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

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.

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.

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.

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

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.

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.

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.

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