News
You can see our currency news market reports, published daily, on this page. Jargon-free and with our archive back to 2011, bookmark this page to stay on top of the latest currency news relating to your transfers.
Rate alert – GBP falling
28 July, 2011
CurrencyIndex
The Pound is losing significant ground this morning – falling to €1.11 and $1.63 [mid-market rates] overnight on poor UK sentiment.
With little support for sterling or confidence in the UK economy, if this morning’s public finance figures at 9.30am do not show some good news, there could be further to fall.
Read morePound falls dramatically after King speaks out
28 July, 2011
CurrencyIndex
Mervyn King, the Bank of England’s governor, did those of you needing to send money overseas a favour last week when the quantitative easing programme was not extended – but he undid all the good work yesterday with a speech slamming the prospects of a quick recovery in the UK.
As other economies around the world look to a brighter future, it looks like the UK will have a tough time in the next few months. The Pound reacted accordgingly, dropping nearly 2c against both the Euro and the US Dollar.
Read moreMonday Blues for the Pound
28 July, 2011
CurrencyIndex
As often seems to be the case following a positive end to a week, sterling dropped away this morning after last week’s gains following the Bank of England’s announcement on Thursday.
Much of the improvements in rate last week were wiped out during the course of today, against both the Euro and US Dollar.
This week is all about inflation. We have key figures out in the UK, Europe and the USA, on Tuesday, Wednesday and Thursday. Which economy is performing best at the moment will probably indicate which currency will perform better too.
Elsewhere, look out for the RBA Minutes if you are buying Australian Dollars, and the Swiss interest rate decision if you need to send money to Switzerland. For the latest news contact Currency Index directly.
Read morePound up as QE programme paused
28 July, 2011
CurrencyIndex
The Bank of England has said it will not extend its quantitative easing programme beyond £175bn for now – and the Pound has spiked up as a result.
Often such spikes are short-lived, so gains of nearly 1c against the Euro and US Dollar may not be available for long. Contact Currency Index for the latest update on 0800 043 2623.
Read moreBank of England today 309
28 July, 2011
CurrencyIndex
Take note of the Bank of England’s monthly policy meeting at 12.00 today, whatever your currency requirements there is likely to be some impact.
Interest rates, which used to be the monthly headline from the Bank, are at 0.5% and are not likely to change any time soon. However, the big question in recent months has been whether there will be additional funds pumped in to the economy via ‘quantitative easing’.
If the current £175bn programme is increased, we would expect to see the Pound fall significantly. If the amount is left as it is, there may be a small increase for sterling.
The decision is particularly hard to predict because last month the voting committee was split as to the right course of action, with Governer King voting for more action than most of his colleagues.
Whatever your currency needs, contact an experienced currency company today if you are concerned about your own forthcoming transactions.
Read moreThis week’s exchange rate news
28 July, 2011
CurrencyIndex
There is a bank holiday in the USA for Labour Day today, so trading may be fairly quiet on the – but for the rest of this week we return to key announcements in the UK by the Bank of England on Thursday and on industrial figures on Tuesday.
Last week, Friday’s US employment data was very close to expectations, making little impression on the rate for sending dollars to America. In Australia, speculation that interest rates will be raised soon is making the AUD more expensive, despite the RBA’s decision to keep the central bank rate on hold at 3% last week.
In all cases for sending currency abroad, the Bank of England’s monthly announcement on Thursday is the key event this week. If the Bank continue their policy of quantitative easing, this is likely to be seen as negative for sterling, while any signal that the policy is coming to an end is likely to make exchange rates better. The vote was split last month and this month’s outcome will be taken as an important signal for the UK economy, and therefore sterling’s value around the world.
Monday 7th
US MARKETS CLOSED
1100 – German factory orders
Tuesday 8th
Overnight – RICS House Price Balance
0930 – UK Industrial & Manufacturing Production
Wednesday 9th
Overnight – UK Consumer Confidence
0930 – UK Trade Balance
Thursday 10th
Overnight – UK GDP
1200 – Bank of England Interest Rates & Quantitative Easing
1330 – US Trade Balance
Friday 11th
0900 – ECB September Report
0930 – UK PPI Inflation
US Dollar rate down on jobs data
28 July, 2011
CurrencyIndex
The US Dollar exchange rate has dropped nearly a cent, on the back of stronger-than-expected jobs numbers, released this afternoon.
Sending money to the USA has been getting more expensive in recent weeks, and the improved employment figures have not helped. Mid-market level is now just below $1.63.
Read moreSterling outlook
28 July, 2011
CurrencyIndex
The Bank of England meets next week and investors will be sensitive to any shift in tone, particularly whether it will extend or pause its £175 bn asset buying programme. This is overshadowing today’s positive PMI data, which shows the UK services sector growing at its fastest pace in 2 years.
The Pound gained some value this morning, but for now seems to have tailed off, as all eyes are on next week’s key Bank of England announcement on Thursday lunchtime.
Read moreThis week’s currency news 313
28 July, 2011
CurrencyIndex
As we enter September, the Pound is set lower than most of the summer so far. Here are this week’s major news announcements which could have an effect on commercial exchange rates. Contact Currency Index for the latest news.
TUESDAY 1st
10am – Eurozone unemployment
10pm – US consumer confidence for August
WEDNESDAY 2nd
7pm – FOMC (US interest rate) meeting minutes
THURSDAY 3rd
10am – European retail sales
12.45pm – European interest rate decision
1.30pm – US jobless claims
FRIDAY 4th
1.30pm – US non-farm payroll (key employment figures)
Exchange Rates dropping fast
28 July, 2011
CurrencyIndex
We have seen the Pound continue to tumble so far this week – despite some positive news in retail sales and inflation figures.
The problem lies with the Bank of England’s quantitative easing programme. There is more money being pumped into the economy than analysts expected, and that is causing concern for the UK economy.
Next week will see the central Bank’s next announcement on the subject, so until we have some clarity, Currency Index expects the Pound to continue to struggle.
Current interbank [mid-market] rates:
£1 = €1.1450, US$1.6365, AU$1.9525, NZ$2.3840
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