Consumer confidence figures for the UK were released last night and showed that while confidence had improved from last month and was better than expected it was still negative and as a result Sterling exchange rates have weakened falling away from the 3 and a half year highs we were close to during trading yesterday. Meanwhile figures from Nationwide overnight has shown that house prices are still stable despite the country being in recession. The building society stated that house prices rose by 0.3% in May however this was still 0.7% lower than the same time last year. As it has been mentioned before on this blog, a bouyant housing market will be important to help the country get out of recession. While the economic data remains fairly flat it means that we could see Sterling Dollar exchange rates and Sterling Euro exchange rates remain reasonably flat in the short term.
A statement from the European Central Bank (ECB) said that the 8 countries that were lined up to join the Eurozone are still not ready to meet the necessary criteria. The countries, including Bulgaria, Poland and Sweden have to meet very specific criteria and with the Eurozone in such a challenging position it is unlikely to allow countries with an already weak economy join the single currency economy add it would only go to add more pressure to the ECB. It could be argued that if the ECB were this strict though with the countries joining the Eurozone originally they may not be in the current situation. It will be interesting to see that if Greece leaves the Eurozone whether these 8 countries who were looking to join the Eurozone will still want to be apart of it.
So, if you need to transfer money abroad and are looking for great exchange rates make sure you speak to one of our experienced currency brokers who will be happy to discuss your currency requirements and all the options available to you. You can call straight through to our trading floor free on 0800 328 5884 or email me directly on email@example.com.