Showing articles for February 2011

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GDP revised down

25 February 2011
This morning's revision to Q4 2010 GDP showed a disappointing contraction in the economy of 0.6%. The Pound quickly lost half a cent against both the Euro and US Dollar when the figures were released.

We have seen some revoery this afternoon, but with the European Central Bank poised to potentially increase interest rates next week, we could see Euro strength and worse rates for buying Euros during the first week in March.

This week's currency calendar

14 February 2011
We are due a lot of very important data this week, particularly on home soil where we have inflation, retail sales, unemployment, and a Bank of England speech on the inflation outlook. These are all potentially of great influence on the short term value of sterling.

For the latest news and rates, please call us on 0800 043 2623 (+44 1923 725725 from overseas).

Monday 14th
1000 - Eurozone industrial production (December)

Tuesday 15th
0030 - Australian interest rate minutes
0700 - German GDP (Q4 2010)
0930 - UK inflation (January)
1000 - Eurozone GDP (Q4 2010), trade balance (December) & ZEW condidence survey
1330 - US retail sales (January)

Wednesday 16th
Overnight - UK consumer confidence
0930 - UK unemployment rate (December)
1030 - Bank of England quarterly inflation report & speech
1330 - US PPI inflation (January)
1415 - US industrial production (January)
1900 - US interest rate minutes
2145 - New Zealand PPI inflation (December)

Thursday 17th
0900 - Eurozone current account (December)
1330 - US jobless claims & CPI inflation (January)
1500 - Eurozone consumer confidence
1530 - Bank of Canada monetary policy report

Friday 18th
0700 - German PPI inflation (January)
0930 - UK retail sales (January)
1200 - Canadian CPI inflation (January)

Double blow for UK plc

09 February 2011
The UK economy - and therefore sterling - has suffered a double blow today, as the CBI lowered its growth forecasts for the year to just 1.8%, and the trade gap widened to a new record high of £9.2bn in December.

With the Bank of England unlikely to move interest rates tomorrow, based on the fragility of the recovery, there does not seem to be any good news for the Pound, which has dropped 0.6c against the Euro during the course of today.

Sterling given lift by services sector

03 February 2011
The Pound has enjoyed a strong start to the week, with this morning's PMI Services figures showing a pleasing return to growth in January.

Added to yesterday's industrial figures, the gloom left by last week's disappointing GDP figures has been somewhat lifted.

The Pound is now at its best level against the US Dollar for 3 months, and is also up against the Euro, which has been hit by the yesterday's downgrading of Ireland's credit rating.