This morning's German unemployment figures have added to the problems in the Eurozone, with a recorded fall of 9,000 compared to expectations of 18,000. Unemployment in the Eurozone overall is now running at 10.1%.
The Euro has weakened further (become cheaper) today while the US Dollar, which is mirroring the Euro's movements at the moment, has strengthened.
For the latest rates please contact your account manager at Currency Index.
Tuesday 30 November 2010
Monday 29 November 2010
This week's currency update
This week the main story is likely to be the continuing developments of the Irish bank bailout - and whether there will be any knock-on effects elsewhere in the Eurozone. For now the Euro has started to strengthen.
Elsewhere we have economic releases in Australia, Canada, the USA and Switzerland, all likely to affect rates for sending money abroad. Contact your foreign exchange broker for the latest rates and news.
Monday 29th
0930 - UK mortgage approvals & money supply
1000 - Eurozone economic & consumer confidence
1330 - Canadian current account
Tuesday 30th
Overnight - UK consumer confidence
0030 - Australian current account
1000 - Eurozone unemployment & CPI inflation
1330 - Canadian GDP
1500 - US consumer confidence
Wednesday 1st
0030 - Australian GDP
0700 - UK Nationwide house prices
0900 - Eurozone manufacturing inflation
0930 - UK manufacturing inflation
1500 - US manufacturing & construction
Thursday 2nd
0030 - Australian retail sales & trade balance
0645 - Swiss GDP
1000 - Eurozone GDP & PPI inflation
1245 - Eurozone interest rate decision
1330 - US jobless claims
Friday 3rd
0815 - Swiss CPI inflation
1000 - Eurozone retail sales
1200 - Canadian unemployment
1330 - US non-farm payrolls & unemployment rate
Elsewhere we have economic releases in Australia, Canada, the USA and Switzerland, all likely to affect rates for sending money abroad. Contact your foreign exchange broker for the latest rates and news.
Monday 29th
0930 - UK mortgage approvals & money supply
1000 - Eurozone economic & consumer confidence
1330 - Canadian current account
Tuesday 30th
Overnight - UK consumer confidence
0030 - Australian current account
1000 - Eurozone unemployment & CPI inflation
1330 - Canadian GDP
1500 - US consumer confidence
Wednesday 1st
0030 - Australian GDP
0700 - UK Nationwide house prices
0900 - Eurozone manufacturing inflation
0930 - UK manufacturing inflation
1500 - US manufacturing & construction
Thursday 2nd
0030 - Australian retail sales & trade balance
0645 - Swiss GDP
1000 - Eurozone GDP & PPI inflation
1245 - Eurozone interest rate decision
1330 - US jobless claims
Friday 3rd
0815 - Swiss CPI inflation
1000 - Eurozone retail sales
1200 - Canadian unemployment
1330 - US non-farm payrolls & unemployment rate
Friday 26 November 2010
Portugal next for EU bailout?
The Eurozone is urging Portugal to seek aid. Portugal’s bonds fell on concern they will follow Ireland and Greece and present a formal request to Europe's rescue fund, similar to that of Ireland earlier in the week.
As a result the Euro has been slowly weakening (getting cheaper) this week, and we now have the best rates for sending Euro payments since mid-September. Conversely, investors are buying up US Dollars, which has brought the exchagne rate down to its worst level for a month.
As a result the Euro has been slowly weakening (getting cheaper) this week, and we now have the best rates for sending Euro payments since mid-September. Conversely, investors are buying up US Dollars, which has brought the exchagne rate down to its worst level for a month.
Wednesday 24 November 2010
GDP revised slightly upwards
This morning's GDP figures showed a slight upward adjustment to previous figures for the third quarter of the year.
The UK economy grew 0.8% in the 3 months to the end of September, or 2.8% in the 12 month period.
Sterling gained slightly on the news, and with no more major UK data out this week, securing a rate for your overseas transfer now is looking reasonable.
The UK economy grew 0.8% in the 3 months to the end of September, or 2.8% in the 12 month period.
Sterling gained slightly on the news, and with no more major UK data out this week, securing a rate for your overseas transfer now is looking reasonable.
Tuesday 23 November 2010
Euro falls, Dollar rises
The Euro has weakened significantly today, as the political problems in Ireland continue.
The main move has been between the Euro and US Dollar, which has been back in demand as a "safe haven" currency.
The result is something of a see-saw with the Pound stuck in the middle. We have improved rates for sending money in Euros, but worse rates for buying US Dollars.
