Finely balanced rates with quiet week ahead
18 November, 2013
After a turbulent week of data releases, Euro buyers this morning find themselves exactly where they started last week – with the Pound-Euro rate fairly level this morning compared with 7 days ago. We did however see improvement in the rate for sending payments in US Dollars, with the Pound now buying 2c more than a week ago, after worse than expected trade balance figures and Federal Reserve member Janet Yellen defending the US central bank’s current stimulus measures on Thursday – monetary stimulus, much like Quantitative Easing in the UK, tends to weaken a currency making it relatively cheaper.
The South African Rand also hit new rates last week, achieving its cheapest level against the Pound since the financial crisis of 2008, while the rates for buying Canadian and Australian dollars also improved.
This week we don’t have much major data due out until Wednesday, with the Bank of England and Federal Reserve minutes, and US & UK inflation news, before the only main European data on Thursday – consumer confidence. After last week’s rapid-fire data announcements perhaps this week, to begin with at least, will be a little calmer and give those of you sending money abroad or indeed repatriating funds a chance to consider your options. With rates for buying Euros near their highs of the year, and the US Dollar similarly good value, don’t look a gift horse in the mouth if you are looking to send money abroad in the coming weeks. Remember that with Currency Index for some friendly guidance. you can fix a rate now for upcoming requirements in the future, and forget exchange rates over the forthcoming holiday period.
Following the European Central Bank’s shock interest rate cut this month, nothing in certain in currency markets, so if you are waiting for better rates before making your own purchase, don’t forget there is somebody else waiting for rates to move the other way and the only certainty is that one of you will lose out if you don’t act now!
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