Exchange Rates dropping fast

28 July, 2011


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