Tomorrow's UK GDP figures are likely to turn focus back to sterling, so if you need to secure Euros in particular you might like to contact Currency Index for a quote before the data release at 9.30 am.
The main move has been between the Euro and US Dollar, which has been back in demand as a "safe haven" currency.
The result is something of a see-saw with the Pound stuck in the middle. We have improved rates for sending money in Euros, but worse rates for buying US Dollars.
Tomorrow's UK GDP figures are likely to turn focus back to sterling, so if you need to secure Euros in particular you might like to contact Currency Index for a quote before the data release at 9.30 am.
Monday 22 November 2010
Currency news this week
The main release this week is the second estimate of Q3 GDP, which is published on Wednesday. Any downward adjustment in the UK's official growth figures would be likely to hurt sterling.
We also have the breaking news of the EU bailout of the Irish economy. Although you might expect the Euro to weaken as a result, the UK is also likely to contributing billions via the EU, so the Pound is not immune to any fallout.
This week's full calendar of releases likely to affect exchange rates is below. Contact Currency Index for the latest rates for your own transactions, and views on what might happen this week and further ahead.
Monday 22nd
1500 - Eurozone consumer confidence
1615 - Speech: European Central Bank President Trichet
Tuesday 23rd
0200 - New Zealand inflation expectations
0700 - German GDP
0900 - Eurozone manufacturing & services growth
0930 - UK mortgage approvals
1200 - Canadian CPI inflation
1330 - US GDP & Canadian retail sales
1900 - US Federal Reserve minutes
Wednesday 24th
0930 - UK GDP second estimate Q3
1330 - US jobless claims & personal expenditure
Thursday 25th
US bank holiday (Thanksgiving)
0815 - Swiss employment level
Friday 26th
No major data
We also have the breaking news of the EU bailout of the Irish economy. Although you might expect the Euro to weaken as a result, the UK is also likely to contributing billions via the EU, so the Pound is not immune to any fallout.
This week's full calendar of releases likely to affect exchange rates is below. Contact Currency Index for the latest rates for your own transactions, and views on what might happen this week and further ahead.
Monday 22nd
1500 - Eurozone consumer confidence
1615 - Speech: European Central Bank President Trichet
Tuesday 23rd
0200 - New Zealand inflation expectations
0700 - German GDP
0900 - Eurozone manufacturing & services growth
0930 - UK mortgage approvals
1200 - Canadian CPI inflation
1330 - US GDP & Canadian retail sales
1900 - US Federal Reserve minutes
Wednesday 24th
0930 - UK GDP second estimate Q3
1330 - US jobless claims & personal expenditure
Thursday 25th
US bank holiday (Thanksgiving)
0815 - Swiss employment level
Friday 26th
No major data
Thursday 18 November 2010
Sterling recovers yesterday's losses
Having fallen back yesterday, sterling has recovered somewhat today, despite public borrowing figures this morning being much worse than expected at £9.77bn for October.
Retail sales figures were not so bad, and with the possibility of an Irish economic bailout looking more likely, the Euro is also struggling. Against the US Dollar, rates have also recovered, as volatility continues in fragile economic recoveries.
There is no major data out tomorrow, but we have speeches from the Federal Reserve chairman (Ben Bernake) and European Central Bank president (Trichet), at 2.15pm and 9.15am respectively.
Please contact Currency Index for the latest live rates for your own transaction.
Retail sales figures were not so bad, and with the possibility of an Irish economic bailout looking more likely, the Euro is also struggling. Against the US Dollar, rates have also recovered, as volatility continues in fragile economic recoveries.
There is no major data out tomorrow, but we have speeches from the Federal Reserve chairman (Ben Bernake) and European Central Bank president (Trichet), at 2.15pm and 9.15am respectively.
Please contact Currency Index for the latest live rates for your own transaction.
Wednesday 17 November 2010
Bank of England split 3 ways again
The Bank of England did not move nearer to further Quantitative Easing in their November meeting, according to their minutes released today.
7 of the 9-strong committee voted for no change, with one voting for more QE, and one voting for an interest rate rise - exactly the same result as October.
The Pound gained a small amount of value after the minutes were released.
Meanwhile EU finance ministers are meeting to discuss a possible bail-out of the Irish economy. The Euro could be affected if the Irish government asks for help, although when a rescue package was announced for Greece earlier this year, the Euro strenghtened (became more expensive) as markets saw the bailout as helping the single currency zone.
