Showing articles for August 2009

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Exchange Rates dropping fast

25 August 2009
We have seen the Pound continue to tumble so far this week - despite some positive news in retail sales and inflation figures.

The problem lies with the Bank of England's quantitative easing programme. There is more money being pumped into the economy than analysts expected, and that is causing concern for the UK economy.

Next week will see the central Bank's next announcement on the subject, so until we have some clarity, Currency Index expects the Pound to continue to struggle.

Current interbank [mid-market] rates:
£1 = €1.1450, US$1.6365, AU$1.9525, NZ$2.3840

Australian dollar rate at 11 month low

14 August 2009
The Aussie Dollar rate has slipped to an 11-month low today of 1.9650 [mid-market], on speculation that Australia will increase their interest rates in the coming months.

This would be the first upward interest rate move by a developed economy, since the financial crisis started last September.

If you need to send money to Australia in the coming months, contact your currency company to discuss your transaction - if interest rates do start to go up in Australia, exchange rates could easily fall further still.