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.

This week’s currency news 460

28 July, 2011

CurrencyIndex

Key data this week which might affect exchange rates – particularly for those of you looking for Euro exchange rates – are shown in our weekly economic calendar.

Bank of England Governer Mervyn King speaks tomorrow, so look for sterling volatility depending on the contents of the speech. On Wednesday, the minutes from the last Bank of England interest-rate setting meeting are released – this should give us clues as to whether further interest rate cuts are likely and again this will weigh on the Pound one way or another.

Eurozone payments will likely be affected even more on Wednesday as ECB president Trichet will be speaking – followed by the monthly ECB report on Thursday.

Finally on Friday, UK retail sales figures are released, and any further bad news from the high street is likely to filter through and drag the Pound lower again. Keep in touch with your currency company so that you don’t get caught out by any of the announcements this week.

Read more

Euro interest rates cut – cheaper Euros available

28 July, 2011

CurrencyIndex

The ECB have cut their interest rates by 0.5% to 2% today – although this was expected, the Euro has weakened this afternoon meaning that the best Euro exchange rates are now over 1.11.

It is unlikely that we will see a sustained movement on the exchange rate (bad news for those of you transferring money to Spain, France etc), as the cut was already priced in to the exchange rate. A 1% cut in EU interest rates would have been better news!

The Pound has gained nearly 10% since the start of January, meaning the same amount of Euros is now 10% cheaper than it was only 2 weeks ago. Do speak to a foreign currency broker to discuss your requirements for buying or selling Euros.

Read more

Eurozone interest rates today

28 July, 2011

CurrencyIndex

12.45 today sees the latest European Central Bank interest rate decision – this could move Euro exchange rates around considerably depending on the outcome.

Check back after 12.45 and we will have the lates currency news on this blog – keep in touch with your currency company if you need to buy and send Euros.

Read more

Canadian Exchange Rates

28 July, 2011

CurrencyIndex

The Bank of Canada makes its monthly interest rate decision next Tuesday, January 20th.

For anyone buying Canadian dollars, your exchange rate is likely to be affected. Typically a lower interest rate means a weaker (cheaper) currency, so an interest rate cut (or speculation leading up to the announcement in the coming days) could mean that sending money to Canada becomes slightly cheaper.

Canadian exchange rates are currently near their worst for the last 12 months, and with the UK economy struggling even more than most other developed nations, anyone moving to Canada should get in touch with a specialist foreign exchange company to make sure they are up to date with the latest currency news.

Read more

Euro Exchange Rates this week

28 July, 2011

CurrencyIndex

Buyers or sellers of Euros should be aware that this Thursday at 12.45pm the European Central Bank announces its latest interest rate decision for the Eurozone.

There has been much speculation that the ECB will cut rates, much as has happened in the UK and USA. Typically, lower interest rates mean a weaker currency, so Euro exchange rates might get better for those of you buying overseas property if there is a dramatic cut on Thursday.

Conversely, if the cut is not as much as expected, sending money to Portugal, France, Spain and Germany might become more expensive.

Make sure you use a reputable currency company if you have a transaction of over £5,000 to carry out – this should save you money compared to using your bank.

Read more

Interest Rates Cut 0.5%

28 July, 2011

CurrencyIndex

The Bank of England has cut interest rates by 0.5% to 1.5% – the lowest level in its 300 year histrory.

Some analysts had expected a 1% cut, which would have been bad news for the ailing Pound. As 0.5% was the minimum cut expected, the Pound has found some strength which has improved Euro exchange rates, Dollar exchange rates, and most others this afternoon.

If you need to send money abroad or send money back to the UK, make sure you are in touch with your currency broker who can give you the latest market updates.

Read more

Exchange Rate Outlook

28 July, 2011

CurrencyIndex

Prospects for the Pound in 2009 are as uncertain as ever – a look at this week’s upcoming events which are likely to affect exchange rates at the beginning of the year.

After a quiet Christmas, there is lots of data out this week from around the world. “If you are looking to transfer money overseas at the best exchange rates, it’s worth speaking to your currency broker to keep up to date with market movements”, says Chuck Hall, payments manager at Currency Index Ltd.

Tuesday 5th
UK Nationwide House Prices – will give an indication of likely interest rate cuts from the Bank of England
UK and EU Purchasing Managers Index – manufacturer inflation figures for the UK and Europe
US FOMC Minutes – released by the Federal Reserve in the USA, gives overview of economic conditions

Wednesday 6th
UK Nationwide Consumer Confidence – key economic indicator for UK confidence
EU Producer Price Index – main inflation figure for the Eurozone

Thursday 7th
EU Consumer Confidence – European confidence survey
EU GDP – is the Eurozone contracting and in deep recession?
UK BoE Interest Rate Decision – this month’s central interest rate decision

Friday 8th
UK Producer Price Index – main inflation figure for the UK
EU Retail Sales – another important economic indicator
US Non Farm Payrolls – the main US employment metric showing jobs created last month

All these releases are likely to have an impact on the Pound’s relative value to (in particular) the Euro and US Dollar rates. If UK interest rates are cut heavily on Thursday, we could be in for plummeting exchange rates yet again, while readers buying property in France, Spain and the rest of Europe, will be hoping for weak Eurozone data on Wednesday and Thursday.

Keep in touch with a currency specialist, who can save you money against your bank’s exchange rate.

Read more

Euro rates up… at last

28 July, 2011

CurrencyIndex

Rates for buying Euros have improved slightly today – up nearly 3%. That will save you £6,000 if you need to transfer €200,000 abroad, for example the best rate for sending money to France.

The reason? Some over-selling at Christmas, and relatively positive data out today. Beware however, the Bank of England are due to cut interest rates again on Thursday and that is not usually good news for sterling.

There is a lot of data out this week which could make a difference to the value of the Pound against all other currencies – keep in touch with a currency broker who can help you get the best foreign exchange deal.

Read more

New Year Currency News

28 July, 2011

CurrencyIndex

Happy New Year from Currency Index Ltd – provider of some of the best exchange rates available in the UK.

The main news this month is likely to be the Bank of England’s interest rate decision on Thursday January 8th. Further cuts in the UK base rate are expected, and that does not bode well for the Pound – normally lower interest rates mean a weaker currency. With the European Central Bank tipped to keep their interest rates higher than ours, that means that predictions of sterling – Euro rates falling to parity (€1 = £1) are perhaps not wide of the mark.

Elsewhere, the Pound continues to struggle across the board. The next 4-6 weeks will be crucial as we see how bad the UK recession becomes – any negative news in the UK is likely to push the vulnerable Pound further still. Your currency broker should be able to help if you would like to discuss your own circumstances and requirements in detail.

Read more

No Christmas Cheer for Pound

28 July, 2011

CurrencyIndex

The Pound sank to another historic low against the Euro today, buying just €1.0210 on commercial markets.

Weak house price data and unemployment figures showed that there is no sign of any improvement for the British economy. Instead of cashing in equity from property values, Brits are now focussing on paying back their mortgages, instead of spending on cars, overseas property and other big items, figures from the Bank of England showed.

For exchange rates, more bad news for UK PLC means investor confidence in the Pound is at its lowest for years. If you’re sending money to America, a Pound buys just $1.4670 and if you’re emigrating to Australia, each Pound gets only $2.10, compared to $2.40 a few weeks ago.

Even at the best exchange rates available through specialist foreign exchange companies, buyers of Euros are doing well to get much more than €1 for £1.

Trading is thin between Christmas and new year, so volatility is more pronounced than usual, so make sure you contact Currency Index to keep in touch with the latest news.

Read more