Although we do not expect any major news such as an interest rate change from the Bank of England this week, there is plenty of data out in the UK and Eurozone which is likely to have an effect on exchange rates. With rates for buying Euros and Dollars currently enjoying some improvement, make sure you don't miss out on any opportunities to buy this week.
Contact us at Currency Index for the latest news and live trading rates.
Monday 7th
0030 - Australian retail sales (December)
0930 - Eurozone investor confidence
1100 - German factory orders (December)
2000 - US consumer credit (December)
Tuesday 8th
Overnight - UK BRC retail sales & RICS house price balance
0500 - German retail sales (December)
0645 - Swiss unemployment rate
2330 - Australian consumer confidence
Wednesday 9th
0700 - German trade balance (December)
0930 - UK trade balance (December)
1500 - Speech - US Federal Reserve chariman Bernanke
Thursday 10th
0030 - Australian unemployment rate
0500 - UK GDP estimate (NIESR)
0900 - European Central Bank monthly report
0930 - UK industrial & manufacturing production (December)
1200 - UK interest rate decision
2230 - Speech - Australian RBA governor Stevens
Friday 11th
0700 - German CPI inflation
0930 - UK PPI inflation
1330 - US trade balance (December)
1730 - Speech - European Cental Bank president Trichet
Monday, 7 February 2011
Thursday, 3 February 2011
Sterling given lift by services sector
The Pound has enjoyed a strong start to the week, with this morning's PMI Services figures showing a pleasing return to growth in January.
Added to yesterday's industrial figures, the gloom left by last week's disappointing GDP figures has been somewhat lifted.
The Pound is now at its best level against the US Dollar for 3 months, and is also up against the Euro, which has been hit by the yesterday's downgrading of Ireland's credit rating.
Added to yesterday's industrial figures, the gloom left by last week's disappointing GDP figures has been somewhat lifted.
The Pound is now at its best level against the US Dollar for 3 months, and is also up against the Euro, which has been hit by the yesterday's downgrading of Ireland's credit rating.
Tuesday, 1 February 2011
Manufacturing sector boosts Pound
This morning's manufacturing inflation data showed activity grew at its fastest pace since 1992 in January - and manufacturing employment also rose at its quickest pace since records began.
Higher manufacturing inflation will theoretically lead to consumer inflation increasing - and therefore increase pressure on the Bank of England to increase interest rates which would be likely to increase the value of sterling.
The Pound rose to its best level against the US Dollar for 11 weeks on the release of the news, and is also up against the Euro.
The moves come despite depressing mortgage approvals and house price data also announced today.
Higher manufacturing inflation will theoretically lead to consumer inflation increasing - and therefore increase pressure on the Bank of England to increase interest rates which would be likely to increase the value of sterling.
The Pound rose to its best level against the US Dollar for 11 weeks on the release of the news, and is also up against the Euro.
The moves come despite depressing mortgage approvals and house price data also announced today.
Monday, 31 January 2011
News releases this week
This week we have the following news releases scheduled, all of which are potential influences on exchange rates. Contact us at Currency Index for the latest opinions & live trading rates for your own transaction.
