Latest Currency News
UK public borrowing in surplus, as EU sign off Greek bailout - Tuesday, February 21, 2012
This morning's UK public sector borrowing figures showed their biggest surplus for 4 years, prompting speculation that the government may beat its own borrowing forecasts for the year.
The UK's total public sector net debt, excluding financial sector interventions, fell back to £988.7bn, having breached £1tn in December. The surprise improvement is good for the Pound, although with the GDP revision due out on Friday, markets will still be cautious.
Meanwhile the EU have formally agreed the Greek bailout package, which will mean Greece can refinance its debts in March and stay in the Eurozone. Euro exchange rates had been tipped to fall on the news, but there is still scepticism about the longevity of the solution, so the sovereign debt crisis has probably got some distance to run yet.
This morning's UK public sector borrowing figures showed their biggest surplus for 4 years, prompting speculation that the government may beat its own borrowing forecasts for the year.The UK's total public sector net debt, excluding financial sector interventions, fell back to £988.7bn, having breached £1tn in December. The surprise improvement is good for the Pound, although with the GDP revision due out on Friday, markets will still be cautious.
Meanwhile the EU have formally agreed the Greek bailout package, which will mean Greece can refinance its debts in March and stay in the Eurozone. Euro exchange rates had been tipped to fall on the news, but there is still scepticism about the longevity of the solution, so the sovereign debt crisis has probably got some distance to run yet.
UK public borrowing in surplus, as EU sign off Greek bailout - Tuesday, February 21, 2012
This morning's UK public sector borrowing figures showed their biggest surplus for 4 years, prompting speculation that the government may beat its own borrowing forecasts for the year.
The UK's total public sector net debt, excluding financial sector interventions, fell back to £988.7bn, having breached £1tn in December. The surprise improvement is good for the Pound, although with the GDP revision due out on Friday, markets will still be cautious.
Meanwhile the EU have formally agreed the Greek bailout package, which will mean Greece can refinance its debts in March and stay in the Eurozone. Euro exchange rates had been tipped to fall on the news, but there is still scepticism about the longevity of the solution, so the sovereign debt crisis has probably got some distance to run yet.
This morning's UK public sector borrowing figures showed their biggest surplus for 4 years, prompting speculation that the government may beat its own borrowing forecasts for the year.The UK's total public sector net debt, excluding financial sector interventions, fell back to £988.7bn, having breached £1tn in December. The surprise improvement is good for the Pound, although with the GDP revision due out on Friday, markets will still be cautious.
Meanwhile the EU have formally agreed the Greek bailout package, which will mean Greece can refinance its debts in March and stay in the Eurozone. Euro exchange rates had been tipped to fall on the news, but there is still scepticism about the longevity of the solution, so the sovereign debt crisis has probably got some distance to run yet.
UK public borrowing in surplus, as EU sign off Greek bailout - Tuesday, February 21, 2012
This morning's UK public sector borrowing figures showed their biggest surplus for 4 years, prompting speculation that the government may beat its own borrowing forecasts for the year.
The UK's total public sector net debt, excluding financial sector interventions, fell back to £988.7bn, having breached £1tn in December. The surprise improvement is good for the Pound, although with the GDP revision due out on Friday, markets will still be cautious.
Meanwhile the EU have formally agreed the Greek bailout package, which will mean Greece can refinance its debts in March and stay in the Eurozone. Euro exchange rates had been tipped to fall on the news, but there is still scepticism about the longevity of the solution, so the sovereign debt crisis has probably got some distance to run yet.
This morning's UK public sector borrowing figures showed their biggest surplus for 4 years, prompting speculation that the government may beat its own borrowing forecasts for the year.The UK's total public sector net debt, excluding financial sector interventions, fell back to £988.7bn, having breached £1tn in December. The surprise improvement is good for the Pound, although with the GDP revision due out on Friday, markets will still be cautious.
