Pound remains on a high

Sterling continued to fare well across the board yesterday, after UK construction figures came out better than expected and European and US data did the opposite. Eurozone producer inflation fell more than expected and contributed to keep the Euro weak, maintaining the best exchange rates we have seen this year for those of you buying Euros and US Dollars amongst others.

The Australian Dollar also remained under pressure with a falling current account balance and GDP, released overnight, falling too. Rates for sending money to Australia hit fresh 3 year highs.

Today we have more data out, most notably Eurozone GDP and retail sales at 10am. Needless to say these are likely to have a significant bearing on the Euro price – will recent shifts to a cheaper Euro be consolidated, or will the figures show a better picture than expected bringing the single currency price back up? UK services data is also out at 9.30, and with the Canadian interest rate decision this afternoon followed by US home sales, we could be in for another volatile day. The US Dollar rate is extremely attractive currently, as the Obama Presidency is running into further trouble over healthcare reforms, and the US debt ceiling still not fully resolved. Pegged currencies such as the UAE Dirham are of course looking very good value too.

With yet more data out tomorrow it is important to keep up to date with rates, if you have an upcoming transaction to send or receive funds in any major currency pair do give us a ring to discuss the latest news and rates.