adam Posen) voted for a £50bn extension to QE.
Any extensions to QE are likely to hurt sterling and it now seems plausible that this will happen in the coming months.
On top of September's Public Borrowing figures, which showed record levels of UK debt, the Pound could easily fall further in the short term.
The government is also revealing its spending review cuts today.
Monday 18 October 2010
Currency Index wins OPP Award
Overseas Property Professional editor Geoff Hadwick presented the award to Currency Index at last week’s OPP / Property Investor Live show at ExCeL in London.
Sunday 17 October 2010
This week's currency news
This week, focus in the UK is likely to be on Wednesday's Bank of England minutes, which will reveal to what extent the MPC considered extending the UK's Quantitative Easing programme this month. Any likelihood of further QE could hurt the pound.
Also on Wednesday, the government publishes its key spending review, with details of the billions of pounds of cuts planned in the forthcoming spending round. Markets are concerned whether there will be an impact on the economy, and therefore we feel Wednesday could be a doubly hard day for sterling.
Don't forget, if you are worried about a falling pound, that you can fix exchange rates up to 2 years ahead using a Forward Contract from Currency Index.
This week's economic calendar is as follows:
Monday 18th
1415 - US industrial production
Tuesday 19th
1000 - Eurozone construction output & ZEW economic sentiment survey
1330 - US housing starts
1400 - Canadian interest rate decision
Wednesday 20th
0930 - Bank of England minutes & UK public borrowing
Thursday 21st
0715 - Swiss trade balance
0830 - Eurozone manufacturing inflation
0930 - UK mortgage approvals & retail sales
1500 - Eurozone consumer confidence
Friday 22nd
All day - G20 meeting
1200 - Canadian CPI inflation
1330 - Canadian retail sales
Also on Wednesday, the government publishes its key spending review, with details of the billions of pounds of cuts planned in the forthcoming spending round. Markets are concerned whether there will be an impact on the economy, and therefore we feel Wednesday could be a doubly hard day for sterling.
Don't forget, if you are worried about a falling pound, that you can fix exchange rates up to 2 years ahead using a Forward Contract from Currency Index.
This week's economic calendar is as follows:
Monday 18th
1415 - US industrial production
Tuesday 19th
1000 - Eurozone construction output & ZEW economic sentiment survey
1330 - US housing starts
1400 - Canadian interest rate decision
Wednesday 20th
0930 - Bank of England minutes & UK public borrowing
Thursday 21st
0715 - Swiss trade balance
0830 - Eurozone manufacturing inflation
0930 - UK mortgage approvals & retail sales
1500 - Eurozone consumer confidence
Friday 22nd
All day - G20 meeting
1200 - Canadian CPI inflation
1330 - Canadian retail sales
Wednesday 13 October 2010
UK Data Update
The data out from the UK this week so far has been mixed at best, unfortunately leading to a fall in the value of sterling against most currencies.
Trade Balance: worse than expected (-£8.2bn)
House prices: worse than expected (up 8.3% in last 12 months but now falling)
Unemployment rate: better than expected (7.7%)
Jobless claimants: worse than expected (up 5,300)
It is worth noting that Bank of England MPC member Andrew Sentance is giving a speech at 6.40pm today, and his views on interest rates and quantitative easing are likely to be taken as signals as to the Bank of England's intentions for the next few months, with implications for the Pound.
Trade Balance: worse than expected (-£8.2bn)
House prices: worse than expected (up 8.3% in last 12 months but now falling)
Unemployment rate: better than expected (7.7%)
Jobless claimants: worse than expected (up 5,300)
It is worth noting that Bank of England MPC member Andrew Sentance is giving a speech at 6.40pm today, and his views on interest rates and quantitative easing are likely to be taken as signals as to the Bank of England's intentions for the next few months, with implications for the Pound.