Meanwhile the EU have formally agreed the Greek bailout package, which will mean Greece can refinance its debts in March and stay in the Eurozone. Euro exchange rates had been tipped to fall on the news, but there is still scepticism about the longevity of the solution, so the sovereign debt crisis has probably got some distance to run yet.
Greek deal edges closer - Monday, February 20, 2012
Finance ministers today moved closer to approving Greece's bailout package, which will enable the refinancing of debt and stability for the Euro, for now at least.
A deal would provide immediate relief to Athens and financial markets but no one is pretending it will end Greece's problems. Figures last week showed its economy shrank 7 percent year-on-year in the last quarter of 2011, much more than expected, with further cuts likely to make matters worse.
Therefore, once the bailout is agreed, the short-term future of the single currency bloc will be secured, but some analysts are concerned about Greece's ability to implement its tough austerity measures - so we may end up back in the same position again in a few months' time.
For exchange rates, it is likely that the Euro could strengthen when the deal is finally agreed, giving worse exchange rates for buying Euros.
The longer term outlook is, as much as ever in recent times, very hard to predict.
Finance ministers today moved closer to approving Greece's bailout package, which will enable the refinancing of debt and stability for the Euro, for now at least.A deal would provide immediate relief to Athens and financial markets but no one is pretending it will end Greece's problems. Figures last week showed its economy shrank 7 percent year-on-year in the last quarter of 2011, much more than expected, with further cuts likely to make matters worse.
Therefore, once the bailout is agreed, the short-term future of the single currency bloc will be secured, but some analysts are concerned about Greece's ability to implement its tough austerity measures - so we may end up back in the same position again in a few months' time.
For exchange rates, it is likely that the Euro could strengthen when the deal is finally agreed, giving worse exchange rates for buying Euros.
The longer term outlook is, as much as ever in recent times, very hard to predict.
Currency news this week - Sunday, February 19, 2012
This week's economic news due out is as follows:
Monday 20th
US Bank Holiday
1430 - Eurozone finance ministers meeting
Tuesday 21st
0030 - Reserve Bank of Australia minutes
0700 - Swiss trade balance
0830 - UK public borrowing
1330 - Canadian retail sales
1500 - Eurozone consumer confidence
Wednesday 22nd
0930 - Bank of England minutes
1000 - Eurozone industrial orders
1500 - US home sales
Thursday 23rd
0930 - UK mortgage approvals
1500 - US house price index
Friday 24th
All day - G20 summit
0700 - German GDP
0930 - UK GDP
This week's economic news due out is as follows:
Monday 20th
US Bank Holiday
1430 - Eurozone finance ministers meeting
Tuesday 21st
0030 - Reserve Bank of Australia minutes
0700 - Swiss trade balance
0830 - UK public borrowing
1330 - Canadian retail sales
1500 - Eurozone consumer confidence
Wednesday 22nd
0930 - Bank of England minutes
1000 - Eurozone industrial orders
1500 - US home sales
Thursday 23rd
0930 - UK mortgage approvals
1500 - US house price index
Friday 24th
All day - G20 summit
0700 - German GDP
0930 - UK GDP
Retail sales in surprise jump - Friday, February 17, 2012
This morning's retail sales figures showed a surprise 0.9% increase in January, boosting the Pound, as risks of another UK recession fell.
Sterling has gained half a cent against both the Euro and the US Dollar, and rates for sending money abroad are up across the board.
In Europe, Greece now expects to get approval on Monday for its long awaited debt-swap with private investors, paving the way for its bailout. This could strengthen the Euro next week.
This morning's retail sales figures showed a surprise 0.9% increase in January, boosting the Pound, as risks of another UK recession fell.
Sterling has gained half a cent against both the Euro and the US Dollar, and rates for sending money abroad are up across the board.
In Europe, Greece now expects to get approval on Monday for its long awaited debt-swap with private investors, paving the way for its bailout. This could strengthen the Euro next week.
