Latest Currency News
Market update Monday 21st - Mon, 21 May 2012 00:00:00 GMT
This week we have a lot of important UK economic data out, as well as the ongoing Euro crisis, so we are expecting a volatile week for exchange rates.
Last week the Pound lost ground against both the Euro and US Dollar, as rumours of an impending Greek departure from the Eurozone ironically seemed to give strength to the single currency. New concerns on Spanish refinancing costs also failed to make the Euro cheaper, so for now it seems we may have seen the top of recent Euro trading levels. With the crucial second reading of UK GDP due out on Thursday morning, sterling is susceptible to falling back further if the figures show that the UK recession is worse than already known. We also have the Bank of England minutes on Wednesday morning, which will reveal how close the Monetary Policy Committee were to increasing Quantitative Easing this month – again any signals that more QE may be on the way, would be negative for the Pound.
There is no important data due out today, so Euro debt and the G8 summit may dominate; the big question in the coming weeks will be whether an anti-austerity government will form in Greece at the elections on June 19th, and whether world leaders will put a coherent contingency plan in place to allow them to leave the Euro in that case. Whatever happens, we are surely in for more twists and turns for all major exchange rates in the short term.
This week we have a lot of important UK economic data out, as well as the ongoing Euro crisis, so we are expecting a volatile week for exchange rates.Last week the Pound lost ground against both the Euro and US Dollar, as rumours of an impending Greek departure from the Eurozone ironically seemed to give strength to the single currency. New concerns on Spanish refinancing costs also failed to make the Euro cheaper, so for now it seems we may have seen the top of recent Euro trading levels. With the crucial second reading of UK GDP due out on Thursday morning, sterling is susceptible to falling back further if the figures show that the UK recession is worse than already known. We also have the Bank of England minutes on Wednesday morning, which will reveal how close the Monetary Policy Committee were to increasing Quantitative Easing this month – again any signals that more QE may be on the way, would be negative for the Pound.
There is no important data due out today, so Euro debt and the G8 summit may dominate; the big question in the coming weeks will be whether an anti-austerity government will form in Greece at the elections on June 19th, and whether world leaders will put a coherent contingency plan in place to allow them to leave the Euro in that case. Whatever happens, we are surely in for more twists and turns for all major exchange rates in the short term.
Currency news this week - Sun, 20 May 2012 00:00:00 GMT
This weeks's scheduled news releases likely to affect exchange rates are as follows.
Monday 21st
0600 - Japanese economic index
Tuesday 22nd
0400 - New Zealand inflation expectations
0930 - UK consumer & retail inflation; UK public sector borrowing
1500 - Eurozone consumer confidence; US home sales
Wednesday 23rd
0500 - Japanese interest rate decision
0930 - Bank of England minutes
1330 - Canadian retail sales
2345 - New Zealand trade balance
Thursday 24th
0700 - German GDP & retail sales; Swiss trade balance
0930 - UK GDP second reading Q1 & retail sales
1330 - US durable goods orders
Friday 25th
0700 - German consumer confidence
This weeks's scheduled news releases likely to affect exchange rates are as follows.Monday 21st
0600 - Japanese economic index
Tuesday 22nd
0400 - New Zealand inflation expectations
0930 - UK consumer & retail inflation; UK public sector borrowing
1500 - Eurozone consumer confidence; US home sales
Wednesday 23rd
0500 - Japanese interest rate decision
0930 - Bank of England minutes
1330 - Canadian retail sales
2345 - New Zealand trade balance
Thursday 24th
0700 - German GDP & retail sales; Swiss trade balance
0930 - UK GDP second reading Q1 & retail sales
1330 - US durable goods orders
Friday 25th
0700 - German consumer confidence
Currency Index featured on Radio 4 Moneybox - Sat, 19 May 2012 00:00:00 GMT
Currency Index was featured on Radio 4's "Moneybox" programme today, discussing the impact of the Eurozone crisis on exchange rates, along with a panel of experts covering the effects on savings, mortgages and pensions. You can listen to the podcast by clicking on this link: Currency Index featured on Moneybox, May 19th 2012
Currency Index was featured on Radio 4's "Moneybox" programme today, discussing the impact of the Eurozone crisis on exchange rates, along with a panel of experts covering the effects on savings, mortgages and pensions. You can listen to the podcast by clicking on this link: Currency Index featured on Moneybox, May 19th 2012
Market update Monday 21st - Monday, May 21, 2012
This week we have a lot of important UK economic data out, as well as the ongoing Euro crisis, so we are expecting a volatile week for exchange rates.
Last week the Pound lost ground against both the Euro and US Dollar, as rumours of an impending Greek departure from the Eurozone ironically seemed to give strength to the single currency. New concerns on Spanish refinancing costs also failed to make the Euro cheaper, so for now it seems we may have seen the top of recent Euro trading levels. With the crucial second reading of UK GDP due out on Thursday morning, sterling is susceptible to falling back further if the figures show that the UK recession is worse than already known. We also have the Bank of England minutes on Wednesday morning, which will reveal how close the Monetary Policy Committee were to increasing Quantitative Easing this month – again any signals that more QE may be on the way, would be negative for the Pound.
