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Currency Market News

Our blog is below, to help you understand what's moving currency rates and affecting the cost of your international payments. For some friendly guidance on your own transactions, either for your business or yourself, simply fill in the form above and an FCA-regulated currency broker will be in touch to assist you, without any cost or obligation.

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Currency Report 160912
16 September 2012

September so far has seen a turnaround for the fortunes of the Pound compared to recent trends. While August gave us the highest rates for GBP-EUR and lowest rates for GBP-USD for some time, recent events have switched the trend around.

The Federal Reserve last week announced an extra $40bn of Quantitative Easing, giving us US Dollar weakness, while in Europe the German approval of the Greek bailout last week has had the opposite effect and increased the value of the Euro. Currently the Pound buys more US Dollars than at any point since April, while the cost of a Euro has increased around 4% since the recent peak in rates in July.

Don't forget that many currencies are pegged to the US Dollar, so if you are buying UAE Dirhams, Omani Rials, or any of the Caribbean currencies, rates will also currently be very favourable.

While the Pound has therefore seen something of a see-saw effect against the Euro and US Dollar, this week sees key monthly data out which should give sterling its own momentum in one direction or the other. Inflation, Bank of England minutes, retail sales and public sector borrowing are all due out and if there are any surprises, whether positive or negative, we could see some movement for GBP across the board. If you would like to be updated on any movement in your favour, a reputable currency broker should be on hand to monitor rates on your behalf.

Elsewhere we are currently seeing excellent levels against the ZAR and JPY, for those of you looking to send money to South Africa or Japan respectively.

The Swiss Franc may also be in for some volatility on Thursday when their trade balance is released, and for buying or selling New Zealand Dollars, keep an eye on the current account figures tomorrow evening and GDP on Wednesday.

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