Showing articles for November 2010

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This week's currency update

29 November 2010
This week the main story is likely to be the continuing developments of the Irish bank bailout - and whether there will be any knock-on effects elsewhere in the Eurozone. For now the Euro has started to strengthen.

Elsewhere we have economic releases in Australia, Canada, the USA and Switzerland, all likely to affect rates for sending money abroad. Contact your foreign exchange broker for the latest rates and news.

Monday 29th
0930 - UK mortgage approvals & money supply
1000 - Eurozone economic & consumer confidence
1330 - Canadian current account

Tuesday 30th
Overnight - UK consumer confidence
0030 - Australian current account
1000 - Eurozone unemployment & CPI inflation
1330 - Canadian GDP
1500 - US consumer confidence

Wednesday 1st
0030 - Australian GDP
0700 - UK Nationwide house prices
0900 - Eurozone manufacturing inflation
0930 - UK manufacturing inflation
1500 - US manufacturing & construction

Thursday 2nd
0030 - Australian retail sales & trade balance
0645 - Swiss GDP
1000 - Eurozone GDP & PPI inflation
1245 - Eurozone interest rate decision
1330 - US jobless claims

Friday 3rd
0815 - Swiss CPI inflation
1000 - Eurozone retail sales
1200 - Canadian unemployment
1330 - US non-farm payrolls & unemployment rate

Portugal next for EU bailout?

26 November 2010
The Eurozone is urging Portugal to seek aid. Portugal’s bonds fell on concern they will follow Ireland and Greece and present a formal request to Europe's rescue fund, similar to that of Ireland earlier in the week.

As a result the Euro has been slowly weakening (getting cheaper) this week, and we now have the best rates for sending Euro payments since mid-September. Conversely, investors are buying up US Dollars, which has brought the exchagne rate down to its worst level for a month.

Bank of England split 3 ways again

17 November 2010
The Bank of England did not move nearer to further Quantitative Easing in their November meeting, according to their minutes released today.

7 of the 9-strong committee voted for no change, with one voting for more QE, and one voting for an interest rate rise - exactly the same result as October.

The Pound gained a small amount of value after the minutes were released.

Meanwhile EU finance ministers are meeting to discuss a possible bail-out of the Irish economy. The Euro could be affected if the Irish government asks for help, although when a rescue package was announced for Greece earlier this year, the Euro strenghtened (became more expensive) as markets saw the bailout as helping the single currency zone.

Pound pushes higher against Euro

11 November 2010
Rates for sending money in Euros are now at their best for 6 weeks, after the Bank of England inflation report was followed by news of economic woe in Spain (where growth is approaching zero) and Ireland which weakened the Euro.

Worries about Quantitative Easing in the UK are now receding a little, although with 6 consecutive days of improvement in the Pound-Euro rate, there may be some profit-taking by investors as the weekend approaches, which could bring the rate back down.