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Currency Market News

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Currency News Report 151012
15 October 2012

After a quiet week for exchange rates last week, we have a busy week ahead with some movements likely for exchange rates one way or another.

For the Pound, most of the UK's monthly economic data is released this week. As always the markets will look for clues as to the direction of the economy, with any good news likely to bring a stronger Pound and vice versa, so if you have a transfer to make from or to the UK it will be worth keeping a close eye on developments. Starting tomorrow we have important figures due out each morning at 9.30am, with inflation, unemployment, the Bank of England minutes, retail sales and public sector borrowing all being announced. Given the recent downbeat prospects for UK plc, these releases could have a negative impact on sterling and exchange rates generally.

Talking of inflation, New Zealand, the USA and the Eurozone all report this week too. Inflation affects exchange rates as a higher figure means that a currency is effectively devaluing, giving cheaper exchange rates.

The Eurozone as usual will be discussing the debt crisis and Greek (and Spanish?) bailouts, with an EU economic summit plus European Council meeting on Thursday and Friday. With Greece due to run out of money by the end of November, the bailout terms must be agreed soon, and Spain may request a bailout too now that their debt has been downgraded. Euro rates remain unpredictable but we expect any progress between Germany, the IMF, the ECB and Greece to bring Euro strength and lower rates for sending Euro payments.

The South African Rand rate last week hit a new post-2008 high, with 2 months of labour market disputes taking their toll on the notoriously volatile currency. Payments to South Africa are now a staggering 18% cheaper than as recently as March, for those of you with a ZAR requirement make sure you do not miss these rates.

For the US Dollar and pegged currencies (such as UAE Dirham) meanwhile, rates are fairly steady, with the US election looming and inflation the only major data out this week, there may not be much movement in the dollar's value.

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