There is no important data due out today, so Euro debt and the G8 summit may dominate; the big question in the coming weeks will be whether an anti-austerity government will form in Greece at the elections on June 19th, and whether world leaders will put a coherent contingency plan in place to allow them to leave the Euro in that case. Whatever happens, we are surely in for more twists and turns for all major exchange rates in the short term.
This week we have a lot of important UK economic data out, as well as the ongoing Euro crisis, so we are expecting a volatile week for exchange rates.Last week the Pound lost ground against both the Euro and US Dollar, as rumours of an impending Greek departure from the Eurozone ironically seemed to give strength to the single currency. New concerns on Spanish refinancing costs also failed to make the Euro cheaper, so for now it seems we may have seen the top of recent Euro trading levels. With the crucial second reading of UK GDP due out on Thursday morning, sterling is susceptible to falling back further if the figures show that the UK recession is worse than already known. We also have the Bank of England minutes on Wednesday morning, which will reveal how close the Monetary Policy Committee were to increasing Quantitative Easing this month – again any signals that more QE may be on the way, would be negative for the Pound.
There is no important data due out today, so Euro debt and the G8 summit may dominate; the big question in the coming weeks will be whether an anti-austerity government will form in Greece at the elections on June 19th, and whether world leaders will put a coherent contingency plan in place to allow them to leave the Euro in that case. Whatever happens, we are surely in for more twists and turns for all major exchange rates in the short term.
Currency news this week - Sunday, May 20, 2012
This weeks's scheduled news releases likely to affect exchange rates are as follows.
Monday 21st
0600 - Japanese economic index
Tuesday 22nd
0400 - New Zealand inflation expectations
0930 - UK consumer & retail inflation; UK public sector borrowing
1500 - Eurozone consumer confidence; US home sales
Wednesday 23rd
0500 - Japanese interest rate decision
0930 - Bank of England minutes
1330 - Canadian retail sales
2345 - New Zealand trade balance
Thursday 24th
0700 - German GDP & retail sales; Swiss trade balance
0930 - UK GDP second reading Q1 & retail sales
1330 - US durable goods orders
Friday 25th
0700 - German consumer confidence
This weeks's scheduled news releases likely to affect exchange rates are as follows.Monday 21st
0600 - Japanese economic index
Tuesday 22nd
0400 - New Zealand inflation expectations
0930 - UK consumer & retail inflation; UK public sector borrowing
1500 - Eurozone consumer confidence; US home sales
Wednesday 23rd
0500 - Japanese interest rate decision
0930 - Bank of England minutes
1330 - Canadian retail sales
2345 - New Zealand trade balance
Thursday 24th
0700 - German GDP & retail sales; Swiss trade balance
0930 - UK GDP second reading Q1 & retail sales
1330 - US durable goods orders
Friday 25th
0700 - German consumer confidence
Currency Index featured on Radio 4 Moneybox - Saturday, May 19, 2012
Currency Index was featured on Radio 4's "Moneybox" programme today, discussing the impact of the Eurozone crisis on exchange rates, along with a panel of experts covering the effects on savings, mortgages and pensions. You can listen to the podcast by clicking on this link: Currency Index featured on Moneybox, May 19th 2012
Currency Index was featured on Radio 4's "Moneybox" programme today, discussing the impact of the Eurozone crisis on exchange rates, along with a panel of experts covering the effects on savings, mortgages and pensions. You can listen to the podcast by clicking on this link: Currency Index featured on Moneybox, May 19th 2012
Currency Index featured on Radio 4 Moneybox - Saturday, May 19, 2012
Currency Index was featured on Radio 4's "Moneybox" programme today, discussing the impact of the Eurozone crisis on exchange rates, along with a panel of experts covering the effects on savings, mortgages and pensions. You can listen to the podcast by clicking on this link: Currency Index featured on Moneybox, May 19th 2012
Currency Index was featured on Radio 4's "Moneybox" programme today, discussing the impact of the Eurozone crisis on exchange rates, along with a panel of experts covering the effects on savings, mortgages and pensions. You can listen to the podcast by clicking on this link: Currency Index featured on Moneybox, May 19th 2012
Sterling decline continues - Friday, May 18, 2012
Yesterday we saw the pound lose ground across the board for a second day after the Bank of England cut the growth forecast on Wednesday.
Investors were cautious over the worries in Europe as fears more countries will be drawn into the ever widening crisis. Greece has no government and more problems in Spain arose, with shares in Spanish banks taking major losses and there were some reports of people withdrawing money from them in panic. The Euro underperformed against all currencies except against the pound as investors took onboard the Bank of England’s inflation report and warnings of further QE. The single currency, maybe due to being over sold against sterling over the past week, gained nearly a cent against the Pound. The US dollar seemed to be the safe haven, gaining over a cent against the Pound, giving the lowest trading levels since March.
Today will be another day led by investor sentiment and the European crisis with little data releases. We have German producer price index in the morning followed by Canadian consumer price index after lunch. So will sterling make back some losses or will the slide continue?