Monday 31st
0700 - German retail sales (December)
1330 - Canadian GDP (November); US personal income & expenditure (December)
2230 - Australian manufacturing index
Tuesday 1st
0330 - Australian interest rate decision
0700 - UK house prices (Nationwide)
0900 - German unemployment rate
0930 - UK mortgage approvals (December) & money supply
1000 - Eurozone unemployment rate
Wednesday 2nd
1000 - Eurozone PPI inflation (December)
2145 - New Zealand unemployment rate
Thursday 3rd
1000 - Eurozone retail sales (December)
1245 - Eurozone interest rate decision
Friday 4th
0500 - UK house prices (Halifax)
1200 - Canadian unemployment rate
1330 - US unemployment rate & non-farm payrolls
Monday 31st
0700 - German retail sales (December)
1330 - Canadian GDP (November); US personal income & expenditure (December)
2230 - Australian manufacturing index
Tuesday 1st
0330 - Australian interest rate decision
0700 - UK house prices (Nationwide)
0900 - German unemployment rate
0930 - UK mortgage approvals (December) & money supply
1000 - Eurozone unemployment rate
Wednesday 2nd
1000 - Eurozone PPI inflation (December)
2145 - New Zealand unemployment rate
Thursday 3rd
1000 - Eurozone retail sales (December)
1245 - Eurozone interest rate decision
Friday 4th
0500 - UK house prices (Halifax)
1200 - Canadian unemployment rate
1330 - US unemployment rate & non-farm payrolls
Friday, 28 January 2011
Biggest drop in confidence since 1992
This morning's UK consumer confidence survey has shown its biggest fall since 1992.
Consumers are increasingly expecting a painful 2011, both in their own financial circumstances and the economy overall. With VAT up to 20% and negative growth, talk of a double-dip recession is increasing.
This is all bad news for sterling, which is continuing to fall. Unless the Bank of England decides to raise interest rates soon (which seems very unlikely), the Pound could be in for a negative period ahead.
To avoid the risk of falling currency rates making your own overseas purchase more expensive, remember you can fix and guarantee your exchange rate up to 2 years ahead with Currency Index.
Consumers are increasingly expecting a painful 2011, both in their own financial circumstances and the economy overall. With VAT up to 20% and negative growth, talk of a double-dip recession is increasing.
This is all bad news for sterling, which is continuing to fall. Unless the Bank of England decides to raise interest rates soon (which seems very unlikely), the Pound could be in for a negative period ahead.
To avoid the risk of falling currency rates making your own overseas purchase more expensive, remember you can fix and guarantee your exchange rate up to 2 years ahead with Currency Index.
Wednesday, 26 January 2011
Bank of England did consider interest rate rise
This morning's Bank of England minutes showed that the MPC did consider an interest rate rise in January - and the Pound has recovered slightly this morning as a result.
For the first time since rates were slashed to 0.5%, 2 of the 9 members voted for a 0.25% hike in rates. Higher interest rates would be likely to increase the value of sterling, and therefore improve exchange rates for sending money abroad.
However, the decision was made before yesterday's disastrous GDP figures were announced, and Mervyn King's speech last night suggested that rate rises may be off the agenda until the economy returns to stable growth.
For further review of the Bank's minutes, click here.
For the first time since rates were slashed to 0.5%, 2 of the 9 members voted for a 0.25% hike in rates. Higher interest rates would be likely to increase the value of sterling, and therefore improve exchange rates for sending money abroad.
However, the decision was made before yesterday's disastrous GDP figures were announced, and Mervyn King's speech last night suggested that rate rises may be off the agenda until the economy returns to stable growth.
For further review of the Bank's minutes, click here.
Tuesday, 25 January 2011
Disastrous GDP sends sterling lower
The first estimate of GDP for Q4 2010 shows the UK economy shrank by 0.5% - much worse than analysts' expectations of a 0.5% growth figure.
The Pound has fallen a cent against both the Euro and US Dollar this morning.
Mervyn King's speech this evening is unlikely to help, with many observers thinking that the Bank of England will not raise interest rates for some time to come, so sterling does not look likely to have any support in the short term.
The Pound has fallen a cent against both the Euro and US Dollar this morning.
Mervyn King's speech this evening is unlikely to help, with many observers thinking that the Bank of England will not raise interest rates for some time to come, so sterling does not look likely to have any support in the short term.
Monday, 24 January 2011
This week's currency news
This week's main UK data releases are GDP (Tuesday 0930), Mervyn King's speech (Tuesday 1940) and Wednesday's Bank of England minutes (Wednesday 0930).
The Pound is vulnerable to any negative news, so any indications from the Bank of England that interest rates are not likely to be increasing in the short term, could bring exchange rates lower this week.
