Showing articles for June 2011

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GDP as expected

28 June 2011
This morning's final revision to UK Q1 GDP showed 'no change' to the previous reading of 0.5% growth in the 3 months to March.

Those of you following exchange rates for sending money abroad will have been hoping for better news to turn around the Pound's recent decline.

With house price and mortgage data still to come this week, further losses could be on the cards unless there is some (unlikely) positive news.

Currency news this week 30

27 June 2011
As we near the end of June, a quiet week ahead for economic data, with the notable exception of UK GDP released tomorrow morning at 9.30am. This is the final revision of economic growth in the first quarter of 2011, and one of the main measures which influences markets' views on the UK economy - therefore any revision to the previous figures is likely to have an immediate impact on sterling.

Don't forget that next week the European Central Bank are likely to raise their interest rates too, which could well give the Euro strength, reducing rates for buying Euros. We also have the ongoing Greek crisis with votes due on austerity measures, and the prospect of UK strikes later in the week unlikely to help the Pound's cause either.

Monday 27th
1330 - US personal income & expenditure

Tuesday 28th
0930 - UK GDP & business investment
1500 - US consumer confidence

Wednesday 29th
0930 - UK mortgage approvals
1000 - Eurozone consumer confidence
1200 - Canadian CPI inflation
Overnight - UK consumer confidence

Thursday 30th
0700 - German retail sales
0855 - German unemployment
1000 - Eurozone CPI inflation
1330 - Canadian GDP

Friday 1st
1500 - US construction spending

This week's currency news 32

20 June 2011
This week's main news for the Pound is likely to be Wednesday's Bank of England Minutes, which will show the split in the vote to keep interest rates on hold earlier this month. With a new committee member, Ben Broadbent, voting for the first time, there may be some change from the 6-3 split seen in the last few months.

With ongoing severe debt problems in Greece, planned public sector strikes in the UK next week, and lots of other economic news due out around the world, there could be volatility in the currency markets.

Monday 20th
0700 - German PPI inflation

Tuesday 21st
0230 - Australian interest rate minutes
0930 - UK public sector net borrowing
1000 - Eurozone & German ZEW sentiment survey
1330 - Canadian retail sales
1500 - US home sales
2345 - New Zealand current account

Wednesday 22nd
0930 - Bank of England minutes
1000 - Eurozone industrial orders
1500 - Eurozone consumer confidence
1730 - US interest rate decision

Thursday 23rd
0715 - Swiss trade balance
0900 - Eurozone manufacturing & services inflation
0930 - UK mortgage approvals

Friday 24th
1330 - US GDP

Retail sales fall

16 June 2011
May's disappointing retail sales figures, showing a 1.4% drop in May, have held sterling back this morning.

High street activity was expected to fall after April's spike due to the royal wedding and run of bank holidays, but the decline was much more than expected.

We have now had all major UK data for the week, although for those of you tracking Euro rates we have the ECB monthly report and Eurozone trade balance due out tomorrow morning.