Figures released this morning from the Office for National Statistics have shown that UK unemployment has fallen to 2.53 million people which, despite the figure still being high, is some 50,000 people less than the previous quarter. This has also led to employment getting close to a record high of nearly 30 million people which is clearly good news for the UK economy. The more people in work means the more money that is circulating around the economy which is what is needed to help generate growth. However, while a drop in unemployment is good the figure is still very high and shows that the UK and companies within the country are still struggling as the recession continues. As a result Sterling exchange rates have not seen much of an improvement against the Euro (EUR) but has seen a boost against the Dollar (USD) which is currently pushing back up from the low levels we recently saw.
In other news the second presidential debate in the States saw a feisty meeting between the two candidates with polls showing Obama just coming out on top. However, the race to the White House is the closest it has been for many elections now and it is very hard to call what will happen next. There is an argument that once the election has taken place and the President is confirmed we will see some certainty for America and therefore some Dollar strength which may mean in the lead up to the election (which is less than 3 weeks away) we could see some good opportunities for clients looking to buy Dollars with Pounds Sterling.
If you need to send money abroad and are looking for the excellent exchange rates please contact one of our experienced currency brokers today so they can discuss your currency requirements and all the options available to you. You can call straight through to our dealing floor for free on 0800 328 5884 or if calling from abroad 0044 1494 725353 or email us on email@example.com.