7 of the 9-strong committee voted for no change, with one voting for more QE, and one voting for an interest rate rise - exactly the same result as October.
The Pound gained a small amount of value after the minutes were released.
Meanwhile EU finance ministers are meeting to discuss a possible bail-out of the Irish economy. The Euro could be affected if the Irish government asks for help, although when a rescue package was announced for Greece earlier this year, the Euro strenghtened (became more expensive) as markets saw the bailout as helping the single currency zone.
Tuesday 16 November 2010
High inflation forces letter to Chancellor
This morning's UK inflation figures (3.2% for the previous 12 months) are again above the government's targets, forcing Bank of England Governer Mervyn King to write another explanatory letter to the Chancellor.
While the figures are unlikely to spark any short-term interest rate rises, they should be viewed as sterling-positive. Unfortunately, half an hour after the announcement, Eurozone inflation and economic sentiment were released at higher than expected levels, giving the Euro some retaliatory strength and reducing exchange rates for the rest of the day.
Tomorrow morning's Bank of England Minutes, to be released at 9.30am, are now crucial to the short-term movement of the Pound. If any of the committee voted for further quantitative easing this month, we could see the Pound's gains of the last week quickly disappear.
While the figures are unlikely to spark any short-term interest rate rises, they should be viewed as sterling-positive. Unfortunately, half an hour after the announcement, Eurozone inflation and economic sentiment were released at higher than expected levels, giving the Euro some retaliatory strength and reducing exchange rates for the rest of the day.
Tomorrow morning's Bank of England Minutes, to be released at 9.30am, are now crucial to the short-term movement of the Pound. If any of the committee voted for further quantitative easing this month, we could see the Pound's gains of the last week quickly disappear.
Monday 15 November 2010
This week's economic news
We have plenty of important data out this week which is likely to move exchange rates - including key inflation, unemployment and retail sales figures in the UK, as well as the all-important Bank of England minutes on Wednesday, which will reveal whether more Quantitative Easing was considered this month.
With sterling still vulnerable to any negative news, speak with your Currency Index broker about your own transaction to avoid being caught out by any sudden moves in the market.
Monday 15th
1000 - Eurozone trade balance
1330 - US retail sales
Tuesday 16th
0930 - UK CPI & RPI inflation
1000 - Eurozone CPI inflation & German ZEW sentiment survey
1330 - US PPI inflation
1415 - US industrial production
Wednesday 17th
0930 - UK earnings, unemployment & Bank of England minutes
1000 - Eurozone construction output
1330 - US CPI inflation & housing starts
Thursday 18th
0715 - Swiss trade balance
0930 - UK public borrowing & retail sales
1500 - US manufacturing
Friday 19th
0700 - German PPI inflation
With sterling still vulnerable to any negative news, speak with your Currency Index broker about your own transaction to avoid being caught out by any sudden moves in the market.
Monday 15th
1000 - Eurozone trade balance
1330 - US retail sales
Tuesday 16th
0930 - UK CPI & RPI inflation
1000 - Eurozone CPI inflation & German ZEW sentiment survey
1330 - US PPI inflation
1415 - US industrial production
Wednesday 17th
0930 - UK earnings, unemployment & Bank of England minutes
1000 - Eurozone construction output
1330 - US CPI inflation & housing starts
Thursday 18th
0715 - Swiss trade balance
0930 - UK public borrowing & retail sales
1500 - US manufacturing
Friday 19th
0700 - German PPI inflation
Thursday 11 November 2010
Pound pushes higher against Euro
Rates for sending money in Euros are now at their best for 6 weeks, after the Bank of England inflation report was followed by news of economic woe in Spain (where growth is approaching zero) and Ireland which weakened the Euro.
Worries about Quantitative Easing in the UK are now receding a little, although with 6 consecutive days of improvement in the Pound-Euro rate, there may be some profit-taking by investors as the weekend approaches, which could bring the rate back down.
Worries about Quantitative Easing in the UK are now receding a little, although with 6 consecutive days of improvement in the Pound-Euro rate, there may be some profit-taking by investors as the weekend approaches, which could bring the rate back down.
Wednesday 10 November 2010
Inflation report boosts sterling
This morning's Bank of England inflation report has given the Pound a timely boost, as Governer King took a neutral approach and did not mention further quantitative easing.
Furthermore, with the outlook still likely to give high inflation in the coming months, there may even be talk of UK interest rate rises next year, depending on the stability of the recovery. The Bank do not see a significant likelihood that we will slide back into recession.
