Best Euro rates for 4 months

ECB President Trichet's speech yesterday stated "uncertainty" about the Eurozone recovery - which has sent jitters through the market and decreased the price of a Euro today.

This is good news if you are sending money to France, Spain or anywhere else in Europe - the exchange rate is at its best since September.

With a lack of UK data today the probability of further gains might be small, specially with traders likely to take profits before the weekend which could bring the rate back down later today.

Pound up on UK manufacturing figures

An improvement in exchange rates this morning for anybody needing to send money abroad - the UK's manufacturing figures released this morning were better than expected, giving the Pound a boost.

There is important data out in Europe, the USA and Australia tomorrow, so if you are concerned about exchange rates contact Currency Index to discuss your requirements.

Australian Dollar Cheaper

Some respite at last today for those of you looking for the best rates for sending money to Australia - the market rate is up from $1.73 yesterday to $1.755 today, a movement of around 1.5%.

Weaker than expected Aussie home loans data out this morning, on top of some positive UK trade balance numbers, have helped. However, the Aussie Dollar is still in high demand globally, with rising interest rates likely to keep downward pressure on the exchange rate in 2010.

If you are buying property abroad anywhere this year, speak to Currency Index about your requirements.

This week's economic news

We have a lot of data out this week likely to affect exchange rates if you are buying Euros or US Dollars in particular. Contact Currency Index if you would like to discuss your own requirements.

Here are the key announcement times:

Monday 11th
ECB President Trichet’s speech
0815 – Swiss retail sales
1315 – Canadian house building figures

Tuesday 12th
British Retail Consortium survey
0030 – Australian home loans
0930 – UK house price index & trade balance
1330 – Canadian house price index
1330 – US trade balance

Wednesday 13th
0930 – UK industrial & manufacturing production
1000 – Eurozone industrial production
1900 – monthly US budget statement

Thursday 14th
0030 – Australian unemployment rate
0700 – German CPI inflation
1245 – ECB monthly interest rate announcement
1330 – US import prices, retail sales & jobless claims

Friday 15th
1000 – Eurozone CPI inflation & trade balance
1330 – US CPI inflation
1455 – US consumer sentiment index

Dollar weaker on US jobs data

Sending money to America is cheaper this afternoon on the back of weaker-than-expected US jobs figures. The US economy shed 85,000 jobs in December, compared to a forecast of just 2,000.

Contact Currency Index for the latest live rates.

Monthly Currency Report

Please click here to see our article with a summary of 2009's exchange rates and the relative costs of various currencies as we head into 2010.

Pound struggles despite higher house prices

No real news from the Bank of England today, which kept UK interest rates on hold at 0.5% and maintained the QE programme at £200bn. The policy amounts to a "wait and see" until the next inflation report in February.

In other news, house prices are up 1.1% compared to last December - the first year-on-year rise since March 2008. This should be good news for the Pound, but the political turmoil surrounding Gordon Brown is perhaps holding back any progress for sterling.

The Pound now buys less than $1.60 and less than €1.11. To get the best available deal, contact an FSA-regulated currency company if you are looking to buy or sell any currency over £5,000.

Pound falls on UK political wrangles

Sterling is falling this morning on the back of fierce economic arguments between the government and opposition. The credibility of plans for economic recovery is being called into question - and jittery markets are selling off the Pound.

In an election year we are likely to see a lot of such volatility, so if you need to send money overseas do consider fixing your exchange rate sooner rather than later.

Currency News January 2010

Happy new year - and 2010 has started in positive fashion for the Pound. Please see our weekly article for this week's exchange rate news - updates will be posted here whenever there is major news so do check back regularly.

GDP revised down

The final revision of UK Q3 GDP, released this morning, showed worse growth figures than previously expected, showing that the UK is still stuck in recession.

The news comes as a blow for anybody sending money overseas, as the Pound has struggled due to the UK recession, while other European economies have recovered much more quickly.

With no further major UK data out this side of Christmas, do speak to Currency Index now if you have any overseas payments to make.

Forex news this week

Although Christmas is just round the corner, there are still some significant data releases in the next 3 days, particulalry UK GDP which is revised tomorrow morning at 9.30am.

Please click here to see our weekly article with all the news likely to affect exchange rates this week.

Best rate for buying Euros this month

This morning's UK inflation figures came out higher than expected - giving the Pound a boost particularly against the Euro, which is now trading at its cheapest level for 3 weeks.

