News

GDP Release Delayed

28 July, 2011

CurrencyIndex

The release of key UK GDP data, due out tomorrow, has been delayed to July 12th.

The Pound is currently enjoying a positive run, giving us the best Euro rates for over 18 months. Contact us to discuss your requirements if you are considering locking into an exchange rate now.

This week’s currency news 176

28 July, 2011

CurrencyIndex

After the bustle of last week’s budget and Bank of England Minutes, this week is relatively quiet in terms of economic data likely to affect exchange rates. However, look out for UK GDP on Wednesday and Eurozone inflation figures on the same day, both of which could give some volatility to rates. In the USA, Friday’s key monthly employment figures often cause movement in USD rates.

Do contact Currency Index for the latest rates and news.

Monday 28th
0400 – New Zealand business confidence
1330 – US personal consumption

Tuesday 29th
1000 – Eurozone consumer confidence
Overnight – UK consumer confidence

Wednesday 30th
0930 – UK Q1 GDP
1000 – Eurozone CPI inflation

Thursday 1st
No major data

Friday 2nd
1330 – US non-farm payrolls and unemployment rate

Budget tomorrow

28 July, 2011

CurrencyIndex

Tomorrow we have the new UK government’s emergency budget – and who knows what the effects might be on the currency markets. There is bound to be some reaction from the Pound, depending on how George Osborne’s new policies and cuts go down in the City.

Meanwhile, we also have the following data out around the world:

Monday 21st
No major data

Tuesday 22nd
0715 – Swiss trade balance
0900 – German business climate survey
1130 – UK emergency budget
1200 – Canadian CPI inflation

Wednesday 23rd
0930 – Bank of England policy minutes
1330 – Canadian retail sales
1500 – US new home sales
1915 – US interest rate decision
2345 – New Zealand GDP

Thursday 24th
1330 – US durable good orders
2345 – New Zealand trade balance

Friday 25th
1330 – US GDP

Retail Sales Up

28 July, 2011

CurrencyIndex

The Pound has had a boost this morning as May’s UK retail sales came out better than expected. Overnight losses, following George Osborne’s speech last night regarding banking regulation, have nearly been recouped for most exchange rates.

The Budget next Tuesday will now be the next area of focus; speak to us at Currency Index before the big day if you would like an informal discussion around your requirements.

Unemployment fails to rally Pound

28 July, 2011

CurrencyIndex

This morning’s UK unemployment figres up to 7.9% in the 3 months to April, up from 7.8% in the previous quarter.

Although the number of people claiming benefit fell slightly in May, the overall figures made for mixed reading and following a short boost there was little impact for the Pound.

Tomorrow’s public borrowing numbers are the next major UK economic figres, and the last before Tuesday’s emergency budget.

UK inflation falls

28 July, 2011

CurrencyIndex

This morning’s UK CPI inflation figure for May showed the headline inflation rate fell to 0.2%, from April’s 0.6% figure. Although this is good news for the economy as the Bank of England is keen to keep inflation under control, the effect on sterling is the opposite, since lower inflation means that interest rates may not need to rise as had been feared.

The Pound gave back its overnight gains against both the Euro and US Dollar, and particularly against the Euro, where exchange rates for buying Euros have been falling throughout the day.

Currency news this week 181

28 July, 2011

CurrencyIndex

This week’s economic releases likely to affect exchange rates:

Monday 14th
0815 – Swiss producer & import prices
1000 – Eurozone industrial production

Tuesday 15th
0230 – Australian interest rate minutes
0930 – UK inflation
1000 – Eurozone employment & trade balance
1000 – German ZEW survey
1330 – US import price index
1330 – Canadian manufacturing figures

Wednesday 16th
0930 – UK earnings & unemployment rate
1000 – Eurozone inflation
1200 – US mortgage applications
2245 – US Federal Reserve Chairman’s speech

Thursday 17th
0830 – Swiss interest rate decision
0900 – European Central Bank monthly report
0930 – UK retail sales
1330 – US CPI inflation & jobless claims

Friday 18th
0700 – German PPI inflation
0930 – UK public sector borrowing & mortgage approvals

Trade balance worse than expected

28 July, 2011

CurrencyIndex

Figures this morning show the UK’s trade balance has worsened slightly, to £3.3bn. This is only slightly worse than expected, so has not weighed too heavily on sterling on the money markets this morning.

Tomorrow’s interest rate decision is unlikely to cause any surprises, so rates for sending money abroad could be influenced more by local events in each economy for the rest of the week. For the latest news, contact Currency Index.

Currency news this week 183

28 July, 2011

CurrencyIndex

This week’s main economic data releases around the world:

Monday 7th
No major data

Tuesday 8th
0645 – Swiss unemployment rate
0700 – German trade balance
0815 – Swiss CPI inflation
Overnight – UK consumer confidence

Wednesday 9th
0130 – Australian consumer confidence
0930 – UK trade balance
2200 – New Zealand interest rate decision

Thursday 10th
0230 – Australian unemployment rate
1200 – Bank of England interest rate decision
1245 – European Central Bank interest rate decision
1330 – US jobless claims & trade balance
1900 – US monthly budget statement

Friday 11th
0930 – UK industrial production & PPI inflation
1330 – US retail sales

Euro rate flirts with €1.20

28 July, 2011

CurrencyIndex

Problems in the Eurozone have contributed to a cheaper Euro, with rates now at their best since the financial crisis. If you are buying Euros to send overseas, consider fixing your rate now for at least part of your requirements.