Friday at 9.30am sees the revision to the fourth quarter GDP figures, which showed on first estimate last month that the UK had crept out of recession.
As other economies around the world seem to be emerging in a better position than the UK, it will be interesting to see if there is an upward revision to the paltry growth figures announced in January.
If you are sending money overseas or making transfers back to sterling from another currency, you should check tomorrow morning to see what the effect has been on the Pound. Any downward revision is likely to hurt sterling badly, and given recent economic events it may be expensive to rely on a positive outcome.
Speak to an FSA-regulated currency company today if you are concerned about the effects on your own transaction.
Thursday, 25 February 2010
Tuesday, 23 February 2010
Mervyn King hints at more QE
The Bank of England governor, Mervyn King, has hinted today in a question session with a parliamentary committee, that the Quantitative Easing policy may not be over after all.
Based on February's inflation report, King said that there were still significant risks to the UK's recovery, and unsurprisingly the Pound has fallen on the back of his comments.
With Friday's GDP adjustment poised to sent jitters through the currency markets if there is further bad news, commercial exchange rates are looking particularly fragile at present.
Based on February's inflation report, King said that there were still significant risks to the UK's recovery, and unsurprisingly the Pound has fallen on the back of his comments.
With Friday's GDP adjustment poised to sent jitters through the currency markets if there is further bad news, commercial exchange rates are looking particularly fragile at present.
Monday, 22 February 2010
This week's data releases
After a raft of key data last week in the UK, things look quiet this week until Thursday when we have various unemployment, GDP and inflation figures out. The Pound seems to have lost its momentum for the moment and if you are sending money abroad it may be wise to check exchange rates sooner rather than later.
Monday 22nd
No major data
Tuesday 23rd
0930 - BBA UK mortgage approvals
1500 - US consumer confidence
Wednesday 24th
0700 - German GDP and consumer confidence
1200 - US mortgage applications
Thursday 25th
0200 - New Zealand business confidence
0815 - Swiss employment rate
0855 - German unemployment rate
1000 - Eurozone consumer confidence
2145 - New Zeland trade balance
Friday 26th
0930 - UK GDP
1000 - Eurozone CPI inflation
1330 - US GDP
Monday 22nd
No major data
Tuesday 23rd
0930 - BBA UK mortgage approvals
1500 - US consumer confidence
Wednesday 24th
0700 - German GDP and consumer confidence
1200 - US mortgage applications
Thursday 25th
0200 - New Zealand business confidence
0815 - Swiss employment rate
0855 - German unemployment rate
1000 - Eurozone consumer confidence
2145 - New Zeland trade balance
Friday 26th
0930 - UK GDP
1000 - Eurozone CPI inflation
1330 - US GDP
Friday, 19 February 2010
Retail sales hit new low
This morning's retail sales figures were the worst since June 2008 - showing a 1.8% drop in January, 3 times worse than expected.
Regular readers will not be surprised to learn that the Pound has fallen on the back of this news.
There is little news likely to improve exchange rates, so anybody who needs to make foreign currency transfers might like to consider booking a rate in case things go from bad to worse, with no major UK data due out before next Friday.
Regular readers will not be surprised to learn that the Pound has fallen on the back of this news.
There is little news likely to improve exchange rates, so anybody who needs to make foreign currency transfers might like to consider booking a rate in case things go from bad to worse, with no major UK data due out before next Friday.
Thursday, 18 February 2010
Public finances deteriorate sharply
This morning's public borrowing figures were much worse than expected - leading to sharp losses for sterling.
The net deficit of £4.3bn was the worse since comparable records began in 1993, and compared to a surplus of over £5bn in January last year.
The worry for sterling is that such negative data could send exchange rates on a downward spiral after recent gains - which is only good news if you are transferring money back to the UK rather than sending it abroad.
Please contact Currency Index for the latest rates.
The net deficit of £4.3bn was the worse since comparable records began in 1993, and compared to a surplus of over £5bn in January last year.
The worry for sterling is that such negative data could send exchange rates on a downward spiral after recent gains - which is only good news if you are transferring money back to the UK rather than sending it abroad.
Please contact Currency Index for the latest rates.
Wednesday, 17 February 2010
Unemployment up... but Bank of England helps sterling
This morning's unemployment figures were worse than expected - with the number of peoplpe claiming benefit up 23,500 in January and the official unemployment rate now at 7.8%.