We are still trading a cent off a 3 ½ year high so trading levels are still very attractive compared to a few months ago. If you have a currency requirement coming up do get in touch with us here at Currency Index and discuss the options available to you for minimising your exposure to these volatile markets.
Yesterday we saw the pound lose ground across the board for a second day after the Bank of England cut the growth forecast on Wednesday.
Investors were cautious over the worries in Europe as fears more countries will be drawn into the ever widening crisis. Greece has no government and more problems in Spain arose, with shares in Spanish banks taking major losses and there were some reports of people withdrawing money from them in panic. The Euro underperformed against all currencies except against the pound as investors took onboard the Bank of England’s inflation report and warnings of further QE. The single currency, maybe due to being over sold against sterling over the past week, gained nearly a cent against the Pound. The US dollar seemed to be the safe haven, gaining over a cent against the Pound, giving the lowest trading levels since March.
Today will be another day led by investor sentiment and the European crisis with little data releases. We have German producer price index in the morning followed by Canadian consumer price index after lunch. So will sterling make back some losses or will the slide continue?
We are still trading a cent off a 3 ½ year high so trading levels are still very attractive compared to a few months ago. If you have a currency requirement coming up do get in touch with us here at Currency Index and discuss the options available to you for minimising your exposure to these volatile markets.
Sterling decline continues - Friday, May 18, 2012
Yesterday we saw the pound lose ground across the board for a second day after the Bank of England cut the growth forecast on Wednesday.
Investors were cautious over the worries in Europe as fears more countries will be drawn into the ever widening crisis. Greece has no government and more problems in Spain arose, with shares in Spanish banks taking major losses and there were some reports of people withdrawing money from them in panic. The Euro underperformed against all currencies except against the pound as investors took onboard the Bank of England’s inflation report and warnings of further QE. The single currency, maybe due to being over sold against sterling over the past week, gained nearly a cent against the Pound. The US dollar seemed to be the safe haven, gaining over a cent against the Pound, giving the lowest trading levels since March.
Today will be another day led by investor sentiment and the European crisis with little data releases. We have German producer price index in the morning followed by Canadian consumer price index after lunch. So will sterling make back some losses or will the slide continue?
We are still trading a cent off a 3 ½ year high so trading levels are still very attractive compared to a few months ago. If you have a currency requirement coming up do get in touch with us here at Currency Index and discuss the options available to you for minimising your exposure to these volatile markets.
Yesterday we saw the pound lose ground across the board for a second day after the Bank of England cut the growth forecast on Wednesday.
Investors were cautious over the worries in Europe as fears more countries will be drawn into the ever widening crisis. Greece has no government and more problems in Spain arose, with shares in Spanish banks taking major losses and there were some reports of people withdrawing money from them in panic. The Euro underperformed against all currencies except against the pound as investors took onboard the Bank of England’s inflation report and warnings of further QE. The single currency, maybe due to being over sold against sterling over the past week, gained nearly a cent against the Pound. The US dollar seemed to be the safe haven, gaining over a cent against the Pound, giving the lowest trading levels since March.
Today will be another day led by investor sentiment and the European crisis with little data releases. We have German producer price index in the morning followed by Canadian consumer price index after lunch. So will sterling make back some losses or will the slide continue?
We are still trading a cent off a 3 ½ year high so trading levels are still very attractive compared to a few months ago. If you have a currency requirement coming up do get in touch with us here at Currency Index and discuss the options available to you for minimising your exposure to these volatile markets.
Sterling decline continues - Friday, May 18, 2012
Yesterday we saw the pound lose ground across the board for a second day after the Bank of England cut the growth forecast on Wednesday.
Investors were cautious over the worries in Europe as fears more countries will be drawn into the ever widening crisis. Greece has no government and more problems in Spain arose, with shares in Spanish banks taking major losses and there were some reports of people withdrawing money from them in panic. The Euro underperformed against all currencies except against the pound as investors took onboard the Bank of England’s inflation report and warnings of further QE. The single currency, maybe due to being over sold against sterling over the past week, gained nearly a cent against the Pound. The US dollar seemed to be the safe haven, gaining over a cent against the Pound, giving the lowest trading levels since March.
Today will be another day led by investor sentiment and the European crisis with little data releases. We have German producer price index in the morning followed by Canadian consumer price index after lunch. So will sterling make back some losses or will the slide continue?
We are still trading a cent off a 3 ½ year high so trading levels are still very attractive compared to a few months ago. If you have a currency requirement coming up do get in touch with us here at Currency Index and discuss the options available to you for minimising your exposure to these volatile markets.
Yesterday we saw the pound lose ground across the board for a second day after the Bank of England cut the growth forecast on Wednesday.
Investors were cautious over the worries in Europe as fears more countries will be drawn into the ever widening crisis. Greece has no government and more problems in Spain arose, with shares in Spanish banks taking major losses and there were some reports of people withdrawing money from them in panic. The Euro underperformed against all currencies except against the pound as investors took onboard the Bank of England’s inflation report and warnings of further QE. The single currency, maybe due to being over sold against sterling over the past week, gained nearly a cent against the Pound. The US dollar seemed to be the safe haven, gaining over a cent against the Pound, giving the lowest trading levels since March.