Monday 24th
No major data
Tuesday 25th
0030 - Australian CPI inflation
0700 - German business confidence
0930 - UK GDP (Q4 2010) and public borrowing (Dec)
1200 - Canadian CPI inflation
1500 - US consumer confidence
1940 - Speech: Bank of England governer Mervyn King
Wednesday 26th
0930 - Bank of England minutes
1915 - US interest rate decision
2000 - New Zealand interest rate decision
Thursday 27th
1000 - Eurozone consumer confidence
1330 - US jobless claims
Friday 28th
1330 - US GDP
The Pound is vulnerable to any negative news, so any indications from the Bank of England that interest rates are not likely to be increasing in the short term, could bring exchange rates lower this week.
Monday 24th
No major data
Tuesday 25th
0030 - Australian CPI inflation
0700 - German business confidence
0930 - UK GDP (Q4 2010) and public borrowing (Dec)
1200 - Canadian CPI inflation
1500 - US consumer confidence
1940 - Speech: Bank of England governer Mervyn King
Wednesday 26th
0930 - Bank of England minutes
1915 - US interest rate decision
2000 - New Zealand interest rate decision
Thursday 27th
1000 - Eurozone consumer confidence
1330 - US jobless claims
Friday 28th
1330 - US GDP
Friday, 21 January 2011
Retail sales & mortgage approvals down
Sterling has been held back today by poor retail sales and mortgage figures in the UK, which showed:
- Only 40,000 new mortgages were approved in November
- Retail sales fell 0.8% in December, and were flat for the year
Analysts were hoping for a slight rise in retail sales, given the Christmas period, and for around 20% more mortgage approvals - both of which would have been indicators of better recovery in the UK economy.
With the sterling-euro rate falling away, aiming for rates of 1.20 may now not be realistic for some time to come.
- Only 40,000 new mortgages were approved in November
- Retail sales fell 0.8% in December, and were flat for the year
Analysts were hoping for a slight rise in retail sales, given the Christmas period, and for around 20% more mortgage approvals - both of which would have been indicators of better recovery in the UK economy.
With the sterling-euro rate falling away, aiming for rates of 1.20 may now not be realistic for some time to come.
Wednesday, 19 January 2011
UK unemployment rises to 2.5m
This morning's UK unemployment data showed a 49,000 rise to 2.5m at the end of November - although the official unemployment rate remains at 7.9%
Some analysts are warning of a 'double dip' in unemployment, with the jobless total set to rise further in 2011 before improving.
As unemployment is a key measure of the UK's economic recovery, the Pound can be affected. This morning we have seen a slight fall in sterling's value on the back of the releases.
There is no more major UK data due out until Friday's retail sales figures at 9.30am.
Some analysts are warning of a 'double dip' in unemployment, with the jobless total set to rise further in 2011 before improving.
As unemployment is a key measure of the UK's economic recovery, the Pound can be affected. This morning we have seen a slight fall in sterling's value on the back of the releases.
There is no more major UK data due out until Friday's retail sales figures at 9.30am.
Tuesday, 18 January 2011
UK inflation up to 3.7% in December
This morning's inflation figures showed an increase to 3.7% in December - the highest in 8 months.
Sterling surged higher this morning, as analysts factored in an increased likelihood of interest rate rises, which are the Bank of England's main weapon against rising inflation.
The Pound was up nearly a cent against both the US Dollar and Euro by 10am, although it has fallen back a little since.
Note that tomorrow's UK unemployment rate, released at 9.30am, could cause sterling to fall back further if the labour market is still struggling.
Sterling surged higher this morning, as analysts factored in an increased likelihood of interest rate rises, which are the Bank of England's main weapon against rising inflation.
The Pound was up nearly a cent against both the US Dollar and Euro by 10am, although it has fallen back a little since.
