This report will take a look at the cost of sending money overseas this week and factors that could affect your currency transfer, focusing on:
According to the Confederation of British Industry retail sales fell in January compared to a year ago. In its monthly survey 44% of retailers said that sales volumes had dropped.
Following the release of the UK GDP figures this week which showed that the economy has shrunk by 0.2%, the news from the high street appears bleak which is perhaps why Sterling dropped during yesterday’s session.
Consumer spending is a key factor in growth for the UK so if people are spending less this could have a direct impact on UK GDP. Our experienced dealers are available to you on free phone 0800 328 5884 to discuss all our contract types with you which can be tailored to suit your specific circumstances.
Talks have continued this week between Athens and its private creditors in an effort to dramatically reduce Greece’s debt levels. So far neither party has agreed terms which includes agreeing an interest rate on new bonds aimed at replacing existing debts.
The IMF has called for the new bonds to be issued at 4% whilst Greece is holding out for lower rate. If a deal can be struck between the two parties the next bailout of €130bn will be paid. Without the bailout Greece will not be able to repay its loan repayments of €14.5bn due in March.
The Greek issue has continued to have an impact on the GBPEUR exchange rate and if it is not sorted it could undermine confidence in the single currency and we could see Sterling improve against the Euro. If you have an upcoming transfer to make, speak with your currency broker this morning on 0800-328-5884.
The US Federal Reserve has made an announcement to have money available to pump into the economy in order to aid economic recovery. This has helped stock indices across the globe improve but has had a negative impact on the strength of the Dollar.
GBPUSD exchange rates are now the highest in 5 weeks. With previous reports commenting that we could see 1.50 within the next quarter we could see a move closer to 1.60. Email me with your thoughts on the subject firstname.lastname@example.org.
Expectations are for a growth of 3% for Q4 so anything lower could see further weakness for the Dollar. Call us today on 0044 1494 725353 should you have an upcoming requirement for GBPUSD.
As the fifth most traded currency the Australian Dollar is in line for a huge investment. Russia has announced that as of early February it is likely to start buying the AUD$ as an international reserve currency. With interest rates currently at 4.25% it represents an attractive investment.
GBPAUD exchange rates have already hit 26 year lows recently and this news could be detrimental for Australian exporters and also those needing to send money down under. If you do have a requirement to buy AUD$ it may be worth organizing your currency transfer before the end of this month.
If you have any questions on how these or any other release may affect your transfers, feel free to call on FREEPHONE 0800 328 5884 or send me an email to email@example.com.
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