Today will be another day led by investor sentiment and the European crisis with little data releases. We have German producer price index in the morning followed by Canadian consumer price index after lunch. So will sterling make back some losses or will the slide continue?
We are still trading a cent off a 3 ½ year high so trading levels are still very attractive compared to a few months ago. If you have a currency requirement coming up do get in touch with us here at Currency Index and discuss the options available to you for minimising your exposure to these volatile markets.
The Pound Drops Over Fears Of Further QE - Thursday, May 17, 2012
Despite data showing that unemployment was down for the second month in a row, comments from the Bank Of England caused the value of sterling to drop slightly, but rapidly. BoE director Mervyn King forecast weaker growth in the UK economy than was originally predicted, from 1.2% to 0.8%, causing the value of sterling to drop away from the 3 1/2 year high that we've seen so far this week. Sir Mervyn indicated that he believed the Euro was 'tearing itself apart', and that if the Euro was to suffer a major crisis, Britain would be directly affected, saying - ""We have been through a big global financial crisis, the biggest downturn in world output since the 1930s, the biggest banking crisis in this country's history, the biggest fiscal deficit in our peacetime history, and our biggest trading partner, the euro area, is tearing itself apart without any obvious solution. The idea that we could reasonably hope to sail serenely through this with growth close to the long-run average and inflation at 2% strikes me as wholly unrealistic". This raises the possibility that in future months the BoE might decide to introduce further Quantitive Easing measures, which would likely weaken the pound further in the short term. It is worth noting that King's comments yesterday caused the rate of Sterling vs Euro to drop even more sharply than the announcement that the UK is in recession, and was only stopped from dropping further by the positive employment data.
David Cameron seems to be starting to pay more attention to the issues in the Eurozone, saying in Prime Ministers Questions that if the Eurozone intends to survive, it must construct a 'firewall' to secure the weaker members of the single currency. The key 'weaker member' is, of course, Greece, and with the failure of their elections in the past week, it seems unlikely that the problems there will be resolved any time soon. With anti-austerity parties leading the way in polls, the ECB is worried about Greece being able to pay off their debts, which would cause it to drop out of the Euro, causing a 'ripple' effect across the continent, particularly effecting weaker economies like Italy or Spain. A G8 summit later this week is likely to feature Greece's problems quite highly on the agenda.
The best news yesterday came for the US Dollar, which gained strength against both sterling and euro, with the pound falling 1% against the American currency. However, despite negative news for sterling yesterday, analysts see its ‘bullish’ run against the euro to continue. It remains to be seen if the UK currency will increase its strength against the Euro sooner, rather than later.
Despite data showing that unemployment was down for the second month in a row, comments from the Bank Of England caused the value of sterling to drop slightly, but rapidly. BoE director Mervyn King forecast weaker growth in the UK economy than was originally predicted, from 1.2% to 0.8%, causing the value of sterling to drop away from the 3 1/2 year high that we've seen so far this week. Sir Mervyn indicated that he believed the Euro was 'tearing itself apart', and that if the Euro was to suffer a major crisis, Britain would be directly affected, saying - ""We have been through a big global financial crisis, the biggest downturn in world output since the 1930s, the biggest banking crisis in this country's history, the biggest fiscal deficit in our peacetime history, and our biggest trading partner, the euro area, is tearing itself apart without any obvious solution. The idea that we could reasonably hope to sail serenely through this with growth close to the long-run average and inflation at 2% strikes me as wholly unrealistic". This raises the possibility that in future months the BoE might decide to introduce further Quantitive Easing measures, which would likely weaken the pound further in the short term. It is worth noting that King's comments yesterday caused the rate of Sterling vs Euro to drop even more sharply than the announcement that the UK is in recession, and was only stopped from dropping further by the positive employment data.
David Cameron seems to be starting to pay more attention to the issues in the Eurozone, saying in Prime Ministers Questions that if the Eurozone intends to survive, it must construct a 'firewall' to secure the weaker members of the single currency. The key 'weaker member' is, of course, Greece, and with the failure of their elections in the past week, it seems unlikely that the problems there will be resolved any time soon. With anti-austerity parties leading the way in polls, the ECB is worried about Greece being able to pay off their debts, which would cause it to drop out of the Euro, causing a 'ripple' effect across the continent, particularly effecting weaker economies like Italy or Spain. A G8 summit later this week is likely to feature Greece's problems quite highly on the agenda.
The best news yesterday came for the US Dollar, which gained strength against both sterling and euro, with the pound falling 1% against the American currency. However, despite negative news for sterling yesterday, analysts see its ‘bullish’ run against the euro to continue. It remains to be seen if the UK currency will increase its strength against the Euro sooner, rather than later.