Note that tomorrow's UK unemployment rate, released at 9.30am, could cause sterling to fall back further if the labour market is still struggling.
Sunday, 16 January 2011
This week's currency news
This week's economic data likely to affect exchange rates is listed below. Call Currency Index on 0800 043 2623 for the latest trading rates and opinions for your own overseas currency transfer.
Monday 17th
Overnight - Rightmove house price index
Tuesday 18th
Overnight - RICS house price balance & Nationwide consumer confidence
0930 - UK CPI & RPI inflation
1000 - German & Eurozone ZEW economic sentiment survey
1400 - Canadian interest rate decision
Wednesday 19th
0930 - UK unemployment rate
1000 - Eurozone construction output
1330 - US housing starts
1530 - Bank of Canada monetary policy report
2145 - New Zealand CPI inflation
Thursday 20th
0900 - European Central Bank monthly report
1500 - US existing home sales
2145 - New Zealand retail sales
Friday 21st
0900 - German business climate survey
0930 - UK retail sales & public borrowing
1330 - Canadian retail sales
Monday 17th
Overnight - Rightmove house price index
Tuesday 18th
Overnight - RICS house price balance & Nationwide consumer confidence
0930 - UK CPI & RPI inflation
1000 - German & Eurozone ZEW economic sentiment survey
1400 - Canadian interest rate decision
Wednesday 19th
0930 - UK unemployment rate
1000 - Eurozone construction output
1330 - US housing starts
1530 - Bank of Canada monetary policy report
2145 - New Zealand CPI inflation
Thursday 20th
0900 - European Central Bank monthly report
1500 - US existing home sales
2145 - New Zealand retail sales
Friday 21st
0900 - German business climate survey
0930 - UK retail sales & public borrowing
1330 - Canadian retail sales
Friday, 14 January 2011
Factory inflation gives Pound a boost
After yesterday's losses, sterling has recovered this morning after higher than expected producer inflation rasied the likelihood of interest rate rises in the UK sooner rather than later.
Inflation is running well above target, and an interest rate rise would help to control it - as well as giving the Pound a boost.
The Bank of England yesterday voted for interest rates to remain at 0.5%, but we will not know how the committee vote was split until the minutes are released in a couple of weeks.
To take advantage of improved rates for your own transfers, call Currency Index on 0800 043 2623.
Inflation is running well above target, and an interest rate rise would help to control it - as well as giving the Pound a boost.
The Bank of England yesterday voted for interest rates to remain at 0.5%, but we will not know how the committee vote was split until the minutes are released in a couple of weeks.
To take advantage of improved rates for your own transfers, call Currency Index on 0800 043 2623.
Thursday, 13 January 2011
Euro stronger on bond sale, as interest rates held
The Euro strengthened (became more expensive) today as Spain and Italy held successful bond sales, easing fears of further financial difficulties in the Eurozone (see Reuters' article for more).
As interest rates were held in the UK and Eurozone, USA inflation figures were weaker than expected - resulting in cheaper US Dollars and more expensive Euros this afternoon.
As interest rates were held in the UK and Eurozone, USA inflation figures were weaker than expected - resulting in cheaper US Dollars and more expensive Euros this afternoon.
Wednesday, 12 January 2011
Trade gap widens
The Pound's recent run came to a halt this morning, as the UK's trade balance worsended slightly for November, compared to expectations of a slight improvement.
Stronger than expected industrial production in the Eurozone and import figures in the USA have not helped exchange rates either.
The Pound has recovered a little this afternoon however, and we now await tomorrow's round of interest rate decisions along with UK manufacturing figures at 9.30.
Stronger than expected industrial production in the Eurozone and import figures in the USA have not helped exchange rates either.
The Pound has recovered a little this afternoon however, and we now await tomorrow's round of interest rate decisions along with UK manufacturing figures at 9.30.
Tuesday, 11 January 2011
Euro rate improves 3% in 10 days
So far in 2011 the Euro exchange rate has improved by over 3% - great news for those of you needing to send payments to Europe.
