This week’s currency news and Pound Boost by GDP

  • 14 years ago
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1st November 2010-This week we have interest rate decisions & monetary policy decisions in the UK, Eurozone, USA and Australia. As the various policies of interest rate changes, austerity measures and quantitative easing are revealed, which are variously being touted in the US, UK and Europe, we are likely to see some volatility in exchange rates through the week.

Pound boosted by GDP

Last week’s GDP figures showed that the economy grew by 0.8% in the third quarter, double the expected amount. This makes the prospect of further quantitative easing in the UK less likely, and so the Pound gained some strength last week against most currencies.
We are still expecting a split vote from the Bank of England this week, and with house price and inflation figures starting to come out, the Pound remains vulnerable to any negative UK economic data.
Against the US Dollar, we now have the best rates for sending money to America since February, as worries about the US economy and mid-term elections have weakened the USD significantly. Friday afternoon’s key US employment figures are likely to be watched with interest.
Contact your currency broker for the latest news and views on your own transaction.
Data releases this week
Monday 1st
0030 – Australian house price index
0900 – Eurozone manufacturing inflation
0930 – UK manufacturing inflation
1230 – US personal consumption & expenditure
1400 – US manufacturing

Tuesday 2nd
0330 – Australian interest rate decision
0800 – UK Halifax house price index
0815 – Swiss retail sales
0930 – UK construction PMI

Wednesday 3rd
0930 – UK services PMI
1400 – US factory orders
1815 – US interest rate decision
2145 – New Zealand unemployment rate

Thursday 4th
0030 – Australian retail sales & trade balance
1000 – Eurozone PPI inflation
1200 – UK interest rate decision
1245 – Eurozone interest rate decision

Friday 5th
0030 – Australian interest rate minutes
0930 – UK PPI inflation
1000 – Eurozone retail sales
1100 – Canadian unemployment rate
1230 – US non-farm payrolls & unemployment rate

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