Federal Reserve Launch New Round Of QE
14 September, 2012
The UK bond auction and Bank of England quarterly report did little to move the Pound although it did make some gains across most major currencies.
The day was all about the FED and will they, wont they introduce further QE. The markets had to wait all day to find out and indeed, come 5.30pm UK time the announcement came that Ben Bernanke and the other members had voted to add another $40 Billion in the third round of quantitative easing. We saw immediate swings for sterling against the Euro and Dollar as true to recent form whatever the Dollar does the Euro does the opposite. The Dollar weakened on the news swinging widely against the Euro and Pound. This morning we come in to an even weaker greenback having been sold off during Asian trading overnight, reaching new lows against the Pound and the Euro.
Those looking to send money to the States have seen some good levels of exchange over the past week and even better today. Make the most of it while you can if you have a Dollar requirement as these gains once priced in can easily change with subsequent data releases. Against the Euro the Pound sits where it did yesterday but with no UK data and a raft of EU (Unemployment and CPI inflation figures) and US (CPI inflation, retail sales, business inventories and consumer confidence) out today this could well change. If you have a currency exchange to make get in touch with your broker at Currency Index this morning to avoid the volatility the day may bring.
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