Retail sales in surprise jump - Friday, February 17, 2012
This morning's retail sales figures showed a surprise 0.9% increase in January, boosting the Pound, as risks of another UK recession fell.
Sterling has gained half a cent against both the Euro and the US Dollar, and rates for sending money abroad are up across the board.
In Europe, Greece now expects to get approval on Monday for its long awaited debt-swap with private investors, paving the way for its bailout. This could strengthen the Euro next week.
This morning's retail sales figures showed a surprise 0.9% increase in January, boosting the Pound, as risks of another UK recession fell.
Sterling has gained half a cent against both the Euro and the US Dollar, and rates for sending money abroad are up across the board.
In Europe, Greece now expects to get approval on Monday for its long awaited debt-swap with private investors, paving the way for its bailout. This could strengthen the Euro next week.
Retail sales in surprise jump - Friday, February 17, 2012
This morning's retail sales figures showed a surprise 0.9% increase in January, boosting the Pound, as risks of another UK recession fell.
Sterling has gained half a cent against both the Euro and the US Dollar, and rates for sending money abroad are up across the board.
In Europe, Greece now expects to get approval on Monday for its long awaited debt-swap with private investors, paving the way for its bailout. This could strengthen the Euro next week.
This morning's retail sales figures showed a surprise 0.9% increase in January, boosting the Pound, as risks of another UK recession fell.
Sterling has gained half a cent against both the Euro and the US Dollar, and rates for sending money abroad are up across the board.
In Europe, Greece now expects to get approval on Monday for its long awaited debt-swap with private investors, paving the way for its bailout. This could strengthen the Euro next week.
Retail sales in surprise jump - Friday, February 17, 2012
This morning's retail sales figures showed a surprise 0.9% increase in January, boosting the Pound, as risks of another UK recession fell.
Sterling has gained half a cent against both the Euro and the US Dollar, and rates for sending money abroad are up across the board.
In Europe, Greece now expects to get approval on Monday for its long awaited debt-swap with private investors, paving the way for its bailout. This could strengthen the Euro next week.
This morning's retail sales figures showed a surprise 0.9% increase in January, boosting the Pound, as risks of another UK recession fell.
Sterling has gained half a cent against both the Euro and the US Dollar, and rates for sending money abroad are up across the board.
In Europe, Greece now expects to get approval on Monday for its long awaited debt-swap with private investors, paving the way for its bailout. This could strengthen the Euro next week.
UK unemployment up as Italy and Netherlands fall into recession - Wednesday, February 15, 2012
UK uneployment rose this morning, but by its smallest amount in a year, as official figures showed contraction in Germany with Italy and Holland now in recession.
The Euro has weakened on the back of the disappointing Eurozone GDP figures, with growth in the single currency zone at -0.3% in the fourth quarter of 2011. In addition, the Greek government is yet to clarify exactly how its austerity measures will be implemeted, giving a weaker Euro and better rates for sending Euros abroad, while talks continue today.
The UK unemployment data could have been worse, so sterling has held up, although Bank of England Governer Mervyn King said in his speech this morning that further Quantitative Easing could be on the agenda in the coming months, which does not bode well for the Pound.
UK uneployment rose this morning, but by its smallest amount in a year, as official figures showed contraction in Germany with Italy and Holland now in recession.
The Euro has weakened on the back of the disappointing Eurozone GDP figures, with growth in the single currency zone at -0.3% in the fourth quarter of 2011. In addition, the Greek government is yet to clarify exactly how its austerity measures will be implemeted, giving a weaker Euro and better rates for sending Euros abroad, while talks continue today.
The UK unemployment data could have been worse, so sterling has held up, although Bank of England Governer Mervyn King said in his speech this morning that further Quantitative Easing could be on the agenda in the coming months, which does not bode well for the Pound.
UK unemployment up as Italy and Netherlands fall into recession - Wednesday, February 15, 2012
UK uneployment rose this morning, but by its smallest amount in a year, as official figures showed contraction in Germany with Italy and Holland now in recession.