With more data due out this week, this could be a chance to get a relatively good rate for sending payments in Euros. Contact Currency Index for the latest live rates.

Inflation & unemployment this week

Last week's pre-budget report and this morning's Rightmove house price index have done nothing to help the struggling Pound - there is a lot of data out this week before the Christmas period, which you can see on our weekly article by clicking here.

Contact Currency Index if you would like to discuss any aspect of your own foreign exchange requirements.

House prices up... but manufacturing down

Mixed news in the UK today, as the Halifax house price survey showed a 1.4% increase in house prices in November - but official industrial production figures showed a drop of 8.4% in the year to October.

The Pound fell slightly this morning on release of the figures.

Meanwhile, if you need to send money to Canada, Canadian housing data showed a better-than-expected pick up, although interest rates were kept on hold as expected. The Canadian Dollar is currently trading around $1.72 against sterling [mid-market levels].

This week's currency news

Please click here to see our weekly article for this week's currency news.

With interest rate decisions around the world, the pre-budget report in the UK, and plenty of other data out, this week could see some volatility. Contact Currency Index for the latest news and opinions.

GDP and Economic Recovery

Please click here to see our article on the UK's slow recovery compared to elsewhere in the world - and what it means for exchange rates.

This week's foreign exchange news

Please see our weekly currency article for this week's important data releases.

For Euro-buyers, Thursday is the main day of interest, with the ECB's monthly interest rate decision and accompanying speech, along with European GDP and retail sales.

US Data this afternoon

Anyone who needs to send money to the USA should be aware of a raft of data releases due out this afternoon.

Yesterday's GDP figure was negative, giving slightly better rates for transferring US Dollars. Today we have the following, all realeased at 1330 UK time:

• Durable Goods Orders
• Jobless Claims
• Personal Consumption
• Personal Income

Contact Currency Index this afternoon if you would like to discuss the implications for dollar rates on 0800 043 2623.

GDP revised up - but recession still with us

This morning's GDP figures showed a slight upward revision for the third quarter this year - but still indicate a 0.3% shrink in the economy for the period.

The UK economy has contracted for 6 consecutive quarters, the longest unbroken run since records began in 1955.

The revision was not worse than expected - so we have seen a mixed reaction on foreign exchange markets, with the Pound falling initially but recovering slightly after the announcement.

There is no further major UK data released this week.

Currency news due out this week

Please click here to see our weekly article on this week's important data releases.

Sterling outlook for 2010

Please click to see our article for an overview on the current position of the Pound in international markets.

Bank of England split on QE

Minutes released this morning showed that the Bank of England were split on their quantitative easing decision this month - raising fears that there could be further action ahead.

One member of the committee even voted for an extra £40bn of asset purchasing this month.

The Pound has fallen on the back of this news, and with UK mortgage approval data out tomorrow, there could be further volatility ahead.

Pound up on inflation news

UK inflation figures, released this morning, were better than expected - with the core CPI measure showing a 1.8% increase in the year to October.

Higher inflation makes higher interest rates more likely, so the Pound has taken some strength today across the board.

Beware though, tomorrow morning's Bank of England minutes could throw a spanner in the works if there are hints of more quantitative easing to come. Contact Currency Index if you would like to chat through your options.

This week's news

Please see our regular weekly article for this week's foreign exchange news.

UK inflation tomorrow (Tuesday) at 9.30am, and Wednesday's Bank of England minutes, also at 9.30am, are likely to be the main events this week on the foreign exchange markets.

US Dollar weaker on trade balance data

US Dollar rates have continued to improve slightly, after Friday's weaker-than-expected US trade balance figures.

September's defecit was $36.5bn, over $4bn worse than market expectations.

The US consumer sentiment survey published on Friday was also negative, giving the US Dollar some further weakness - good news for anyone sending money to the USA.

Don't forget, you can fix exchange rates up to 2 years ahead with Currency Index.

Unemployment & Inflation

Yesterday's unemployment figures showed a rise in the UK's jobless total, although not as much as some analysts had feared.

The Bank of England's quarterly inflation report was also slightly negative, with Governer King stating that UK interest rates are likely to remain low until 2011. The Pound is hampered by low interest rates, and dropped accordingly during King's speech.

If other worldwide interest rates start to increase before the UK, exchange rates for sending money abroad could remain low throughout 2010.

