Exchange rates flat to start week
11 November, 2014
Yesterday saw an uneventful start to the week, with the Pound trading in tight ranges against the Euro (+/- 0.4c) and US Dollar (+/- 0.6c) through the day. There was no major data out, so this was of little surprise, with the only important economic news out from China at 1.30am yesterday.
Today we might see a similar pattern, with UK retail sales as measured by the British Retail Consortium already out overnight and showing better than expected figures, which have given the Pound a slight boost to start the day. There is nothing else due out in the UK or indeed elsewhere until tonight’s Reserve Bank of New Zealand report at 8pm.
Tomorrow however we start to see the week’s economic statistics come through, with UK unemployment and the Bank of England’s quarterly inflation report both due out. With the British economy feeling the effects of the slowdown in Europe, any negative figures tomorrow are likely to hurt the Pound, so the more risk-averse buyer sending money abroad may want to consider looking at rates today in case we are seeing the calm before the storm for exchange rates.
CBI conference focuses on British EU membership
David Cameron and Ed Miliband addressed the CBI conference yesterday on the potential effect on British jobs, should the UK leave the EU. As next year’s election draws nearer, this will become a significant issue and should a referendum or UK exit look likely after May’s election, there will be major reaction in financial markets, including foreign exchange rates. While this not be top of the agenda for the Pound right now, anyone with requirements to move currency in the next 6-9 months should consider the potential effects and remember that you can secure an exchange rate up to 2 years ahead with Currency Index, to protect yourself from adverse market movement. Contact us for more details.
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