As a result of the report, the Pound has spiked against the Euro and US Dollar, gaining over a cent against both currencies.
Contact Currency Index for the latest quote on your own transaction.
Furthermore, with the outlook still likely to give high inflation in the coming months, there may even be talk of UK interest rate rises next year, depending on the stability of the recovery. The Bank do not see a significant likelihood that we will slide back into recession.
As a result of the report, the Pound has spiked against the Euro and US Dollar, gaining over a cent against both currencies.
Contact Currency Index for the latest quote on your own transaction.
Tuesday 9 November 2010
UK data as expected
This morning's UK manufacturing data and trade balance have come out close to expectations, with no resulting effect on most exchange rates. Attention will now turn to tomorrow's inflation report at 10.30am.
Monday 8 November 2010
This week's currency news
The main news for the Pound this week is likely to be Wednesday's inflation report, which is an important economic indicator affecting decisions about interest rates and quantitative easing, and therefore the strength of sterling.
Tomorrow's manufacturing figures will also be important, otherwise there is no other significant UK data out this week. Other important data releases around the world are listed below.
Monday 8th
0645 - Swiss unemployment rate
1315 - Canadian housing starts
1800 - Speech - Federal Reservce - Fisher
Tuesday 9th
0930 - UK industrial & manufacturing production; UK trade balance
1400 - unofficial UK GDP estimate
1730 - Speech - Bank of Canada - Carney
Wednesday 10th
1030 - UK inflation report; Speech - Bank of England - King
1330 - US & Canadian trade balance; US jobless claims
Thursday 11th
0030 - Australian unemployment rate
0900 - ECB monthly report
Friday 12th
0700 - German GDP
1000 - Eurozone GDP
Tomorrow's manufacturing figures will also be important, otherwise there is no other significant UK data out this week. Other important data releases around the world are listed below.
Monday 8th
0645 - Swiss unemployment rate
1315 - Canadian housing starts
1800 - Speech - Federal Reservce - Fisher
Tuesday 9th
0930 - UK industrial & manufacturing production; UK trade balance
1400 - unofficial UK GDP estimate
1730 - Speech - Bank of Canada - Carney
Wednesday 10th
1030 - UK inflation report; Speech - Bank of England - King
1330 - US & Canadian trade balance; US jobless claims
Thursday 11th
0030 - Australian unemployment rate
0900 - ECB monthly report
Friday 12th
0700 - German GDP
1000 - Eurozone GDP
Wednesday 3 November 2010
Federal Reserve pumps $600bn into economy
The US Federal Reserve has announced an extra $600bn of Quantitative Easing to boost the ailing American economy.
The amount was slightly more than most analysts had expected, but represents a middle-of-the-road approach, which had already been priced into the US Dollar exchange rate.
US Dollar rates are still around their best since February, but there has been no sudden movement in exchange rates which could have been expected if the figure was much higher.
Anybody needing to send money to the USA might like to consider fixing a rate now on the back of current US Dollar weakness.
The amount was slightly more than most analysts had expected, but represents a middle-of-the-road approach, which had already been priced into the US Dollar exchange rate.
US Dollar rates are still around their best since February, but there has been no sudden movement in exchange rates which could have been expected if the figure was much higher.
Anybody needing to send money to the USA might like to consider fixing a rate now on the back of current US Dollar weakness.
US Dollar cheaper ahead of Fed decision
Rates for sending US Dollars have improved again in the last 24 hours, ahead of tonight's Federal Reserve decision on Quantitative Easing. Analysts are expecting more money to be pumped into the US economy, which is making the dollar cheaper.
Tonight's decision at 6.15pm is likely to cause strong volatility in the USD rate.
This morning's UK PMI services data showed good growth in the UK's services sector, which has also injected some sterling strength across the board.
Tonight's decision at 6.15pm is likely to cause strong volatility in the USD rate.
This morning's UK PMI services data showed good growth in the UK's services sector, which has also injected some sterling strength across the board.
Tuesday 2 November 2010
Australian interest rates increased
The Australian Dollar gained strength today, after the RBA's decision to increase interest rates to 4.75% sparked increased demand for the Aussie currency.
If you need to make a money transfer to Australia, the next major news is overnight on Wednesday, when retail sales and trade balance figures are released. For the latest rates for Australian Dollars or any other currency, please contact us.
If you need to make a money transfer to Australia, the next major news is overnight on Wednesday, when retail sales and trade balance figures are released. For the latest rates for Australian Dollars or any other currency, please contact us.
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