Today we see two key economic data releases for the UK with unemployment figures and the minutes from the latest Bank of England minutes due for release this morning. There is a chance that the mniutes this morning will show that the Central Bank discussed cutting interest rates and possibly even discussed Quantitative Easing again both of which could have a negative impact. The unemployment figures are alos expected to come out showing an increase as the UK economy continues to suffer through the recession. So, any negative news this morning could lead to some Sterling exchange rate weakness so if you need to make a currency transfer today make sure you stay in close contact with your currency broker here at Foreign Currency Direct.
In the US last night we saw US retail sales improve unexpectadly for the month of July hitting the highest level in the last 5 months. The improved figures were put down to a reduction in fuel costs and an increase in employment figures. This news helped give some strength to the US Dollar exchange rates and led to some good opportunities for those clients looking to buy dollars.
Yesterday we saw the Gross Domestic Product (GDP) figures for the Eurozone which came out at a negative figure of -0.2% despite figures from the regions largest economy Germany coming in at 0.3%. Some of the worst figures came from Greece, Portugal, Cyrpus and Italy. These figures illustrate just how big a problem Europe currently faces with all the countries economies within the EU having different GDP figures and therefore needing different monetary policies so it is hard to see how the European Central Bank will be able to turn this around any time soon.
So, if you need to transfer money abroad and are looking for the best exchange rates make sure you speak to one of the experienced currency brokers at Foreign Currency Direct plc so they can discuss your currency requirements and all the options available to you so you can make an informed decision on when to trade your currency.