Consumer Confidence Knocks The Pound

Forecasters were predicting a rise in consumer confidence from last months 47 reading to 49 for February but the figure came in at a lowly 44. Anything under 50 is seen as negative so the poor reading knocked the pound. Later this morning the British Bankers Association released mortgage approval levels which also came in under expectations at 33,100 approvals compared to 39,100 whilst also downgrading the reading for the previous month.

With no Euro zone data out today to harm the single currency the UK data took affect, losing half a cent against the Euro.

Across the pond in Canada we have Consumer Prices Index figures out at lunch time followed by New Home Sales in the US and a speech by FED chairman Ben Bernanke early evening. The Canadian dollar has been trending down against the pound giving good opportunities for buying Canadian dollars. If you have a requirement coming up speak with Currency Index today and make sure you don’t miss out on the best GBP to CAD rates in the past couple of weeks.

For a quote on your own transfer, contact us at Currency Index and see how much you can save compared to using your bank.