25/10/10 Last week’s Bank of England Minutes revealed a 3-way split in the monetary policy committee\'s views on interest rates and quantitative easing.
While 7 of the 9 members voted for no change, one (Andrew Sentance) voted again for an interest rate rise, while one (Adam Posen) voted for a £50bn extension to QE.
Any extensions to QE are likely to hurt sterling and it now seems plausible that this will happen in the coming months.
On top of September\'s Public Borrowing figures, which showed record levels of public debt, and September’s retail sales numbers which showed a decline in the high street, the Pound has continued to struggle.
While 7 of the 9 members voted for no change, one (Andrew Sentance) voted again for an interest rate rise, while one (Adam Posen) voted for a £50bn extension to QE.
Any extensions to QE are likely to hurt sterling and it now seems plausible that this will happen in the coming months.
On top of September\'s Public Borrowing figures, which showed record levels of public debt, and September’s retail sales numbers which showed a decline in the high street, the Pound has continued to struggle.
GDP figures tomorrow
Tomorrow sees the UK’s GDP estimate for economic growth from July to September released at 9.30am. This is a crucial figure for anybody transferring money abroad, since lower-than-expected growth could hurt the Pound further. Any signs that we could be heading for a ‘double-dip’ recession would be likely to send sterling lower still against all major currencies.
Friday morning’s mortgage approvals may also be an important barometer of the housing market, which needs a boost after recent falls in house prices.
Whatever your own requirements for currency transfers, don’t leave your rate to chance; call your currency broker and they will monitor the market for you to ensure you have the chance to buy at the best available exchange rates.
Data releases this week
Monday 25th
1000 - Eurozone industrial orders
1500 - US home sales
Tuesday 26th
0930 - UK GDP
1500 - US consumer confidence
Wednesday 27th
0230 - Australian CPI inflation
1500 - US new home sales
2100 - New Zealand interest rate decision
Thursday 28th
0855 - German unemployment rate
1000 - Eurozone economic confidence
1330 - US jobless claims
Friday 29th
0700 - German retail sales
0930 - UK mortgage approvals
1000 - Eurozone unemployment rate
1330 - Canadian GDP
1000 - Eurozone industrial orders
1500 - US home sales
Tuesday 26th
0930 - UK GDP
1500 - US consumer confidence
Wednesday 27th
0230 - Australian CPI inflation
1500 - US new home sales
2100 - New Zealand interest rate decision
Thursday 28th
0855 - German unemployment rate
1000 - Eurozone economic confidence
1330 - US jobless claims
Friday 29th
0700 - German retail sales
0930 - UK mortgage approvals
1000 - Eurozone unemployment rate
1330 - Canadian GDP
Are you looking to buy property in Germany ? Berlin , Traben-trarbach , Saxony-anhalt , Bavaria , Frankfurt Am Main
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Author
Nick Marr
I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.