Currency data this week

Major currency data released this week around the world is as follows. To discuss the possible implications on exchagne rates for your own transaction, please contact us at Currency Index.

Tuesday 31st
0130 – Australian current account balance
0855 – German unemployment rate
0930 – UK consumer lending and money supply
1000 – Eurozone unemployment rate
1330 – Canadian GDP
1900 – US FOMC minutes

Wednesday 1st
0400 – New Zealand commodity prices
0900 – Eurozone manufacturing
0930 – UK manufacturing

Thursday 2nd
0230 – Australian trade balance
0645 – Swiss GDP
1000 – Eurozone GDP & PPI inflation
1245 – Eurozone interest rate decision
1330 – US jobless claims
1500 – US factory orders & pending home sales

Friday 3rd
1000 – Eurozone retail sales
1330 – US non-farm payrolls & unemployment rate

Bloomberg analysts warn of falling Pound

Sterling rose to an eight-week high against the euro yesterday despite fears the pound's rally is coming to an end. Currency traders warned sterling will soon go into reverse as spending cuts and tax rises outlined in the Budget curb economic growth in the UK.

Foreign exchange forecasters are the most pessimistic they have been about the pound since May 2009 when rating agency Standard & Poor's said the UK was at risk of losing its AAA status, according to Bloomberg.

This week's economic releases

Week commencing August 23rd 2010; this week's data releases which are likely to have an effect on exchange rates are shown below.

For valuable opinions on what could happen to rates this week, contact Currency Index.

Monday 23rd
0830 - German manufacturing PMI
1500 - Eurozone consumer confidence

Tuesday 24th
0400 - New Zealand inflation expectations
0700 - German GDP
1330 - Canadian retail sales

Wednesday 25th
0900 - German business climate survey
1200 - US mortgage applications
1330 - US durable goods orders
1500 - US new home sales

Thursday 26th
0900 - Eurozone money supply
1330 - US jobless claims

Friday 27th
0930 - UK GDP revision
1330 - US GDP & personal consumption

Retail sales up - Pound gains strength

Most exchange rates have improved this morning, after UK retail sales figures released at 9.30am showed a much better performance in the sector than analysts had expected.

Retail sales in July were up 1.1%.

The Pound has gained 1c against the US Dollar and nearly 1c against the Euro in morning trading.

Bank of England minutes reveal no surprises

This morning's minutes from the Bank of England's interest rate setting committee showed that 8 of the 9 members voted to keep interest rates on hold.

UK interest rates have now been at 0.5% for 17 months.

Currencies are linked strongly to interest rate rises, so anybody hoping for better exchange rates for sending money abroad, will want interest rates to go up sooner rather than later.

Following the Bank's assessment last week that inflation is likely to fall, and that we are in for a "choppy" recovery, we are unfortunately unlikely to see an interest rate rise in the short to medium term.

Pound falls on UK inflation drop

This morning's inflation figures were lower than expected - which, although good news for the economy, is not positive for the Pound. We have lost a cent against the Euro and more against the US Dollar in trading today.

The single currency was boosted by solid demand at an Irish bond auction.

This week's currency data

This week's news releases, likely to affect exchange rates, are as follows:

Monday 16th
1000 - Eurozone CPI inflation
1800 - US housing market index

Tuesday 17th
0230 - Reserve Bank of Australia minutes
0930 - UK inflation
1000 - Eurozone economic sentiment survey
1330 - US housing starts & PPI inflation

Wednesday 18th
0130 - Australian wage price index
0930 - Bank of England minutes

Thursday 19th
0930 - UK money supply, public borrowing & retail sales

Friday 20th
1200 - Canadian CPI inflation

For the latest live rates, please call Currency Index on 0800 043 2623.

Downbeat inflation report

Yesterday's quarterly Bank of England inflation report predicted a "choppy" recovery ahead for the UK, with interest rates low for some time, and the possibility of more quantitative easing in the future.

Coming after an increase in long-term unemployment was announced, the Pound fell yesterday against most currencies, although curiously the weakening Euro has actually provided an improvement in rates for buying Euros over the last 24 hours.

House prices fall, but trade balance improves

Mixed news this morning, as UK house prices have fallen slightly over the last 2 months according to the main 3 UK housing market surveys, casting further doubt on the UK's economic recovery. On the other hand, Britain's trade balance figures out this morning showed something of an improvement.

The Pound has fallen slightly but is continuing to trade in tight ranges, ahead of tomorrow's Bank of England quarterly inflation report.

For the latest live rates for your transfer of money to the UK or overseas, please call us on 0800 043 2623.

This week's FX news

This week sees a number of important data releases likely to affect exchange rates, notably the Bank of England's key quarterly inflation report, released on Wednesday morning. There are also important monthly reports from the European and US central banks, along with GDP and inflation figures from other economies.

If you are sending money abroad, speak to Currency Index this week as there is likely to be volatility in rates which could provide opportunities to buy your currency at preferential rates.

Monday 9th
0230 - Australian home loand
0930 - Eurozone investor confidence

Tuesday 10th
0700 - German CPI inflation
0930 - UK trade balance
1915 - US interest rate decision

Wednesday 11th
0930 - UK unemployment rate
1030 - Bank of England quarterly inflation report
1330 - US trade balance
1900 - US monthly budget statement

Thursday 12th
0230 - Australian unemployment rate
0900 - European Central Bank monthly report
2345 - New Zealand retail sales

Friday 13th
0700 - German GDP
1000 - Eurozone GDP
1330 - US CPI inflation & retail sales

Interest Rates Held

As expected today, both the Bank of England and European Central Bank have kept interest rates on hold at their monthly meetings today.

The ECB are currently giving their monthly press conference, which may have an effect on Euro rates, while there are no further clues due from the Bank of England until next week's quarterly inflation report.

The Pound is steady against the Euro in trading today, and up against the US Dollar following yesterday's decline.

Currency data released this week

This week's main economic data releases (likely to cause volatility in exchange rates) are as follows. As in the first week of any month, there are a lot of key figures out from around the world. Contact Currency Index for the latest live rates and information.

Monday 2nd
0200 - Australian new home sales
0900 - Eurozone PMI manufacturing data
0930 - UK PMI manufacturing data
1330 - US personal consumption expenditure

Tuesday 3rd
0530 - Australian interest rate decision
0815 - Swiss CPI inflation
1330 - US core personal consumption & income
1500 - US pending home sales
2200 - US consumer confidence

Wednesday 4th
0130 - Australian house price index
0230 - Australian trade balance
1000 - Eurozone retail sales
2345 - New Zealand unemployment rate

Thursday 5th
1200 - UK interest rate decision
1330 - Canadian building permits

Friday 6th
0230 - Australian interest rate minutes
0645 - Swiss unemployment rate
0930 - UK industrial & manufacturing production & inflation
1200 - Canadian unemployment rate
1330 - US non-farm payrolls & unemployment rate