The Euro has weakened on the back of the disappointing Eurozone GDP figures, with growth in the single currency zone at -0.3% in the fourth quarter of 2011. In addition, the Greek government is yet to clarify exactly how its austerity measures will be implemeted, giving a weaker Euro and better rates for sending Euros abroad, while talks continue today.
The UK unemployment data could have been worse, so sterling has held up, although Bank of England Governer Mervyn King said in his speech this morning that further Quantitative Easing could be on the agenda in the coming months, which does not bode well for the Pound.
UK uneployment rose this morning, but by its smallest amount in a year, as official figures showed contraction in Germany with Italy and Holland now in recession.
The Euro has weakened on the back of the disappointing Eurozone GDP figures, with growth in the single currency zone at -0.3% in the fourth quarter of 2011. In addition, the Greek government is yet to clarify exactly how its austerity measures will be implemeted, giving a weaker Euro and better rates for sending Euros abroad, while talks continue today.
The UK unemployment data could have been worse, so sterling has held up, although Bank of England Governer Mervyn King said in his speech this morning that further Quantitative Easing could be on the agenda in the coming months, which does not bode well for the Pound.
UK unemployment up as Italy and Netherlands fall into recession - Wednesday, February 15, 2012
UK uneployment rose this morning, but by its smallest amount in a year, as official figures showed contraction in Germany with Italy and Holland now in recession.
The Euro has weakened on the back of the disappointing Eurozone GDP figures, with growth in the single currency zone at -0.3% in the fourth quarter of 2011. In addition, the Greek government is yet to clarify exactly how its austerity measures will be implemeted, giving a weaker Euro and better rates for sending Euros abroad, while talks continue today.
The UK unemployment data could have been worse, so sterling has held up, although Bank of England Governer Mervyn King said in his speech this morning that further Quantitative Easing could be on the agenda in the coming months, which does not bode well for the Pound.
UK uneployment rose this morning, but by its smallest amount in a year, as official figures showed contraction in Germany with Italy and Holland now in recession.
The Euro has weakened on the back of the disappointing Eurozone GDP figures, with growth in the single currency zone at -0.3% in the fourth quarter of 2011. In addition, the Greek government is yet to clarify exactly how its austerity measures will be implemeted, giving a weaker Euro and better rates for sending Euros abroad, while talks continue today.
The UK unemployment data could have been worse, so sterling has held up, although Bank of England Governer Mervyn King said in his speech this morning that further Quantitative Easing could be on the agenda in the coming months, which does not bode well for the Pound.
UK unemployment up as Italy and Netherlands fall into recession - Wednesday, February 15, 2012
UK uneployment rose this morning, but by its smallest amount in a year, as official figures showed contraction in Germany with Italy and Holland now in recession.
The Euro has weakened on the back of the disappointing Eurozone GDP figures, with growth in the single currency zone at -0.3% in the fourth quarter of 2011. In addition, the Greek government is yet to clarify exactly how its austerity measures will be implemeted, giving a weaker Euro and better rates for sending Euros abroad, while talks continue today.
The UK unemployment data could have been worse, so sterling has held up, although Bank of England Governer Mervyn King said in his speech this morning that further Quantitative Easing could be on the agenda in the coming months, which does not bode well for the Pound.
UK uneployment rose this morning, but by its smallest amount in a year, as official figures showed contraction in Germany with Italy and Holland now in recession.
The Euro has weakened on the back of the disappointing Eurozone GDP figures, with growth in the single currency zone at -0.3% in the fourth quarter of 2011. In addition, the Greek government is yet to clarify exactly how its austerity measures will be implemeted, giving a weaker Euro and better rates for sending Euros abroad, while talks continue today.
The UK unemployment data could have been worse, so sterling has held up, although Bank of England Governer Mervyn King said in his speech this morning that further Quantitative Easing could be on the agenda in the coming months, which does not bode well for the Pound.