A weaker Euro against the USD has also helped sterling, and with no fresh bad economic news out recently in the UK, we have seen a sharp spike in rates.
Contact Currency Index for the latest rates available for your own transaction, whether for immediate transfer or fixed for a date in the future.
A weaker Euro against the USD has also helped sterling, and with no fresh bad economic news out recently in the UK, we have seen a sharp spike in rates.
Contact Currency Index for the latest rates available for your own transaction, whether for immediate transfer or fixed for a date in the future.
Sunday, 9 January 2011
This week's currency news
This week we have the following data due out, which may affect exchange rates:
Monday 10th
0030 - Australian retail sales trends
1530 - Bank of Canada business outlook survey
Tuesday 11th
Overnight - British Retail Consortium retail sales monitor
0030 - Australian trade balance
1315 - Canadian housing starts
Wednesday 12th
Overnight - UK consumer confidence
0930 - UK trade balance (November)
1330 - US import price index
Thursaday 13th
Overnight - UK GDP estimate (December)
0030 - Australian unemployment rate
0930 - UK industrial & manufacturing production (November)
1200 - UK interest rate & QE decision
1245 - Eurozone interest rate decision
1330 - Speech: ECB President Trichet
1330 - US trade balance (November)
Friday 14th
0700 - German CPI inflation (December)
0930 - UK PPI inflation (December)
1000 - Eurozone CPI inflation (December) & trade balance (November)
1330 - US CPI inflation & retail sales (December)
Monday 10th
0030 - Australian retail sales trends
1530 - Bank of Canada business outlook survey
Tuesday 11th
Overnight - British Retail Consortium retail sales monitor
0030 - Australian trade balance
1315 - Canadian housing starts
Wednesday 12th
Overnight - UK consumer confidence
0930 - UK trade balance (November)
1330 - US import price index
Thursaday 13th
Overnight - UK GDP estimate (December)
0030 - Australian unemployment rate
0930 - UK industrial & manufacturing production (November)
1200 - UK interest rate & QE decision
1245 - Eurozone interest rate decision
1330 - Speech: ECB President Trichet
1330 - US trade balance (November)
Friday 14th
0700 - German CPI inflation (December)
0930 - UK PPI inflation (December)
1000 - Eurozone CPI inflation (December) & trade balance (November)
1330 - US CPI inflation & retail sales (December)
Monday, 20 December 2010
This week's currency news
This week looks fairly quiet for data, with the Christmas holiday approaching. We do however have a triple-whammy of important UK data on Wednesday morning, with the Bank of England minutes, GDP and current account all released at the same time.
Given the Pound's volatility in recent weeks, contact Currency Index if you would like to be kept informed of any movement and opportunities to secure your rate.
Monday 20th
1500 - Eurozone consumer confidence
Tuesday 21st
Overnight - UK consumer confidence
0715 - Swiss trade balance
0930 - UK public borrowing
1200 - Canadian CPI inflation
1330 - Canadian retail sales
2145 - New Zealand current account
Wednesday 22nd
0930 - UK current account, GDP & Bank of England minutes
1500 - US home sales
2145 - New Zealand GDP
Thursday 23rd
0930 - UK mortgage approvals
1330 - Canadian GDP & US durable goods orders
Friday 24th
No major data - Christmas Eve
Given the Pound's volatility in recent weeks, contact Currency Index if you would like to be kept informed of any movement and opportunities to secure your rate.
Monday 20th
1500 - Eurozone consumer confidence
Tuesday 21st
Overnight - UK consumer confidence
0715 - Swiss trade balance
0930 - UK public borrowing
1200 - Canadian CPI inflation
1330 - Canadian retail sales
2145 - New Zealand current account
Wednesday 22nd
0930 - UK current account, GDP & Bank of England minutes
1500 - US home sales
2145 - New Zealand GDP
Thursday 23rd
0930 - UK mortgage approvals
1330 - Canadian GDP & US durable goods orders
Friday 24th
No major data - Christmas Eve
Thursday, 16 December 2010
Retail sales up 0.3% in November
This morning's retail sales figures showed a 0.3% increase in November, broadly in line with expectations. October's figure was revised up to 0.3% from 0.1%, which improved the year-on-year figure further.
