News

Aussie Dollar weaker despite rate hike

28 July, 2011

CurrencyIndex

The Reserve Bank of Australia put interest rates up overnight as expected – although comments that they may pause the cycle of higher rates in December led the Australian Dollar to weaken off slightly.

Mid-market rates are now comfortably back above 1.80.

If you are transferring money to Australia contact your currency broker to discuss your options – higher interest rates in a country usually lead to a more expensive currency and it is likely the RBA will raise rates again in January, if not December.

Currency Index is now FSA Regulated

28 July, 2011

CurrencyIndex

We are pleased to announce that from today Currency Index is Authorised and Regulated by the FSA, with reference 504353 on the FSA’s Register.

This gives clients even greater peace of mind regarding security of funds, and confirms that Currency Index conforms to the relevant Conduct of Business requirements.

A full list of Authorised companies can be found on the FSA’s website.

This week’s news

28 July, 2011

CurrencyIndex

Please see our regular article for this week’s currency news:
http://www.themovechannel.com/features/a01630fe-f266/

Lots of data out this week, particularly on Thursday, so do speak to your currency broker if you need to send funds abroad or make a money transfer back to the UK.

Pound back up… a little

28 July, 2011

CurrencyIndex

It seems that no news is good news for sterling at the moment, and with no major data releases in the UK this week the Pound has crept back up slowly during the last 3 days. Next week’s key Bank of England announcement on Thursday could shake things up, so anybody looking to send money overseas may have a window of a few days to look at securing your rate.

Don’t forget, Currency Index can book exchange rates up to 2 years ahead, without you needing all your sterling available. Please call for more details.

This week’s data

28 July, 2011

CurrencyIndex

Please see our weekly article for an overview on the market and data releases this week which are likely to affect exchange rates.

Contact Currency Index on 0800 043 2623 if you would like to discuss the latest news relating to your specific requirements.

GDP sends sterling plummeting

28 July, 2011

CurrencyIndex

This morning’s GDP data has shown a contraction of 0.4% in the economy for Q3, dashing hopes that there would be some growth to technically end the recession.

Disappointing data – and the markets have reacted badly, with sterling dropping around 1.5c against both the Euro and US Dollar.

Contact Currency Index for the latest commercial rates.

Retail Sales at 9.30

28 July, 2011

CurrencyIndex

Following some good days for sterling, this morning’s retail sales figures at 9.30am are an important measure of economic activity. If you need to send money overseas, keep an eye on rates around 9.30 and contact Currency Index if you would like us to alert you to any movements.

Bank Minutes Boost Pound

28 July, 2011

CurrencyIndex

A little more cheer for the Pound today – which has now gained 3% against the Euro and 6% against the US Dollar in the last week. The Bank of England revealed this morning that they voted unanimously for a pause in quantitative easing this month – easing fears that more money would need to be pumped into the economy in November.

The mid-market rates for Euros and Dollars are now above €1.10 and $1.65 respectively, although the outlook is still poor – the UK’s debt and fiscal position are likely to stifle any recovery for GBP which remains vulnerable to bad news.

Pound to remain weak until 2014?

28 July, 2011

CurrencyIndex

Some worrying reading on the Telegraph website over the weekend – Ernst and Young predicting rates around parity for sterling against the Euro for years to come:

http://www.telegraph.co.uk/finance/economics/6360466/UKs-budget-deficit-will-leave-pound-weak-until-at-least-2014.html

Sterling Update

28 July, 2011

CurrencyIndex

Please see our article for this week’s foreign exchange outlook and major data releases.

Mervyn King, the Governer of the Bank of England, is giving a speech tonight at 8.30 which will be watched for clues about quantitative easing. This morning, public finance data is released at 9.30am – if public debt has increased significantly we would expect negative movement for the Pound.