Inflation at lowest level since November 2010 - Tuesday, February 14, 2012
This morning's UK inflation data shows a drop in the main CPI measure to 3.6% in January, from 4.2% in December, ahead of tomorrow's Bank of England quarterly report.
The drop is in line with the Bank of England's forecasts and paves the way for more Quantitative Easing in the coming months, which is not good news for sterling.
Tomorrow's quarterly inflation report is a key news release for inflation, the UK economy at large, and therefore the Pound. Exchange rates for sending currency or receiving payments from abroad are likely to be affected as the report is released at 10.30, with UK unemployment first at 9.30 tomorrow.
This morning's UK inflation data shows a drop in the main CPI measure to 3.6% in January, from 4.2% in December, ahead of tomorrow's Bank of England quarterly report.The drop is in line with the Bank of England's forecasts and paves the way for more Quantitative Easing in the coming months, which is not good news for sterling.
Tomorrow's quarterly inflation report is a key news release for inflation, the UK economy at large, and therefore the Pound. Exchange rates for sending currency or receiving payments from abroad are likely to be affected as the report is released at 10.30, with UK unemployment first at 9.30 tomorrow.
Greek parliament approves austerity, but bailout still in question - Monday, February 13, 2012
The Greek parliament yesterday voted through the austerity measures needed for the bailout package which should keep Greece in the Euro, but riots and unrest mean the deal is still in doubt.
Riots and looting on the streets of Athens show that the government will not have an easy time implementing the measures, which the EU and IMF are demanding assurances on before handing over bailout funds. Greece needs €14.5bn by March 20th to avoid a default on its debt payments.
The Euro is likely to strengthen once the bailout is finally agreed, giving lower exchange rates for sending Euro payments. EU finance ministers meet on Wednesday and will be looking for assurances from Greece. Despite yesterday's vote, the Euro has only strenghtened slightly this morning, as markets await the next developments. Euro exchange rates could fall once there is a consensus that the bailout is definitely going to happen, but don't forget at Currency Index we can offer a guaranteed Euro rate up to 2 years in advance to take advantage of the current favourable rates.
The Greek parliament yesterday voted through the austerity measures needed for the bailout package which should keep Greece in the Euro, but riots and unrest mean the deal is still in doubt.Riots and looting on the streets of Athens show that the government will not have an easy time implementing the measures, which the EU and IMF are demanding assurances on before handing over bailout funds. Greece needs €14.5bn by March 20th to avoid a default on its debt payments.
The Euro is likely to strengthen once the bailout is finally agreed, giving lower exchange rates for sending Euro payments. EU finance ministers meet on Wednesday and will be looking for assurances from Greece. Despite yesterday's vote, the Euro has only strenghtened slightly this morning, as markets await the next developments. Euro exchange rates could fall once there is a consensus that the bailout is definitely going to happen, but don't forget at Currency Index we can offer a guaranteed Euro rate up to 2 years in advance to take advantage of the current favourable rates.
Greek parliament approves austerity, but bailout still in question - Monday, February 13, 2012
The Greek parliament yesterday voted through the austerity measures needed for the bailout package which should keep Greece in the Euro, but riots and unrest mean the deal is still in doubt.
Riots and looting on the streets of Athens show that the government will not have an easy time implementing the measures, which the EU and IMF are demanding assurances on before handing over bailout funds. Greece needs €14.5bn by March 20th to avoid a default on its debt payments.
The Euro is likely to strengthen once the bailout is finally agreed, giving lower exchange rates for sending Euro payments. EU finance ministers meet on Wednesday and will be looking for assurances from Greece. Despite yesterday's vote, the Euro has only strenghtened slightly this morning, as markets await the next developments. Euro exchange rates could fall once there is a consensus that the bailout is definitely going to happen, but don't forget at Currency Index we can offer a guaranteed Euro rate up to 2 years in advance to take advantage of the current favourable rates.