Will Unemployment Figures Knock The Strong Pound? - Wednesday, May 16, 2012
Last month unemployment was slightly improved, but while it is expected to be unchanged today, claimant counts are expected to be higher, which could signal a drop off from the highs we have seen for the Pound in the last few days. Against the US Dollar, expectations together with a bit of an overall sell off have already brought Sterling below the psychological level of 1.60, with concerns things could get worse:
“GBP/USD has reacted lower, breaking below the 2012 uptrend. Failure here leaves the market more vulnerable to a sell off to the 1.5830/1.5768 region”, wrote Commerzbank analyst Karen Jones.
Any Dollar buyers should probably think about securing now, before this potential drop is realised.
The Sterling to Euro rate is still holding close to the 3.5 year highs, due to the continuing concerns over what is happening all across Europe – highlighted further yesterday by the announcement that Greece will definitely face a new round of elections in the coming months, following the failure of the election 2 weeks ago to install a new government. However European GDP was static yesterday, showing the Eurozone has avoided going into an overall recession, as the UK has, and with CPI inflation data out this morning, it is entirely conceivable, with some more good data, we could see the Euro make some gains back against the Pound, especially if UK unemployment pans out as expected. I don’t expect this to be the beginning of a big slide, but if you are buying Euros and you want to be close to those highs, then now is the time.
Last month unemployment was slightly improved, but while it is expected to be unchanged today, claimant counts are expected to be higher, which could signal a drop off from the highs we have seen for the Pound in the last few days. Against the US Dollar, expectations together with a bit of an overall sell off have already brought Sterling below the psychological level of 1.60, with concerns things could get worse:
“GBP/USD has reacted lower, breaking below the 2012 uptrend. Failure here leaves the market more vulnerable to a sell off to the 1.5830/1.5768 region”, wrote Commerzbank analyst Karen Jones.
Any Dollar buyers should probably think about securing now, before this potential drop is realised.
The Sterling to Euro rate is still holding close to the 3.5 year highs, due to the continuing concerns over what is happening all across Europe – highlighted further yesterday by the announcement that Greece will definitely face a new round of elections in the coming months, following the failure of the election 2 weeks ago to install a new government. However European GDP was static yesterday, showing the Eurozone has avoided going into an overall recession, as the UK has, and with CPI inflation data out this morning, it is entirely conceivable, with some more good data, we could see the Euro make some gains back against the Pound, especially if UK unemployment pans out as expected. I don’t expect this to be the beginning of a big slide, but if you are buying Euros and you want to be close to those highs, then now is the time.
Will Unemployment Figures Knock The Strong Pound? - Wednesday, May 16, 2012
Last month unemployment was slightly improved, but while it is expected to be unchanged today, claimant counts are expected to be higher, which could signal a drop off from the highs we have seen for the Pound in the last few days. Against the US Dollar, expectations together with a bit of an overall sell off have already brought Sterling below the psychological level of 1.60, with concerns things could get worse:
“GBP/USD has reacted lower, breaking below the 2012 uptrend. Failure here leaves the market more vulnerable to a sell off to the 1.5830/1.5768 region”, wrote Commerzbank analyst Karen Jones.
Any Dollar buyers should probably think about securing now, before this potential drop is realised.
The Sterling to Euro rate is still holding close to the 3.5 year highs, due to the continuing concerns over what is happening all across Europe – highlighted further yesterday by the announcement that Greece will definitely face a new round of elections in the coming months, following the failure of the election 2 weeks ago to install a new government. However European GDP was static yesterday, showing the Eurozone has avoided going into an overall recession, as the UK has, and with CPI inflation data out this morning, it is entirely conceivable, with some more good data, we could see the Euro make some gains back against the Pound, especially if UK unemployment pans out as expected. I don’t expect this to be the beginning of a big slide, but if you are buying Euros and you want to be close to those highs, then now is the time.
Last month unemployment was slightly improved, but while it is expected to be unchanged today, claimant counts are expected to be higher, which could signal a drop off from the highs we have seen for the Pound in the last few days. Against the US Dollar, expectations together with a bit of an overall sell off have already brought Sterling below the psychological level of 1.60, with concerns things could get worse:
“GBP/USD has reacted lower, breaking below the 2012 uptrend. Failure here leaves the market more vulnerable to a sell off to the 1.5830/1.5768 region”, wrote Commerzbank analyst Karen Jones.
Any Dollar buyers should probably think about securing now, before this potential drop is realised.
The Sterling to Euro rate is still holding close to the 3.5 year highs, due to the continuing concerns over what is happening all across Europe – highlighted further yesterday by the announcement that Greece will definitely face a new round of elections in the coming months, following the failure of the election 2 weeks ago to install a new government. However European GDP was static yesterday, showing the Eurozone has avoided going into an overall recession, as the UK has, and with CPI inflation data out this morning, it is entirely conceivable, with some more good data, we could see the Euro make some gains back against the Pound, especially if UK unemployment pans out as expected. I don’t expect this to be the beginning of a big slide, but if you are buying Euros and you want to be close to those highs, then now is the time.