Bank of England speech & news tomorrow

Tomorrow sees 3 important events for the Pound:

1. UK unemployment figures (9.30am)
2. Quarterly Bank of England inflation report (10.30am)
3. Bank of England Governer Mervyn King's speech (10.30am)

It is likely to be a volatile morning on the foreign exchange markets. The unemployment and inflation news are always key for the UK economy and therefore the Pound, and King's speech will provide economic projections.

Often, King's speeches are sterling-negative, as the Bank of England tries to maintain realistic expectations in financial markets.

This week's currency update

Please see our weekly article on the Move Channel for all this week's data releases and the outlook for exchange rates.

Important news will be posted here throughout the week, or call us at Currency Index on 0800 043 2623 for the latest market update.

Worldwide Currency Roundup

Please see our monthly article for views on major world currencies in the current economic climate, including an economic overview for the UK, USA and Europe containing what you need to know if you are sending money abroad in the next few months.

Bank of England prints another £25bn

The Bank of England today announced an extra £25bn of quantitative easing - although it stopped short of adding £50bn as some analysts had expected.

The Pound gave a mixed reaction, gaining strength initially, before falling back as markets took the news in. ECB President Trichet also said this afternoon that Eurozone inflation would turn positive soon, signalling that European interest rates may start to go up before those in the UK. This would be likely to make the Euro more expensive.

As the dust settles on these announcements, sterling is back where it started the day against most currencies, although US Dollar exchange rates are slightly better than they were this morning.

Services data send GBP higher

This morning's PMI services data showed an unexpected expansion in the UK's services sector - giving sterling a boost across the board.

There may be a 24 hour window to buy currency between now and the Bank of England's vital quantitative easing announcement tomorrow lunch time - if more money is injected into the economy, analysts expect the Pound to fall significantly.

Speak to us today at Currency Index if you are sending money overseas. You can call free on 0800 043 2623.

Aussie Dollar weaker despite rate hike

The Reserve Bank of Australia put interest rates up overnight as expected - although comments that they may pause the cycle of higher rates in December led the Australian Dollar to weaken off slightly.

Mid-market rates are now comfortably back above 1.80.

If you are transferring money to Australia contact your currency broker to discuss your options - higher interest rates in a country usually lead to a more expensive currency and it is likely the RBA will raise rates again in January, if not December.

Currency Index is now FSA Regulated

We are pleased to announce that from today Currency Index is Authorised and Regulated by the FSA, with reference 504353 on the FSA's Register.

This gives clients even greater peace of mind regarding security of funds, and confirms that Currency Index conforms to the relevant Conduct of Business requirements.

A full list of Authorised companies can be found on the FSA's website.

This week's news

Please see our regular article for this week's currency news:
http://www.themovechannel.com/features/a01630fe-f266/

Lots of data out this week, particularly on Thursday, so do speak to your currency broker if you need to send funds abroad or make a money transfer back to the UK.

Pound back up... a little

It seems that no news is good news for sterling at the moment, and with no major data releases in the UK this week the Pound has crept back up slowly during the last 3 days. Next week's key Bank of England announcement on Thursday could shake things up, so anybody looking to send money overseas may have a window of a few days to look at securing your rate.

Don't forget, Currency Index can book exchange rates up to 2 years ahead, without you needing all your sterling available. Please call for more details.

This week's data

Please see our weekly article for an overview on the market and data releases this week which are likely to affect exchange rates.

Contact Currency Index on 0800 043 2623 if you would like to discuss the latest news relating to your specific requirements.

GDP sends sterling plummeting

This morning's GDP data has shown a contraction of 0.4% in the economy for Q3, dashing hopes that there would be some growth to technically end the recession.

Disappointing data - and the markets have reacted badly, with sterling dropping around 1.5c against both the Euro and US Dollar.

Contact Currency Index for the latest commercial rates.

Retail Sales at 9.30

Following some good days for sterling, this morning's retail sales figures at 9.30am are an important measure of economic activity. If you need to send money overseas, keep an eye on rates around 9.30 and contact Currency Index if you would like us to alert you to any movements.

Bank Minutes Boost Pound

A little more cheer for the Pound today - which has now gained 3% against the Euro and 6% against the US Dollar in the last week. The Bank of England revealed this morning that they voted unanimously for a pause in quantitative easing this month - easing fears that more money would need to be pumped into the economy in November.



The mid-market rates for Euros and Dollars are now above €1.10 and $1.65 respectively, although the outlook is still poor - the UK's debt and fiscal position are likely to stifle any recovery for GBP which remains vulnerable to bad news.

