The US dollar has strengthened this afternoon after the Q4 GDP figure came out at 2.1%, much better than the 1.3% expected.
The surprise hike in growth in the US economy is increasing the cost of a dollar - specially against sterling which had a much worse GDP figure earlier this month.
Anyone sending money to America should contact their currency company for the latest news.
Friday, 29 January 2010
House prices up... but no gains for Pound
Sterling seems to have run its course for the moment - this morning's Nationwide house price index showed a 1.2% increase in January, much better than expected. Usually the Pound would expect a boost but not so this morning.
Perhaps Tony Blair's appearance at the Iraq enquiry is causing jitters, or perhaps markets think that sterling has had enough of a run in the last 3 weeks. Either way, the only major data out later today is a raft of numbers from the States at 1.30pm - likely to affect rates for buying US dollars for international transfers.
Perhaps Tony Blair's appearance at the Iraq enquiry is causing jitters, or perhaps markets think that sterling has had enough of a run in the last 3 weeks. Either way, the only major data out later today is a raft of numbers from the States at 1.30pm - likely to affect rates for buying US dollars for international transfers.
Thursday, 28 January 2010
Problems in Greece, Portugal continue cheaper Euro
If you are transferring money to Italy, France or any other Eurozone country, we have the best Euro rates since August again today, with the mid-market rate touching 1.16 in morning trading.
The economic problems in Greece and Portugal are weighing on the Euro and decreasing its value. In addition, comments from the Bank of England that Quantitative Easing is likely to be ended next week have given sterling a boost.
There is no major European data due out this afternoon, so it may be a good time to look at securing your exchange rate today.
The economic problems in Greece and Portugal are weighing on the Euro and decreasing its value. In addition, comments from the Bank of England that Quantitative Easing is likely to be ended next week have given sterling a boost.
There is no major European data due out this afternoon, so it may be a good time to look at securing your exchange rate today.
Wednesday, 27 January 2010
The end of QE end next week?
The Pound has shrugged off a few negative data releases this week, on speculation that the Bank of England might bring an end to Quantitative Easing at their monthly policy meeting next week. If they do, it would be seen as a positive sign for the UK economy, and for sterling.
Exchange rates have held up well, particularly against the Euro, given how bad this week's GDP figures were. If you are sending money abroad, it often pays to take advantage of speculation in case the outcome is not as expected. Don't forget it is possible to fix an exchange rate up to 2 years ahead.
Exchange rates have held up well, particularly against the Euro, given how bad this week's GDP figures were. If you are sending money abroad, it often pays to take advantage of speculation in case the outcome is not as expected. Don't forget it is possible to fix an exchange rate up to 2 years ahead.
Tuesday, 26 January 2010
Economy stutters out of recession
This morning's Q4 GDP figures showed that the UK has finally emerged from recession - months after most other major economies - but only just.
The first estimate for the fourth quarter of 2009 showed a miserly 0.1% growth in the UK economy, against analysts' expectations of 0.4%.
The very disappointing figure has led to losses of over 1c against the Euro, US Dollar and similar drops for the Pound against most other currencies. Losses may continue after the Pound's recent fragile gains - contact Currency Index if you need to send or receive any currency.
The first estimate for the fourth quarter of 2009 showed a miserly 0.1% growth in the UK economy, against analysts' expectations of 0.4%.
The very disappointing figure has led to losses of over 1c against the Euro, US Dollar and similar drops for the Pound against most other currencies. Losses may continue after the Pound's recent fragile gains - contact Currency Index if you need to send or receive any currency.
Monday, 25 January 2010
UK GDP figures out this week - are we out of recession?
This week's economic calendar is as follows - most important for anyone sending money abroad or bringing funds back to the UK will be tomorrow's GDP figure released at 9.30am. If the UK is only just emerging from recession, expect sterling weakness, while a very positive growth figure would probably give the Pound further value.
Other news likely to affect commercial exchange rates:
Other news likely to affect commercial exchange rates:
Monday 25th
7am – German consumer confidence
Tuesday 26th
9am – German business climate survey
9.30am – UK GDP first estimate
3pm – US consumer confidence
Wednesday 27th
12.30am – Australian CPI inflation
6.15pm – US interest rate decision
8pm – New Zealand interest rate decision
Thursday 28th
8.55am – German unemployment rate
10am – Eurozone consumer confidence
1.30pm – US jobless claims & goods orders
9.45pm – New Zealand trade balance
Friday 29th
9am – Eurozone unemployment rate
1.30pm – Canadian GDP
Friday, 22 January 2010
Retail sales bring Pound back down
This morning's UK retail sales data came in worse than expected - prompting a drop in value for the Pound across the board.
