Showing articles for February 2009

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House prices down in February

26 February 2009
More bad news for the UK economy today as Nationwide announced a 1.8% drop in February house prices.

House prices need to stabilise in order for confidence to return to the UK economy - and the Pound is likely to remain low until that happens, says Chuck Hall, senior analyst at UK-based Currency Index Ltd.

"The low Pound is helping international investment into the UK, with sending money to the UK now around its cheapest for many years", says Hall.

However, for those of you wanting the best exchange rates to send money to Germany or the Eurozone, or needing to buy US dollars at the best rates, things are still looking gloomy.

Exchange Rate News

23 February 2009
Weekly Exchange Rate and Currency Update 16/2/09

With uncertainty in the financial markets set to continue, a summary of this week’s major data announcements which could affect exchange rates and currency movements. All times are GMT.

Pound Sterling
Tuesday 0930 – UK consumer and retail price index
Wednesday 0930 – Bank of England minutes
Wednesday 1100 – UK industrial trends survey
Thursday 0930 – public sector net borrowing

If you are sending money abroad, the value of your Pound could be volatile during these announcements, specially the Bank of England minutes on Wednesday which give the results of the MPC’s last interest rate vote earlier this month.

Tuesday 1000 – Eurozone trade balance

Canadian Dollar
Monday 1330 – Canadian investment data

Sending money to Canada has been increasing in cost due to the weak Pound – this release is not a major one but could make a difference to your Canadian dollar exchange rate.

US Dollar
Tuesday 1800 – US housing market index
Wednesday 1330 – US housing starts and building permits
Thursday 1330 – US producer price index

As the US dollar has been strengthening in recent weeks, look to these data releases for clues as to the Greenback’s future direction.

Swiss Franc
Thursday 1000 – ZEW business sentiment survey

Transferring money to Switzerland, whose Franc is seen as a ‘safe haven’ currency, has not been helped by the recent financial problems in the UK. In risky climates, investors tend to buy safe currencies and assets such as the CHF, which means demand increases and the currency therefore becomes more expensive.