The Pound gained a little strength on the release of the figures, although nothing like enough to counter the losses we have seen this week.
UK consumer confidence is released overnight but there is no other major data due out.
The Pound gained a little strength on the release of the figures, although nothing like enough to counter the losses we have seen this week.
UK consumer confidence is released overnight but there is no other major data due out.
Wednesday, 15 December 2010
Unemployment figures hurt sterling
This morning's figures showed UK unemployment has risen to 2.5m - the first monthly rise for 6 months. The new number equates to an unemployment rate of 7.9%.
As the Pound is so sensitive to any news around economic recovery, sterling has predictably been falling. We have lost nearly a cent against both the Euro and US Dollar.
Tomorrow morning's retail sales data have the potential to bring exchange rates back up a little, but any more bad news for the UK is likely to weigh heavy on the Pound through the Christmas period.
As the Pound is so sensitive to any news around economic recovery, sterling has predictably been falling. We have lost nearly a cent against both the Euro and US Dollar.
Tomorrow morning's retail sales data have the potential to bring exchange rates back up a little, but any more bad news for the UK is likely to weigh heavy on the Pound through the Christmas period.
Tuesday, 14 December 2010
Pound finds no support
Sterling has fallen across the board today, as a few neutral or negative UK data releases were accompanied by stronger figures in the Eurozone and USA.
UK: CPI inflation as expected, house prices lower than expected
Eurozone: economic sentiment better than expected
USA: retail sales double expected growth
The net result has been a stronger (more expensive) Euro and US Dollar, with other currencies following suit.
Tomorrow morning we have UK unemployment data at 9.30am, and the Pound remains vulnerable to any further negative news.
UK: CPI inflation as expected, house prices lower than expected
Eurozone: economic sentiment better than expected
USA: retail sales double expected growth
The net result has been a stronger (more expensive) Euro and US Dollar, with other currencies following suit.
Tomorrow morning we have UK unemployment data at 9.30am, and the Pound remains vulnerable to any further negative news.
Monday, 13 December 2010
This week's currency news
As 2010 draws to a close, this week sees the last round of inflation data from the UK, Europe and USA. Inflation is crucial as it dictates how much flexibility there is in an economy to change interest rates, which in turn are a major influence on exchange rates.
This week may provide opportunities to buy before we enter the quieter Christmas period. Whatever your requirements for exchanging currency, contact Currency Index to make sure we can keep you updated with the latest news and rates.
Monday 13th
Overnight - Rightmove house prices
0930 - UK PPI inflation
2145 - New Zealand retail sales
Tuesday 14th
0930 - UK CPI & RPI inflation
1000 - German ZEW survey
1330 - US retail sales & PPI inflation
1915 - US interest rate decision
Wednesday 15th
0930 - UK unemployment & earnings
1330 - US CPI inflation
Thursday 16th
0730 - Swiss interest rate decision
0930 - UK retail sales
1000 - Eurozone CPI inflation
1330 - US jobless claims
Friday 17th
1000 - Eurozone trade balance
This week may provide opportunities to buy before we enter the quieter Christmas period. Whatever your requirements for exchanging currency, contact Currency Index to make sure we can keep you updated with the latest news and rates.