December's retailers reported a 0.3% rise in sales compared to November, down from market forecasts of a 1.2% increase.
Exchange rates are still much better than 10 days ago for virtually every currency - so if you are sending money abroad, contact Currency Index for the latest rates.
December's retailers reported a 0.3% rise in sales compared to November, down from market forecasts of a 1.2% increase.
Exchange rates are still much better than 10 days ago for virtually every currency - so if you are sending money abroad, contact Currency Index for the latest rates.
Thursday, 21 January 2010
Public borrowing hits record level
After an amazing run in the last week, sterling has fallen back this morning as public borrowing has hit a new all-time record of 61% of GDP. This is the worst level since records began in 1974.
Despite the bad news, the Pound is only falling back slowly - however with the Bank of England's deputy governer speaking tonight there could be more bad news in the pipeline. If you want to take advantage of the recent improvements in commercial exchange rates, consider securing your deal today.
Despite the bad news, the Pound is only falling back slowly - however with the Bank of England's deputy governer speaking tonight there could be more bad news in the pipeline. If you want to take advantage of the recent improvements in commercial exchange rates, consider securing your deal today.
Wednesday, 20 January 2010
More good news for GBP
Further boosts for the Pound this morning - unemployment is down slightly (15,000 less claims in Decemeber compared to November), and the Bank of England revealed that its decision to keep quantitative easing on hold this month was unanimous.
Both announcements gave the Pound further momentum against the Euro as well as other European currencies, and rates have also improved for buying the Australian, Canadian and New Zealand Dollars.
Tomorrow morning's UK public borrowing numbers are the next focus. If you are worried that the run of good news might come to an end tomorrow, contact Currency Index today to discuss securing your rate for your overseas currency transfer.
Both announcements gave the Pound further momentum against the Euro as well as other European currencies, and rates have also improved for buying the Australian, Canadian and New Zealand Dollars.
Tomorrow morning's UK public borrowing numbers are the next focus. If you are worried that the run of good news might come to an end tomorrow, contact Currency Index today to discuss securing your rate for your overseas currency transfer.
Tuesday, 19 January 2010
Inflation moves sterling higher
This morning's UK CPI inflation figures have given the Pound a further boost, with rates against the Euro now the best since August, if you are sending money to France, Spain, Italy or Portgual for example.
With the Bank of England's minutes from their last meeting due out tomorrow lunch time, it may be worth looking at securing exchange rates TODAY for any foreign currency transfers, in case the Pound falls back later in the week.
With the Bank of England's minutes from their last meeting due out tomorrow lunch time, it may be worth looking at securing exchange rates TODAY for any foreign currency transfers, in case the Pound falls back later in the week.
Monday, 18 January 2010
Currency news this week
Here are this week's important news releases - important inflation data from the UK, Europe, New Zealand and Canada which is likely to affect commercial exchange rates.
Monday 18th
US Bank Holiday
Midnight – Rightmove house price index
Tuesday 19th
0930 – UK CPI inflation
1000 – German ZEW confidence survey
1330 – Canadian interest rate decision
2145 – New Zealand CPI inflation
Wednesday 20th
0700 – German PPI inflation
0930 – Bank of England minutes & UK unemployment rate
1200 – Canadian CPI inflation
1330 – USA PPI inflation
2145 – New Zealand retail sales
Thursday 21st
0900 – European Central Bank monthly report
1330 – US jobless claims
Friday 22nd
0930 – UK retail sales
1330 – Canadian retail sales
Friday, 15 January 2010
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.
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.
Wednesday, 13 January 2010
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.
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.
Tuesday, 12 January 2010
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.
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.
Monday, 11 January 2010
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
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
Friday, 8 January 2010
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.
Contact Currency Index for the latest live rates.
Thursday, 7 January 2010
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.
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.
Tuesday, 5 January 2010
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.
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.
Monday, 4 January 2010
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.
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