News

Sterling punished

28 July, 2011

CurrencyIndex

The Pound is falling this morning on a decline in risk appetite from investors, who are selling off sterling assets on fears of further global economic weakness.

Other currencies to be affected are New Zealand and Australian dollar exchange rates, which are also being sold off, leading to slightly better rates against the Pound today.

The US Dollar is the main benefactor, strenghtening (becoming more expensive) over 2% against the Pound since Friday. US dollar exchange rates are heading down towards 1.45 (mid-market rate) compared to nearly 1.50 last week.

”Its failure to react positively to the housing data warns that sterling is heading towards a pronounced downward correction,” said Hans Redeker at BNP Paribas this morning.

Budget & Lots of UK Data This Week

28 July, 2011

CurrencyIndex

This week’s Budget on Wednesday will be grabbling most financial headlines, but there is also a lot of other UK data out which could affect the Pound and therefore exchange rates for sending money overseas.

Tomorrow’s CPI and RPI (inflation figures) are important, and on Wednesday this month’s Bank of England minutes are released along with jobless numbers and public borrowing.

On Friday, we also have retail sales and GDP.

All these are important releases which are likely to move exchange rates against sterling this week, as well as Wednesday’s budget speech at lunch time.

The Pound has been on a good run in the last 2 weeks, however this morning you are losing ground if you need to send money in Euros or transfer dollars to the USA. Has the market peaked? Nobody knows of course, but speak to your currency broker today for an experienced opinions.

European Trade Data today

28 July, 2011

CurrencyIndex

In a quiet day for data, European trade balance figures are released at 10am. The effect on the Euro is unlikely to be significant.

There is no other major data out today or Monday, but a lot of releases are due on Tuesday.

Consider taking advantage of current Dollar and Euro exchange rates, which are at their best for weeks. Currency Index is a UK based currency broker.

Has Euro Rate Peaked?

28 July, 2011

CurrencyIndex

Sterling – Euro peaked this morning above 1.1350 (or 88.1p) – the best rate for buying Euros this year.

Slightly positive Euro data out this morning seems to have halted the Pound’s momentum, and we have dropped the best part of a cent in the last 2 hours.

If you are considering transferring Euros abroad in the coming weeks, do contact your UK currency broker to discuss a currency strategy – with the budget next week and a lot of other figures released on the British economy on Tuesday, it could be good to consider securing a rate now.

Pound Up – no news is good news

28 July, 2011

CurrencyIndex

The Pound has continues its upward movement against major currencies – producing the best exchange rates for Euros and Dollars for some weeks. If you need to send money to a notaire in France, a builder in Bulgaria or an escrow account in the States, you should speak to your currency company straight away.

There is no particular reason for the movement – except perhaps a break from the negative news which has been dogging the UK economy in recent months. There has been no significant negative data for a week, allowing the Pound to gain some value in the markets.

Tomorrow’s European inflation data and US jobless numbers will perhaps give us the next indication as to which way rates will move in the short term.

Bank of England meets today

28 July, 2011

CurrencyIndex

The Bank of England’s Monetary Policy Committee announces its monthly interest rate decision today – and any changes to the Quantitative Easing policy.

No changes are expected so there is no reason to expect much effect on the Pound. Sterling is falling back this morning as overseas appetite for UK investments is easing slightly.

If you are making international money transfers make sure you speak to your currency broker for the latest news and views.

Rate Update

28 July, 2011

CurrencyIndex

Please see our latest article on current market conditions and exchange rates for EUR and USD:
http://www.homesgofast.com/view_news/1431/

Euro, Dollar at Best Rates for Months

28 July, 2011

CurrencyIndex

We are seeing the best exchange rates for Euros and Dollars for some time – trading at 1.11 and 1.47 respectively.

Fundamentally, UK data is still very negative, but renewed appetite from investors in sterling assets has boosted demand for the Pound – and therefore we have better exchange rates for sending money to the USA and Eurozone.

This spike may not last. The only data of note out today are Canadian housing starts at 1.30pm, and minutes from the Federal Reserve’s last interest rate meeting, released at 7pm.

Euro holds at 1.10

28 July, 2011

CurrencyIndex

The Sterling-Euro exchange rate is holding above 1.10 on interbank markets this morning after slightly better than expected UK industrial production data, and slightly worse than expected European GDP.

Sending Euros to France or any other Eurozone country is now at its cheapest for some weeks. Check back here for updates on currency news later in the week.

This morning’s data

28 July, 2011

CurrencyIndex

Some figures released this morning which could affect the Pound.

9.30am: UK Industrial Production and Manufacturing Production
(A weaker than expected number would be likely to hurt the Pound)

10am: European GDP data
(A stronger than expected number would be likely to strengthen the Euro)

If you need to make currency transfers to foreign bank accounts, call your currency broker in the UK to discuss your situation.