Monday 13th
Overnight - Rightmove house prices
0930 - UK PPI inflation
2145 - New Zealand retail sales
Tuesday 14th
0930 - UK CPI & RPI inflation
1000 - German ZEW survey
1330 - US retail sales & PPI inflation
1915 - US interest rate decision
Wednesday 15th
0930 - UK unemployment & earnings
1330 - US CPI inflation
Thursday 16th
0730 - Swiss interest rate decision
0930 - UK retail sales
1000 - Eurozone CPI inflation
1330 - US jobless claims
Friday 17th
1000 - Eurozone trade balance
Thursday, 9 December 2010
Currency Index in the news
Currency Index were interviewed again on BBC One today, as the collapse of Crown Currency Exchange was investigated on the programme "Rip Off Britain". You can see the programme on the BBC iPlayer here.
No change from Bank of England
The Bank of England left interest rates and quantitative easing on hold at its monthly policy meeting today, as expected.
Elsewhere, the European Central Bank in its monthly report reduced its forecast for Eurozone growth next year, while maintaining that the single currency area is still on track for recovery. It added that current interest rates are appropriate, given the debt problems in some Euro countries.
In the USA, jobless claims came out better than expected, but for the Pound, exchange rates across the board remain broadly unchanged.
Elsewhere, the European Central Bank in its monthly report reduced its forecast for Eurozone growth next year, while maintaining that the single currency area is still on track for recovery. It added that current interest rates are appropriate, given the debt problems in some Euro countries.
In the USA, jobless claims came out better than expected, but for the Pound, exchange rates across the board remain broadly unchanged.
Wednesday, 8 December 2010
Pound improves
Rates for sending money abroad have improved across the board in the last 24 hours, after weak German trade balance data this morning helped to further weaken the Euro in particular.
Tomorrow we have some more important announcements, all likely to affect rates: UK house prices and trade balance, along with the ECB monthly report and German CPI inflation.
Tomorrow we have some more important announcements, all likely to affect rates: UK house prices and trade balance, along with the ECB monthly report and German CPI inflation.
Monday, 6 December 2010
Egyptian Pounds now available
If you need to send money to Egypt, Currency Index can now supply Egyptian Pounds for transfers at commercial rates.
Contact us for a quote if you are buying property in Egypt, and see how much you can save compared to using your bank.
Contact us for a quote if you are buying property in Egypt, and see how much you can save compared to using your bank.
Sunday, 5 December 2010
This week's currency news
This week we have interest rate decisions in the UK, Australia, New Zealand and Canada, along with Quantitative Easing policy at the same time in the UK.
Problems in the Eurozone continue to make the headlines, along with the prospect of further monetary easing in the USA. For the latest news and live exchange rates for your own transaction, contact Currency Index.
Monday 6th
0930 - Eurozone investor confidence
Tuesday 7th
0330 - Australian interest rate decision
0645 - Swiss unemployment rate
0930 - UK industrial & manufacturing production
1400 - Canadian interest rate decision
Wednesday 8th
0700 - German trade balance
2000 - New Zealand interest rate decision
Thursday 9th
0030 - Australian unemployment rate
0700 - German CPI inflation
0900 - European Central Bank monthly report
1200 - UK interest rate decision
Friday 10th
0930 - UK producer price index
1330 - US trade balance
1900 - US monthly budget statement
Problems in the Eurozone continue to make the headlines, along with the prospect of further monetary easing in the USA. For the latest news and live exchange rates for your own transaction, contact Currency Index.
Monday 6th
0930 - Eurozone investor confidence
Tuesday 7th
0330 - Australian interest rate decision
0645 - Swiss unemployment rate
0930 - UK industrial & manufacturing production
1400 - Canadian interest rate decision
Wednesday 8th
0700 - German trade balance
2000 - New Zealand interest rate decision
Thursday 9th
0030 - Australian unemployment rate
0700 - German CPI inflation
0900 - European Central Bank monthly report
1200 - UK interest rate decision
Friday 10th
0930 - UK producer price index
1330 - US trade balance
1900 - US monthly budget statement
Tuesday, 30 November 2010
German unemployment weakens Euro further
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.
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.
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.
Sunday, 31 October 2010
Economic data this week
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
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
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.
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