Sunday 10 October 2010
This week's currency news
This week's economic data, likely to affect currency exchange rates:
Monday 11th
US/Canada bank holiday (Columbus Day/Thanksgiving)
No major data releases
Tuesday 12th
0930 - UK CPI & RPI inflation and DCLG house price index, plus August trade balance
1900 - US Federal Reserve minutes
Wednesday 13th
0930 - UK unemployment rate & jobless claims
1900 - US monthly budget statement
Thursday 14th
0900 - Eurozone ECB monthly report
1330 - US PPI inflation & jobless claims
Friday 15th
1000 - Eurozone CPI inflation & trade balance
1330 - US CPI inflation & retail sales
Contact Currency Index for our views on how these figures could affect exchange rates for your own currency transfers.
Monday 11th
US/Canada bank holiday (Columbus Day/Thanksgiving)
No major data releases
Tuesday 12th
0930 - UK CPI & RPI inflation and DCLG house price index, plus August trade balance
1900 - US Federal Reserve minutes
Wednesday 13th
0930 - UK unemployment rate & jobless claims
1900 - US monthly budget statement
Thursday 14th
0900 - Eurozone ECB monthly report
1330 - US PPI inflation & jobless claims
Friday 15th
1000 - Eurozone CPI inflation & trade balance
1330 - US CPI inflation & retail sales
Contact Currency Index for our views on how these figures could affect exchange rates for your own currency transfers.
Thursday 7 October 2010
House prices fell 3.6% in September
UK house prices fell 3.6% in September, according to Halifax - the biggest monthly fall since the survey started in 1983.
Although it is too early to say that prices are in decline, there is a worry for the UK economy that further falls in the housing market could cause serious problems for the economy. The Pound has continues its fall against the Euro and may other major currencies.
Although it is too early to say that prices are in decline, there is a worry for the UK economy that further falls in the housing market could cause serious problems for the economy. The Pound has continues its fall against the Euro and may other major currencies.
Wednesday 6 October 2010
Currency Index in the news
Further to the collapse of Crown Currency Exchange, who are not Authorised by the FSA, Currency Index has today been commenting to the media regarding the enhanced safety and security offered by Authorised currency companies.
We are due to be featured on the BBC 6.00 news this evening, Wednesday October 6th.
We are due to be featured on the BBC 6.00 news this evening, Wednesday October 6th.
Monday 4 October 2010
Economic data due out this week
A busy week this week for data releases so we expect some volatility in exchange rates. Contact your account manager at Currency Index for the latest news relating to your currency transactions.
Monday 4th
1000 - Eurozone PPI inflation
1500 - US pending home sales
2000 - Federal Reserve Chairman Bernanke speaks
2200 - New Zealand business confidence
Tuesday 5th
0130 - Australian retail sales & trade balance
0530 - Australian interest rate decision
1000 - Eurozone retail sales
Wednesday 6th
1000 - Eurozone GDP
1100 - German factory orders
1315 - US non-farm employment change
Thursday 7th
0230 - Australian unemployment rate
0930 - UK industrial & manufacturing production
1200 - UK interest rate & QE decision
1245 - Eurozone interest rate decision
1330 - ECB press conference; US jobless claims
Friday 8th
0745 - Swiss unemployment rate
1200 - Canadian unemployment rate
1330 - US non-farm payrolls & unemployment rate
Monday 4th
1000 - Eurozone PPI inflation
1500 - US pending home sales
2000 - Federal Reserve Chairman Bernanke speaks
2200 - New Zealand business confidence
Tuesday 5th
0130 - Australian retail sales & trade balance
0530 - Australian interest rate decision
1000 - Eurozone retail sales
Wednesday 6th
1000 - Eurozone GDP
1100 - German factory orders
1315 - US non-farm employment change
Thursday 7th
0230 - Australian unemployment rate
0930 - UK industrial & manufacturing production
1200 - UK interest rate & QE decision
1245 - Eurozone interest rate decision
1330 - ECB press conference; US jobless claims
Friday 8th
0745 - Swiss unemployment rate
1200 - Canadian unemployment rate
1330 - US non-farm payrolls & unemployment rate
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