In a statement yesterday from the National Institute of Economic and Social Research (NIESR) they stated that unemployment in the UK is likely to rise to almost 9% before the end of the year. This rising unemployment rate is expected to hamper growth and may be a contributing factor to the UK remaining in recession and while the NIESR stated that they do expect GDP to be revised up they said that small quarter to quarter increases does little to give anyone confidence that the country is in good health. The statement from the NIESR finished with a prediction that unemployment will remain high until well into 2013. Figures such as this could really damage Sterling exchange rates and does not paint a very healthy picture of the UK and Sterling’s long term future.
In the meantime we have some key US economic data in the form of non-farm payrolls which is due out at 1:30pm today. This is one of the biggest economic data releases for the US Dollar as it shows the level of employment in the States excluding the seasonally effected agriculture industry and as it deals with such large figures and quite often big variations from the predicted figures it can lead to big swings on the currency market. Also today we will hear more from the UK local elections and London Majoral elections as the resuls continue to filter through over the course of the day.
So, if you need to transfer money abroad and are looking for the best exchange rates on your currency exchange speak to one of our experienced currency brokers today so they can discuss your currency requirements and all the options available to you on 0800 328 5884 or email us at firstname.lastname@example.org