Usually the Pound would fall on such negative news - but the figures were released at the same time as the Bank of England announced that its Monetary Policy Committee voted 9-0 to pause Quantitative Easing at its February meeting. Analysts had expected a closer decision, and this has been seen as a positive signal for the UK economoy and therefore for the Pound.
As a result the rates for sending money overseas in most currencies have risen slightly this morning.
Tomorrow's public sector borrowing figures are the next big test for the UK's recovery and are likely to move exchange rates back down sharply if borrowing is much higher than expected.
Usually the Pound would fall on such negative news - but the figures were released at the same time as the Bank of England announced that its Monetary Policy Committee voted 9-0 to pause Quantitative Easing at its February meeting. Analysts had expected a closer decision, and this has been seen as a positive signal for the UK economoy and therefore for the Pound.
As a result the rates for sending money overseas in most currencies have risen slightly this morning.
Tomorrow's public sector borrowing figures are the next big test for the UK's recovery and are likely to move exchange rates back down sharply if borrowing is much higher than expected.
Tuesday, 16 February 2010
Inflation as expected - house prices up
In the first of 4 key days of UK data this week, inflation figures have come out only slightly below expectations at 3.5% for the year to January.
At the same time, the DCLG (government) figures on house prices showed a surprise 2.2% increase in 2009.
The net effect on the Pound has been negligible, with tomorrow's unemployment figures at 9.30am the next focus.
If you need to send money in Euros, the German ZEW survey out at 10am could cause some movement in Euro exchange rates.
At the same time, the DCLG (government) figures on house prices showed a surprise 2.2% increase in 2009.
The net effect on the Pound has been negligible, with tomorrow's unemployment figures at 9.30am the next focus.
If you need to send money in Euros, the German ZEW survey out at 10am could cause some movement in Euro exchange rates.
Monday, 15 February 2010
Currency news this week
This week's economic calendar is below; the main figures of interest for sterling will be the Bank of England minutes on Wednesday, and Tuesday's inflation figures will be of interest. With unemployment and public borrowing figures also out this week, there could be a rocky road ahead for the Pound.
Do call us at Currency Index to discuss your exact requirements, and to make sure you don't get caught out by volatile exchange rates.
Monday 15th
Ban k holiday in Canada, USA and some European countries
UK house prices (Rightmove)
Tuesday 16th
0930 – UK CPI inflation
1000 – German & Eurozone ZEW economic sentiment surveys
1330 – Canadian manufacturing shipments
Wednesday 17th
0930 – Bank of England minutes & UK unemployment rate
1330 – US import price index
1900 – US FOMC minutes
Thursday 18th
0715 – Swiss trade balance
0930 – UK public borrowing
1000 – Eurozone consumer confidence survey
1330 – US PPI inflation
Friday 19th
0700 – German PPI inflation
0900 – Eurozone current account deficit
0930 – UK retail sales
1330 – US CPI inflation
1330 – Canadian retail sales
Thursday, 11 February 2010
FSA advises use of regulated currency companies
The FSA has issued guidance to individuals and businesses sending funds abroad - only use a company that is regulated (either 'Registered' or 'Authorised') by the FSA.
The BBC has run a news story here: http://news.bbc.co.uk/1/hi/business/8505568.stm
Currency Index is fully Authorised and fits into the most secure category of companies for overseas money transfers.
The BBC has run a news story here: http://news.bbc.co.uk/1/hi/business/8505568.stm
Currency Index is fully Authorised and fits into the most secure category of companies for overseas money transfers.
Wednesday, 10 February 2010
Bank of England report sends sterling plummeting
The Bank of England's quarterly inflation report has sent jitters through markets, with predictions that inflation & interest rates are likely to stay low for the rest of 2010.
Low interest rates usually mean a weak currency, and analysts had expected UK interest rates to start increasing towards the end of 2010.
The Bank of England has moved to dampen these expectations, and the Pound has fallen across the board this morning in reaction.
Good news if you are sending money back to the UK, but for those of you buying property abroad, do contact your currency company straight away if you are worried about falling exchange rates.
Low interest rates usually mean a weak currency, and analysts had expected UK interest rates to start increasing towards the end of 2010.
The Bank of England has moved to dampen these expectations, and the Pound has fallen across the board this morning in reaction.
Good news if you are sending money back to the UK, but for those of you buying property abroad, do contact your currency company straight away if you are worried about falling exchange rates.
