News

Australian interest rates held again

28 July, 2011

CurrencyIndex

The Reserve Bank of Australia last night held interest rates, bad news for any of you making money transfers to Australia. A cut in interest rates may have weakened the Aussie currency, making exchange rates better for buying dollars.

The mid-market GBP-AUD rate has stayed at around the 2.02 level this morning.

Pound gains more strength

28 July, 2011

CurrencyIndex

The Pound has continued on its recent run, now trading at the best rates for buying Euros and US Dollars since last year.

Sterling touched €1.16 and $1.6450 as traders continued to move out of Euros and Dollars into more risky assets.

Look out for Eurozone and UK interest rate decisions on Thursday which may have an effect on rates in general.

The Reserve Bank of Australia also makes its monthly interest rate decision overnight tonight, which could be important if you are sending money to Australia.

UK house prices in surprise increase

28 July, 2011

CurrencyIndex

Nationwide this morning has reported a 1.2% rise in house prices for May.

Expectations had been for a 0.3% drop – so the news has given the UK economic outlook – and therefore the Pound – a welcome boost.

With more key data out next week which could potentially provide trouble for sterling, anyone looking to transfer money overseas should contact a currency broker to discuss the latest developments.

Mixed Euro and US data keeps rates steady

28 July, 2011

CurrencyIndex

The Pound hovered around its newly-found levels against both the Euro and Dollar today, as mixed data from the States and Eurozone did little to encourage either of the currency pairs.

EMU consumer confidence came out at the level expected by analysts, while in the USA there was some good news on the jobs front but bad news in construction of new homes.

As a result sending money in dollars is still around its best level since November, although the mid-market rate has dropped back below 1.60.

For Euro exchange rates, overnight levels of 1.15 were not sustained but a relatively healthy 1.14 is still showing on the live markets.

Tomorrow’s Nationwide house price survey in the UK will be watched at 7am for any clues as to the next direction for the Pound.

Best rates this year

28 July, 2011

CurrencyIndex

The Pound has continued its recent surge, reaching 1.60 against the US Dollar and nearly 1.15 against the Euro.

Both currencies are now around the cheapest they have been all year against sterling.

If you need to transfer money overseas in Euros or Dollars, it is worth discussing your requirements with a UK currency company to make sure you do not miss any opportunities to secure a preferential rate.

This week’s data

28 July, 2011

CurrencyIndex

News out this week which might affect all commercial foreign exchange rates:

Transferring money to the USA
1500 Tuesday – consumer confidence
1500 Wednesday – US house price index and home sales figures
1330 Thursday – durable goods orders
1330 Friday – GDP

Transferring money to Europe
1000 Thursday – consumer confidence
1000 Friday – CPI inflation data

Transferring money to Australia
0200 Thursday – new home sales

UK Data
0001 Friday – consumer confidence
0700 Friday – Nationwide house prices

…and Pound drops back down after S&P Rating

28 July, 2011

CurrencyIndex

Following overnight gains the Pound has dropped back sharply after the credit agency S&P downgraded the outlook for the UK economy from “stable” to “negative”.

If you need to transfer money overseas contact your currency company for the latest developments in a volatile market today.

Pound Continues Up

28 July, 2011

CurrencyIndex

We have the best US Dollar exchange rates so far this year at the moment, and near the year-high for the best Euro exchange rates too.

Trading this morning is particularly volatile, with both Euro and Dollar rates fluctuating by up to 2c in the last hour. Trade data out this morning showed UK Retail Sales up more than expected – but at the same time business investment has fallen.

Pound steady on Inflation Data

28 July, 2011

CurrencyIndex

This morning’s UK inflation data was slightly lower than expected – but close to analysts’ expectations, so there has been no major movement for the Pound.

Transferring money in Euros and Dollars is slightly cheaper than yesterday, as a surge from the Pound in early trading has been sustained.

Rates for the US Dollar are now the best they have been all year.

Pound up on Lloyds resignation

28 July, 2011

CurrencyIndex

UK shares and currency are on the rise this morning after the resignation over the weekend of Lloyds Banking Group chairman Sir Victor Blank.

The Pound has responded positively to what is seen as the removal of one of the men responsible for the current banking crisis, after Lloyds TSB took over the troubled HBOS Group last year. Both banks are expected to make massive losses this year and the Group is now 43% owned by the taxpayer.

Transferring money abroad is, as a result, slightly cheaper today then last week in the case of most currencies. If you would like to discuss taking advantage of a spike in exchange rates, contact your currency company straight away.