After last week’s fall in the value of sterling, this week some important figures which could make it a week of volatility for exchange rates.
Tuesday morning’s UK house price index and German economic sentiment numbers may both have an effect on the best Euro exchange rates. A larger than expected drop in UK house prices would not be good news for the struggling Pound, while conversely we might see German business confidence taking a knock which would be likely to make the Euro slightly cheaper.
On Wednesday, the minutes from the Bank of England’s monetary policy committee meeting are released, with notes on the state of the economy and the UK's trial of quantitative easing. Volatility is probable, specially as unemployment data is released at the same time.
For anyone needing to send money to Canada or the USA, Thursday brings Canadian inflation data at 11am, followed by US employment data at 12.30 and manufacturing data at 2pm. There is also US data on Tuesday and Wednesday lunchtimes which will be of interest to anyone wiring funds to the USA.
Finally on Friday we have EU trade balance followed by Federal Reserve chief Bernanke’s speech at 4pm.
Any individuals or businesses sending money abroad would be well advised to contact a specialist currency broker to keep an eye on the relevant rates this week. The fragility of the Pound is likely to last for some time, but there are still opportunities to secure reasonable rates for buyers and sellers in the know.
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