Euro Weaker Over Greece Speculation - Tuesday, May 15, 2012
“A Greek exit from the euro zone is looking increasingly likely with a second round of elections likely to take place mid-June...so the more uncertainty we see in the euro zone the more the euro will drop against the other major currencies” said Chris Erlam, analyst at Alpari.
Against the USD the pound was steady after earlier falling to a one month low as eurozone debt worries led investors to steer clear of riskier currencies such as the pound and euro opting for the safe haven of the greenback.
As there seems to be very little immediate resolution to the current eurozone crisis we could well see the pound push on but sellers of GBP should be very cautious in terms of how much of a gamble they take. Should Greece actually leave the eurozone this will cause all kinds reverberations within the worldwide economy and we would be foolish to think it would not have a damaging effect on our own economy. That coupled with the fact the UK went back into recession last month, now may well be the best rates we will see against the euro so anybody with a requirement should look at all the options available for securing a rate that is the best it’s been for 33 months.
Todays data is fairly quiet in the UK with just Trade Balance data due at 9.30 but at 10.00am we see eurozone GDP and German Business Sentiment releases which if negative could weigh further on an already crippling euro.
“A Greek exit from the euro zone is looking increasingly likely with a second round of elections likely to take place mid-June...so the more uncertainty we see in the euro zone the more the euro will drop against the other major currencies” said Chris Erlam, analyst at Alpari.
Against the USD the pound was steady after earlier falling to a one month low as eurozone debt worries led investors to steer clear of riskier currencies such as the pound and euro opting for the safe haven of the greenback.
As there seems to be very little immediate resolution to the current eurozone crisis we could well see the pound push on but sellers of GBP should be very cautious in terms of how much of a gamble they take. Should Greece actually leave the eurozone this will cause all kinds reverberations within the worldwide economy and we would be foolish to think it would not have a damaging effect on our own economy. That coupled with the fact the UK went back into recession last month, now may well be the best rates we will see against the euro so anybody with a requirement should look at all the options available for securing a rate that is the best it’s been for 33 months.
Todays data is fairly quiet in the UK with just Trade Balance data due at 9.30 but at 10.00am we see eurozone GDP and German Business Sentiment releases which if negative could weigh further on an already crippling euro.
Pound up as Bank of England confirms QE not extended - Friday, May 11, 2012
Sterling spent Thursday out-performing most of the major currencies again, with pound euro exchange rates reaching fresh highs, as mid market tested new resistance levels. The boost came after lunch when the Bank of England’s MPC (Monetary Policy Committee) released their decision about interest rates and Quantitative Easing. Some analysts were expecting another small injection of cash via QE following the realisation the UK had slipped back into recession which had been hampering sterling. The result of “no change” gave the pound a fresh boost and we saw the rally over the rest of the day’s trading.
The fresh problems which have arisen this week in the Eurozone with Spain, Greece and France all having issues are likely to weigh on the single currency going forward but we must also bear in mind that the UK is in recession and it will only take some poor data releases for the pound to be knocked off the pedestal it finds itself on at present. With this in mind it would be prudent for those with a currency requirement coming in the next few weeks to look at the various options available for maximising the exchange rate you purchase at. Get in touch with one of the team at Currency Index today to discuss your specific requirements for sending money overseas.
Today from the UK we have PPI (Producer Price Index) data at 9.30am which could weigh on sterling if the figures come out lower than expected. If you are sending money to Canada, later on across the pond we have Canadian unemployment figures at lunchtime and US PPI data, followed by a consumer confidence survey later in the day.
Another good week for sterling but what will next week bring?
Sterling spent Thursday out-performing most of the major currencies again, with pound euro exchange rates reaching fresh highs, as mid market tested new resistance levels. The boost came after lunch when the Bank of England’s MPC (Monetary Policy Committee) released their decision about interest rates and Quantitative Easing. Some analysts were expecting another small injection of cash via QE following the realisation the UK had slipped back into recession which had been hampering sterling. The result of “no change” gave the pound a fresh boost and we saw the rally over the rest of the day’s trading.
The fresh problems which have arisen this week in the Eurozone with Spain, Greece and France all having issues are likely to weigh on the single currency going forward but we must also bear in mind that the UK is in recession and it will only take some poor data releases for the pound to be knocked off the pedestal it finds itself on at present. With this in mind it would be prudent for those with a currency requirement coming in the next few weeks to look at the various options available for maximising the exchange rate you purchase at. Get in touch with one of the team at Currency Index today to discuss your specific requirements for sending money overseas.
Today from the UK we have PPI (Producer Price Index) data at 9.30am which could weigh on sterling if the figures come out lower than expected. If you are sending money to Canada, later on across the pond we have Canadian unemployment figures at lunchtime and US PPI data, followed by a consumer confidence survey later in the day.
Another good week for sterling but what will next week bring?
Pound up as Bank of England confirms QE not extended - Friday, May 11, 2012
Sterling spent Thursday out-performing most of the major currencies again, with pound euro exchange rates reaching fresh highs, as mid market tested new resistance levels. The boost came after lunch when the Bank of England’s MPC (Monetary Policy Committee) released their decision about interest rates and Quantitative Easing. Some analysts were expecting another small injection of cash via QE following the realisation the UK had slipped back into recession which had been hampering sterling. The result of “no change” gave the pound a fresh boost and we saw the rally over the rest of the day’s trading.
