Showing articles for March 2009

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This week's exchange rate outlook

30 March 2009
This week's data likely to affect exchange rates:

Tuesday - European Unemployment & Inflation - 9am and 10am
Wednesday - UK Industrial Production Data & House Price Survey - 9.30am and 10am
Thursday - ECB Interest Rate Decision & US Jobless Claims - 12.45pm and 1.30pm
Friday - US Non Farm Payrolls - 1pm

A busy week, specially for anybody looking for the best Euro rates or commercial exchange rates for the dollar.

Thursday's Eurozone interest rate decision is an opportunity for the ECB to cut interest rates - they have been reluctant to do this so we could see some Euro weakness if a rate cut is announced.

For the USA, Friday's non-farm payroll data is the key monthly employment statistic which often moves the dollar significantly one way or another, depending on the number of jobs reported.

Speak to your currency company if you would like more information on how any of these releases might change rates and therefore the price of your currency.

Today's Currency News

27 March 2009
The UK's GDP data is released today at 9.30am. This figure shows the total output of the UK economy, both quarterly and annually.

A lower than expected figure would be likely to bring further pressure on the Pound, making commercial exchange rates lower for anybody importing goods or buying overseas property.

At 12.30 today, American personal spending data is released - while this is not a major piece of news it may affect the rates for anyone needing to send money to the USA.

Retail Sales weigh on Pound

26 March 2009
This morning's retail sales figures were much worse than expected, causing a sharp decline in the Pound and exchange rates.

Growth slowed to 0.4% last month, compared with a 3.6% rise in January.

Slowing retail sales will worry analysts as a sign of deepening recession, adding to deflationary fears. This is on the back of the government's failed auction of bonds yesterday which added to the doom and gloom in the UK.

The Pound has fallen nearly a cent against the dollar and euro, although commercial exchange rates are still better than 10 days ago.

Rates spike on UK inflation data

24 March 2009
The Pound improved significantly against the Euro and Dollar this morning after UK inflation data showed static prices, instead of the anticipated deflation which would have been seen as very negative for the UK economy.

Commercial exchange rates are therefore considerably better than yesterday, although they are already dropping down from a peak at about 9.45am.

Sending payments to Eurozone countries in particular is over 1% cheaper than yesterday evening.

Dollar weaker on Fed cash injection

19 March 2009
The dollar has weakened today, making money transfers to the USA cheaper, after the surprise news that the Federal Reserve has injected $1.2tn into the US economy to stimulate lending.

While this is a positive action, the creation of more dollars (similar to the Bank of England's quantitative easing 2 weeks ago) is that the value of the currency is actually decreased.

Therefore exchange rates have got better, and a pound buys around 3c more today than it would have done yesterday.

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