The Greek parliament yesterday voted through the austerity measures needed for the bailout package which should keep Greece in the Euro, but riots and unrest mean the deal is still in doubt.Riots and looting on the streets of Athens show that the government will not have an easy time implementing the measures, which the EU and IMF are demanding assurances on before handing over bailout funds. Greece needs €14.5bn by March 20th to avoid a default on its debt payments.
The Euro is likely to strengthen once the bailout is finally agreed, giving lower exchange rates for sending Euro payments. EU finance ministers meet on Wednesday and will be looking for assurances from Greece. Despite yesterday's vote, the Euro has only strenghtened slightly this morning, as markets await the next developments. Euro exchange rates could fall once there is a consensus that the bailout is definitely going to happen, but don't forget at Currency Index we can offer a guaranteed Euro rate up to 2 years in advance to take advantage of the current favourable rates.
This week's currency news - Sunday, February 12, 2012
As well as the crucial Greek vote on austerity measures, needed to secure their bailout (and perhaps likely to lower rates for sending Euro payments), we have the following news due out this week:
Monday 13th
0030 - Australian home loans
Tuesday 14th
0930 - UK inflation (CPI)
1000 - Eurozone industrial production
1330 - US retail sales
2145 - New Zealand retail sales
Wednesday 15th
0700 - German GDP
0930 - UK unemployment & earnings
1000 - Eurozone GDP
1030 - Bank of England inflation report
1900 - Federal Reserve minutes
Thursday 16th
0030 - Australian unemployment
0900 - European Central Bank monthly report
1330 - US inflation (PPI)
1400 - Speech: Federal Reserve Chairman Bernanke
Friday 17th
0700 - German inflation (PPI)
0930 - UK retail sales
1200 - Canadian inflation (CPI)
1330 - US inflation (CPI)
As well as the crucial Greek vote on austerity measures, needed to secure their bailout (and perhaps likely to lower rates for sending Euro payments), we have the following news due out this week:Monday 13th
0030 - Australian home loans
Tuesday 14th
0930 - UK inflation (CPI)
1000 - Eurozone industrial production
1330 - US retail sales
2145 - New Zealand retail sales
Wednesday 15th
0700 - German GDP
0930 - UK unemployment & earnings
1000 - Eurozone GDP
1030 - Bank of England inflation report
1900 - Federal Reserve minutes
Thursday 16th
0030 - Australian unemployment
0900 - European Central Bank monthly report
1330 - US inflation (PPI)
1400 - Speech: Federal Reserve Chairman Bernanke
Friday 17th
0700 - German inflation (PPI)
0930 - UK retail sales
1200 - Canadian inflation (CPI)
1330 - US inflation (CPI)
This week's currency news - Sunday, February 12, 2012
As well as the crucial Greek vote on austerity measures, needed to secure their bailout (and perhaps likely to lower rates for sending Euro payments), we have the following news due out this week:
Monday 13th
0030 - Australian home loans
Tuesday 14th
0930 - UK inflation (CPI)
1000 - Eurozone industrial production
1330 - US retail sales
2145 - New Zealand retail sales
Wednesday 15th
0700 - German GDP
0930 - UK unemployment & earnings
1000 - Eurozone GDP
1030 - Bank of England inflation report
1900 - Federal Reserve minutes
Thursday 16th
0030 - Australian unemployment
0900 - European Central Bank monthly report
1330 - US inflation (PPI)
1400 - Speech: Federal Reserve Chairman Bernanke
Friday 17th
0700 - German inflation (PPI)
0930 - UK retail sales
1200 - Canadian inflation (CPI)
1330 - US inflation (CPI)
As well as the crucial Greek vote on austerity measures, needed to secure their bailout (and perhaps likely to lower rates for sending Euro payments), we have the following news due out this week:Monday 13th
0030 - Australian home loans
Tuesday 14th
0930 - UK inflation (CPI)
1000 - Eurozone industrial production
1330 - US retail sales