The fresh problems which have arisen this week in the Eurozone with Spain, Greece and France all having issues are likely to weigh on the single currency going forward but we must also bear in mind that the UK is in recession and it will only take some poor data releases for the pound to be knocked off the pedestal it finds itself on at present. With this in mind it would be prudent for those with a currency requirement coming in the next few weeks to look at the various options available for maximising the exchange rate you purchase at. Get in touch with one of the team at Currency Index today to discuss your specific requirements for sending money overseas.
Today from the UK we have PPI (Producer Price Index) data at 9.30am which could weigh on sterling if the figures come out lower than expected. If you are sending money to Canada, later on across the pond we have Canadian unemployment figures at lunchtime and US PPI data, followed by a consumer confidence survey later in the day.
Another good week for sterling but what will next week bring?
Sterling spent Thursday out-performing most of the major currencies again, with pound euro exchange rates reaching fresh highs, as mid market tested new resistance levels. The boost came after lunch when the Bank of England’s MPC (Monetary Policy Committee) released their decision about interest rates and Quantitative Easing. Some analysts were expecting another small injection of cash via QE following the realisation the UK had slipped back into recession which had been hampering sterling. The result of “no change” gave the pound a fresh boost and we saw the rally over the rest of the day’s trading.
The fresh problems which have arisen this week in the Eurozone with Spain, Greece and France all having issues are likely to weigh on the single currency going forward but we must also bear in mind that the UK is in recession and it will only take some poor data releases for the pound to be knocked off the pedestal it finds itself on at present. With this in mind it would be prudent for those with a currency requirement coming in the next few weeks to look at the various options available for maximising the exchange rate you purchase at. Get in touch with one of the team at Currency Index today to discuss your specific requirements for sending money overseas.
Today from the UK we have PPI (Producer Price Index) data at 9.30am which could weigh on sterling if the figures come out lower than expected. If you are sending money to Canada, later on across the pond we have Canadian unemployment figures at lunchtime and US PPI data, followed by a consumer confidence survey later in the day.
Another good week for sterling but what will next week bring?
Pound up as Bank of England confirms QE not extended - Friday, May 11, 2012
Sterling spent Thursday out-performing most of the major currencies again, with pound euro exchange rates reaching fresh highs, as mid market tested new resistance levels. The boost came after lunch when the Bank of England’s MPC (Monetary Policy Committee) released their decision about interest rates and Quantitative Easing. Some analysts were expecting another small injection of cash via QE following the realisation the UK had slipped back into recession which had been hampering sterling. The result of “no change” gave the pound a fresh boost and we saw the rally over the rest of the day’s trading.
The fresh problems which have arisen this week in the Eurozone with Spain, Greece and France all having issues are likely to weigh on the single currency going forward but we must also bear in mind that the UK is in recession and it will only take some poor data releases for the pound to be knocked off the pedestal it finds itself on at present. With this in mind it would be prudent for those with a currency requirement coming in the next few weeks to look at the various options available for maximising the exchange rate you purchase at. Get in touch with one of the team at Currency Index today to discuss your specific requirements for sending money overseas.
Today from the UK we have PPI (Producer Price Index) data at 9.30am which could weigh on sterling if the figures come out lower than expected. If you are sending money to Canada, later on across the pond we have Canadian unemployment figures at lunchtime and US PPI data, followed by a consumer confidence survey later in the day.
Another good week for sterling but what will next week bring?
Sterling spent Thursday out-performing most of the major currencies again, with pound euro exchange rates reaching fresh highs, as mid market tested new resistance levels. The boost came after lunch when the Bank of England’s MPC (Monetary Policy Committee) released their decision about interest rates and Quantitative Easing. Some analysts were expecting another small injection of cash via QE following the realisation the UK had slipped back into recession which had been hampering sterling. The result of “no change” gave the pound a fresh boost and we saw the rally over the rest of the day’s trading.
The fresh problems which have arisen this week in the Eurozone with Spain, Greece and France all having issues are likely to weigh on the single currency going forward but we must also bear in mind that the UK is in recession and it will only take some poor data releases for the pound to be knocked off the pedestal it finds itself on at present. With this in mind it would be prudent for those with a currency requirement coming in the next few weeks to look at the various options available for maximising the exchange rate you purchase at. Get in touch with one of the team at Currency Index today to discuss your specific requirements for sending money overseas.
Today from the UK we have PPI (Producer Price Index) data at 9.30am which could weigh on sterling if the figures come out lower than expected. If you are sending money to Canada, later on across the pond we have Canadian unemployment figures at lunchtime and US PPI data, followed by a consumer confidence survey later in the day.
Another good week for sterling but what will next week bring?
