Pound fails to improve despite positive GDP

  • 14 years ago
  • Uncategorized
Week commencing August 31st 2010The Pound fell broadly last week, although not significantly, as we reach the end of the summer holiday season and concerns about the fragility of the recovery continue. The revision to UK GDP was, thankfully for those of you sending money overseas, slightly better than expected and in the absence of other major data the Pound has been trading in tight ranges across the board.
Pound fails to improve despite positive GDP
Change last week:
GBP against:       Change:               Difference on sending £100,000 equivalent:
EUR                        -0.4%                     £400 more expensive
USD                        -0.3%                     £300 more expensive
CAD                       +0.2%                    £200 cheaper
NZD                       -0.6%                     £600 more expensive
AUD                       -0.5%                     £500 more expensive
ZAR                        -0.7%                     £700 more expensive
CHF                        -1.8%                     £1,800 more expensive
This week we have a few key data releases, particularly in the Eurozone, so if you are sending Euros to France, Spain or elsewhere keep in touch with Currency Index for the latest exchange rates. Today we have Eurozone unemployment, and on Thursday GDP and inflation figures before the monthly interest rate decision and accompanying statement by Jean-Claude Trichet.
Further afield, Friday sees the monthly non-farm payroll data in the USA. This measure of job creation is the main indicator of the US jobs market and often causes volatility in the US Dollar rate, so if you are sending money to the USA in the coming weeks, Friday could provide opportunities to buy either just before or just after the figures are announced.
This week’s data releases are as follows:
Tuesday 31st
0130 – Australian current account balance
0855 – German unemployment rate
0930 – UK consumer lending and money supply
1000 – Eurozone unemployment rate
1330 – Canadian GDP
1900 – US FOMC minutes
Wednesday 1st
0400 – New Zealand commodity prices
0900 – Eurozone manufacturing
0930 – UK manufacturing
Thursday 2nd
0230 – Australian trade balance
0645 – Swiss GDP
1000 – Eurozone GDP & PPI inflation
1245 – Eurozone interest rate decision
1330 – US jobless claims
1500 – US factory orders & pending home sales
Friday 3rd
1000 – Eurozone retail sales

1330 – US non-farm payrolls & unemployment rate

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