2145 - New Zealand retail sales
Wednesday 15th
0700 - German GDP
0930 - UK unemployment & earnings
1000 - Eurozone GDP
1030 - Bank of England inflation report
1900 - Federal Reserve minutes
Thursday 16th
0030 - Australian unemployment
0900 - European Central Bank monthly report
1330 - US inflation (PPI)
1400 - Speech: Federal Reserve Chairman Bernanke
Friday 17th
0700 - German inflation (PPI)
0930 - UK retail sales
1200 - Canadian inflation (CPI)
1330 - US inflation (CPI)
This week's currency news - Sunday, February 12, 2012
As well as the crucial Greek vote on austerity measures, needed to secure their bailout (and perhaps likely to lower rates for sending Euro payments), we have the following news due out this week:
Monday 13th
0030 - Australian home loans
Tuesday 14th
0930 - UK inflation (CPI)
1000 - Eurozone industrial production
1330 - US retail sales
2145 - New Zealand retail sales
Wednesday 15th
0700 - German GDP
0930 - UK unemployment & earnings
1000 - Eurozone GDP
1030 - Bank of England inflation report
1900 - Federal Reserve minutes
Thursday 16th
0030 - Australian unemployment
0900 - European Central Bank monthly report
1330 - US inflation (PPI)
1400 - Speech: Federal Reserve Chairman Bernanke
Friday 17th
0700 - German inflation (PPI)
0930 - UK retail sales
1200 - Canadian inflation (CPI)
1330 - US inflation (CPI)
As well as the crucial Greek vote on austerity measures, needed to secure their bailout (and perhaps likely to lower rates for sending Euro payments), we have the following news due out this week:Monday 13th
0030 - Australian home loans
Tuesday 14th
0930 - UK inflation (CPI)
1000 - Eurozone industrial production
1330 - US retail sales
2145 - New Zealand retail sales
Wednesday 15th
0700 - German GDP
0930 - UK unemployment & earnings
1000 - Eurozone GDP
1030 - Bank of England inflation report
1900 - Federal Reserve minutes
Thursday 16th
0030 - Australian unemployment
0900 - European Central Bank monthly report
1330 - US inflation (PPI)
1400 - Speech: Federal Reserve Chairman Bernanke
Friday 17th
0700 - German inflation (PPI)
0930 - UK retail sales
1200 - Canadian inflation (CPI)
1330 - US inflation (CPI)
QE extended as Greece agrees to cuts - Thursday, February 09, 2012
The Bank of England has extended Quantitative Easing, but only by £25bn, as Greece finally agreed budget cuts with the EU.
The QE decision was widely expected, so while not good news for the Pound, there has not been a huge negative effect on exchange rates. There was a chance that £50bn would be injected, which would have been likely to make exchange rates fall, so we must wait to see if further extensions are made in future months.
Meanwhile in Greece, the government finally agreed to savage austerity cuts needed to secure their second bailout, which gave the Euro some strength and brought Euro money transfer rates down in the afternoon. Markets will watch closely for reaction in Greece where strikes are already planned, but if the bailout happens in March we would expect to see some stability return to the single currency area, and Euro strength as a result.
The Bank of England has extended Quantitative Easing, but only by £25bn, as Greece finally agreed budget cuts with the EU.The QE decision was widely expected, so while not good news for the Pound, there has not been a huge negative effect on exchange rates. There was a chance that £50bn would be injected, which would have been likely to make exchange rates fall, so we must wait to see if further extensions are made in future months.
Meanwhile in Greece, the government finally agreed to savage austerity cuts needed to secure their second bailout, which gave the Euro some strength and brought Euro money transfer rates down in the afternoon. Markets will watch closely for reaction in Greece where strikes are already planned, but if the bailout happens in March we would expect to see some stability return to the single currency area, and Euro strength as a result.