Pound to remain weak until 2014?

Some worrying reading on the Telegraph website over the weekend - Ernst and Young predicting rates around parity for sterling against the Euro for years to come:

http://www.telegraph.co.uk/finance/economics/6360466/UKs-budget-deficit-will-leave-pound-weak-until-at-least-2014.html

Sterling Update

Please see our article for this week's foreign exchange outlook and major data releases.


Mervyn King, the Governer of the Bank of England, is giving a speech tonight at 8.30 which will be watched for clues about quantitative easing. This morning, public finance data is released at 9.30am - if public debt has increased significantly we would expect negative movement for the Pound.

Bank of England sends mixed signals

Some good news for the Pound at last this week, as Bank of England MPC member Paul Fisher told the FT that quantitative easing is now working, "having the scale and impact that we would have hoped for".



The Pound has been struggling on expectations that the Bank would increase QE by pumping more money in to the economy at its next meeting in November. We would expect more volatility leading up to the announcement, as speculation increased as to what the Bank's next move will be.

Unemployment rises

UK unemployment has risen according to official figures out today - but not as much as expected. Sterling has gained a little strength accordingly.

The outlook is still worsening overall for the Pound. See our article on HomesGoFast for an updated analysis on the current situation.

Pound hit by UK inflation

Further bad news for sterling this morning, as the UK's Retail Price Index, a key measure of inflation, fell 1.4% in the year to September. A smaller fall was expected.

Lower inflation means that interest rates are even less likely to rise, and tends to be negative for sterling.

Luckily for anyone sending money in Euros, the Eurozone ZEW economic sentiment survey also came in negative, meaning the EUR exchange rate did not fall as much as it might have done otherwise.

Britain comes bottom of 'quality of life' survey

According to a new survey, the UK has the lowest quality of life compared to 9 other large European countries. Although average household income is higher than anywhere else, the high cost of living, bad weather and long hours mean that France, Spain and Denmark have overall much better quality of life.

This will come as no surprise to those of you buying property overseas, so although exchange rates at the moment mean that property in Europe is relatively more expensive than when the Pound is strong, there is no shortage of Brits wanting to make the move abroad.

If you are making the move, speak to Currency Index about obtaining commercial exchange rates for sending money overeas.

This week's currency news

A lot of data is out this week, so expect exchange rates to be volatile. In the current climate the Pound is struggling so any further bad news is likely to make foreign currency transfers more expensive.

For a list of this week's data releases please see our article here.

CEBR Predicts £1 = €1, $1.40

A damning report over the weekend from the Centre for Economics and Business Research, has predicted the Pound will fall BELOW parity with the Euro (£1 = €1) and below $1.40 against the US Dollar, with UK interest rates staying at 0.5% until 2011.

See the BBC's report for more information.

UK Trade Balance worsens

The UK trade balance for August has risen to -£3bn, above expectations of -£2.5bn, in more bad news for the UK economy and sterling.

The Pound is dropping this morning as a result.

Currency News this week

No joy for those of you waiting to transfer money overseas yet this week - as the Pound was hampered by this morning's negative UK manufacturing data.

For the rest of the week we have some key data which may cause volatility - not least the monthly Bank of England and European Central Bank policy announcements.

Whatever your requirements, do contact a currency company to discuss your currency transfer - optimism in these markets can be expensive.

Wednesday
Overnight - UK consumer confidence
11am - German factory orders

Thursday
1.30am - Australian unemployment rate
11am - German industrial production (August)
12pm - Bank of England interest rate decision
12.45pm - European Central Bank interest rate decision
1.15pm - Canadian housing starts
1.30pm - US jobless claims data

Friday
Midnight - Federal Reserve Chairman Bernanke's speech
7am - German CPI inflation
9am - Halifax UK house price index
9.30am - UK PPI inflation
1.30pm - US trade balance (August)

Australian Interest Rates Up

The Reserve Bank of Australia has become the first major central bank to raise interest rates since the economic crisis - from 3% to 3.25%.

This is significant for anybody who needs to send money to Australia, as higher interest rates increase demand for the currency, and therefore the price tends to increase - in other words, exchange rates for sending money to Australia fall.

This morning, the mid-market rate has fallen below $1.80, and with unemployment figures to come tomorrow overnight, there could be more movement to come if the Australian economy is picking up more quickly than expected.