Pound up as Bank of England confirms QE not extended - Friday, May 11, 2012
Sterling spent Thursday out-performing most of the major currencies again, with pound euro exchange rates reaching fresh highs, as mid market tested new resistance levels. The boost came after lunch when the Bank of England’s MPC (Monetary Policy Committee) released their decision about interest rates and Quantitative Easing. Some analysts were expecting another small injection of cash via QE following the realisation the UK had slipped back into recession which had been hampering sterling. The result of “no change” gave the pound a fresh boost and we saw the rally over the rest of the day’s trading.
The fresh problems which have arisen this week in the Eurozone with Spain, Greece and France all having issues are likely to weigh on the single currency going forward but we must also bear in mind that the UK is in recession and it will only take some poor data releases for the pound to be knocked off the pedestal it finds itself on at present. With this in mind it would be prudent for those with a currency requirement coming in the next few weeks to look at the various options available for maximising the exchange rate you purchase at. Get in touch with one of the team at Currency Index today to discuss your specific requirements for sending money overseas.
Today from the UK we have PPI (Producer Price Index) data at 9.30am which could weigh on sterling if the figures come out lower than expected. If you are sending money to Canada, later on across the pond we have Canadian unemployment figures at lunchtime and US PPI data, followed by a consumer confidence survey later in the day.
Another good week for sterling but what will next week bring?
Sterling spent Thursday out-performing most of the major currencies again, with pound euro exchange rates reaching fresh highs, as mid market tested new resistance levels. The boost came after lunch when the Bank of England’s MPC (Monetary Policy Committee) released their decision about interest rates and Quantitative Easing. Some analysts were expecting another small injection of cash via QE following the realisation the UK had slipped back into recession which had been hampering sterling. The result of “no change” gave the pound a fresh boost and we saw the rally over the rest of the day’s trading.
The fresh problems which have arisen this week in the Eurozone with Spain, Greece and France all having issues are likely to weigh on the single currency going forward but we must also bear in mind that the UK is in recession and it will only take some poor data releases for the pound to be knocked off the pedestal it finds itself on at present. With this in mind it would be prudent for those with a currency requirement coming in the next few weeks to look at the various options available for maximising the exchange rate you purchase at. Get in touch with one of the team at Currency Index today to discuss your specific requirements for sending money overseas.
Today from the UK we have PPI (Producer Price Index) data at 9.30am which could weigh on sterling if the figures come out lower than expected. If you are sending money to Canada, later on across the pond we have Canadian unemployment figures at lunchtime and US PPI data, followed by a consumer confidence survey later in the day.
Another good week for sterling but what will next week bring?
Pound up as Bank of England confirms QE not extended - Friday, May 11, 2012
Sterling spent Thursday out-performing most of the major currencies again, with pound euro exchange rates reaching fresh highs, as mid market tested new resistance levels. The boost came after lunch when the Bank of England’s MPC (Monetary Policy Committee) released their decision about interest rates and Quantitative Easing. Some analysts were expecting another small injection of cash via QE following the realisation the UK had slipped back into recession which had been hampering sterling. The result of “no change” gave the pound a fresh boost and we saw the rally over the rest of the day’s trading.
The fresh problems which have arisen this week in the Eurozone with Spain, Greece and France all having issues are likely to weigh on the single currency going forward but we must also bear in mind that the UK is in recession and it will only take some poor data releases for the pound to be knocked off the pedestal it finds itself on at present. With this in mind it would be prudent for those with a currency requirement coming in the next few weeks to look at the various options available for maximising the exchange rate you purchase at. Get in touch with one of the team at Currency Index today to discuss your specific requirements for sending money overseas.
Today from the UK we have PPI (Producer Price Index) data at 9.30am which could weigh on sterling if the figures come out lower than expected. If you are sending money to Canada, later on across the pond we have Canadian unemployment figures at lunchtime and US PPI data, followed by a consumer confidence survey later in the day.
Another good week for sterling but what will next week bring?
Sterling spent Thursday out-performing most of the major currencies again, with pound euro exchange rates reaching fresh highs, as mid market tested new resistance levels. The boost came after lunch when the Bank of England’s MPC (Monetary Policy Committee) released their decision about interest rates and Quantitative Easing. Some analysts were expecting another small injection of cash via QE following the realisation the UK had slipped back into recession which had been hampering sterling. The result of “no change” gave the pound a fresh boost and we saw the rally over the rest of the day’s trading.
The fresh problems which have arisen this week in the Eurozone with Spain, Greece and France all having issues are likely to weigh on the single currency going forward but we must also bear in mind that the UK is in recession and it will only take some poor data releases for the pound to be knocked off the pedestal it finds itself on at present. With this in mind it would be prudent for those with a currency requirement coming in the next few weeks to look at the various options available for maximising the exchange rate you purchase at. Get in touch with one of the team at Currency Index today to discuss your specific requirements for sending money overseas.
Today from the UK we have PPI (Producer Price Index) data at 9.30am which could weigh on sterling if the figures come out lower than expected. If you are sending money to Canada, later on across the pond we have Canadian unemployment figures at lunchtime and US PPI data, followed by a consumer confidence survey later in the day.
Another good week for sterling but what will next week bring?