Tuesday, 9 February 2010
Tuesday's data hurts sterling
This morning's data has not been helpful for those of you sending money overseas. In the UK, the BRC reported retail sales down 7%, and the official trade balance figure at -£3.3bn was much worse than expected. Both have brough sterling under pressure and exchange rates have fallen.
If you are following exchange rates for buying Euros, further bad news from Germany where the trade balance came out at +€16.7bn, better than expected, which has made the Euro more expensive.
Tomorrow's UK quarterly inflation report is now crucial, and a low reading could send GBP back to very low levels across the board.
If you are following exchange rates for buying Euros, further bad news from Germany where the trade balance came out at +€16.7bn, better than expected, which has made the Euro more expensive.
Tomorrow's UK quarterly inflation report is now crucial, and a low reading could send GBP back to very low levels across the board.
Monday, 8 February 2010
This week's currency news
This week's major data releases are tomorrow's trade balance and Wednesday's inflation report in the UK. For the latest news please contact your currency company as exchange rates are fluctuating every second.
Monday 8th
No major data
Tuesday 9th
0700 – German CPI inflation
0930 – UK trade balance
Wednesday 10th
0930 – UK industrial production
1030 – UK Bank of England quarterly inflation report & King’s speech
1330 – US trade balance
Thursday 11th
0030 – Australian unemployment rate
0815 – Swiss CPI inflation
1330 – US retail sales (Jan)
Friday 12th
1000 – Eurozone GDP
Friday, 5 February 2010
US Employment Data today
This afternoon at 1.30 sees the monthly release of US "non-farm payrolls" - the main employment statistic in the States each month.
Non-farms often causes a lot of volatility in the best rates for sending money to the USA, because the figure released is often a lot better or worse than expected. If more jobs have been created than the expected figure of 15,000, the US Dollar is likely to gain strength, making exchange rates worse again.
The US Dollar is gaining some momentum now, with rates significantly below $1.60. If you have payments to make in USD, contact your currency broker for the latest information and commercial exchange rates.
Non-farms often causes a lot of volatility in the best rates for sending money to the USA, because the figure released is often a lot better or worse than expected. If more jobs have been created than the expected figure of 15,000, the US Dollar is likely to gain strength, making exchange rates worse again.
The US Dollar is gaining some momentum now, with rates significantly below $1.60. If you have payments to make in USD, contact your currency broker for the latest information and commercial exchange rates.
Thursday, 4 February 2010
Bank halts QE as expected
The Bank of England has decided not to extend is programme of quantitative easing (printing of money), as expected, at its monthly policy announcement today.
The move is widely seen as positive for sterling, and was 'priced in' over the last week, resulting in better exchange rates across the board for sending money overseas.
The next major data out in the UK is not until Tuesday's industrial and manufacturing production figures.
The move is widely seen as positive for sterling, and was 'priced in' over the last week, resulting in better exchange rates across the board for sending money overseas.
The next major data out in the UK is not until Tuesday's industrial and manufacturing production figures.
Tuesday, 2 February 2010
Australian interest rates held
The Reserve Bank of Australia has suprirsed markets by keeping interest rates on hold at 3.75%.
Most analysts had expected an increase to 4% - and the price of the AUD has fallen, making sending payments to Australia unexpectedly cheaper.
If you or someone you know is moving to Australia, speak to your currency broker about taking advantage of a spike in exchange rates.
Most analysts had expected an increase to 4% - and the price of the AUD has fallen, making sending payments to Australia unexpectedly cheaper.
If you or someone you know is moving to Australia, speak to your currency broker about taking advantage of a spike in exchange rates.
Monday, 1 February 2010
Economic news this week
This week's economic data likely to affect exchange rates is as follows. In addition there are house price surveys from Hometrack (Monday) and Halifax (Friday). The key day for the Pound is likely to be Thursday when the Bank of England announce whether or not quantitative easing is at an end.
Monday 1st
0930 – UK PMI manufacturing data
1330 – US personal expenditure
Tuesday 2nd
0330 – Australian interest rate decision
1500 – US home sales figures
Wednesday 3rd
0030 – Australian trade balance
0900 – UK PMI services data
1000 – Eurozone retail sales figures
2145 – New Zealand unemployment rate
Thursday 4th
0030 – Australian monetary policy statement
0715 – Swiss trade balance
1100 – German factory orders
1200 – Bank of England monthly policy announcement
1245 – European Central Bank monthly policy announcement
Friday 5th
1200 – Canadian unemployment rate
1330 – US non-farm payrolls & unemployment rate
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