News

Unemployment figures hurt sterling

28 July, 2011

CurrencyIndex

This morning’s figures showed UK unemployment has risen to 2.5m – the first monthly rise for 6 months. The new number equates to an unemployment rate of 7.9%.

As the Pound is so sensitive to any news around economic recovery, sterling has predictably been falling. We have lost nearly a cent against both the Euro and US Dollar.

Tomorrow morning’s retail sales data have the potential to bring exchange rates back up a little, but any more bad news for the UK is likely to weigh heavy on the Pound through the Christmas period.

Pound finds no support

28 July, 2011

CurrencyIndex

Sterling has fallen across the board today, as a few neutral or negative UK data releases were accompanied by stronger figures in the Eurozone and USA.

UK: CPI inflation as expected, house prices lower than expected
Eurozone: economic sentiment better than expected
USA: retail sales double expected growth

The net result has been a stronger (more expensive) Euro and US Dollar, with other currencies following suit.

Tomorrow morning we have UK unemployment data at 9.30am, and the Pound remains vulnerable to any further negative news.

This week’s currency news 107

28 July, 2011

CurrencyIndex

As 2010 draws to a close, this week sees the last round of inflation data from the UK, Europe and USA. Inflation is crucial as it dictates how much flexibility there is in an economy to change interest rates, which in turn are a major influence on exchange rates.

This week may provide opportunities to buy before we enter the quieter Christmas period. Whatever your requirements for exchanging currency, contact Currency Index to make sure we can keep you updated with the latest news and rates.

Monday 13th
Overnight – Rightmove house prices
0930 – UK PPI inflation
2145 – New Zealand retail sales

Tuesday 14th
0930 – UK CPI & RPI inflation
1000 – German ZEW survey
1330 – US retail sales & PPI inflation
1915 – US interest rate decision

Wednesday 15th
0930 – UK unemployment & earnings
1330 – US CPI inflation

Thursday 16th
0730 – Swiss interest rate decision
0930 – UK retail sales
1000 – Eurozone CPI inflation
1330 – US jobless claims

Friday 17th
1000 – Eurozone trade balance

Currency Index in the news

28 July, 2011

CurrencyIndex

Currency Index were interviewed again on BBC One today, as the collapse of Crown Currency Exchange was investigated on the programme “Rip Off Britain”. You can see the programme on the BBC iPlayer here.

No change from Bank of England

28 July, 2011

CurrencyIndex

The Bank of England left interest rates and quantitative easing on hold at its monthly policy meeting today, as expected.

Elsewhere, the European Central Bank in its monthly report reduced its forecast for Eurozone growth next year, while maintaining that the single currency area is still on track for recovery. It added that current interest rates are appropriate, given the debt problems in some Euro countries.

In the USA, jobless claims came out better than expected, but for the Pound, exchange rates across the board remain broadly unchanged.

Pound improves

28 July, 2011

CurrencyIndex

Rates for sending money abroad have improved across the board in the last 24 hours, after weak German trade balance data this morning helped to further weaken the Euro in particular.

Tomorrow we have some more important announcements, all likely to affect rates: UK house prices and trade balance, along with the ECB monthly report and German CPI inflation.

Egyptian Pounds now available

28 July, 2011

CurrencyIndex

If you need to send money to Egypt, Currency Index can now supply Egyptian Pounds for transfers at commercial rates.

Contact us for a quote if you are buying property in Egypt, and see how much you can save compared to using your bank.

This week’s currency news 112

28 July, 2011

CurrencyIndex

This week we have interest rate decisions in the UK, Australia, New Zealand and Canada, along with Quantitative Easing policy at the same time in the UK.

Problems in the Eurozone continue to make the headlines, along with the prospect of further monetary easing in the USA. For the latest news and live exchange rates for your own transaction, contact Currency Index.

Monday 6th
0930 – Eurozone investor confidence

Tuesday 7th
0330 – Australian interest rate decision
0645 – Swiss unemployment rate
0930 – UK industrial & manufacturing production
1400 – Canadian interest rate decision

Wednesday 8th
0700 – German trade balance
2000 – New Zealand interest rate decision

Thursday 9th
0030 – Australian unemployment rate
0700 – German CPI inflation
0900 – European Central Bank monthly report
1200 – UK interest rate decision

Friday 10th
0930 – UK producer price index
1330 – US trade balance
1900 – US monthly budget statement

German unemployment weakens Euro further

28 July, 2011

CurrencyIndex

This morning’s German unemployment figures have added to the problems in the Eurozone, with a recorded fall of 9,000 compared to expectations of 18,000. Unemployment in the Eurozone overall is now running at 10.1%.

The Euro has weakened further (become cheaper) today while the US Dollar, which is mirroring the Euro’s movements at the moment, has strengthened.

For the latest rates please contact your account manager at Currency Index.

This week’s currency update

28 July, 2011

CurrencyIndex

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