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Currency Market News

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Exchange Rate news this week 121112
12 November 2012

There is a lot going on in the world to affect currency rates at the moment. Last week of course, President Obama was re-elected, and while historically US elections have not greatly affected the US Dollar, this time could be different - as Obama will have to steer the US economy through the 'fiscal cliff' in January when tax cuts and reduced government borrowing come into effect. The problem being that the Republicans, who control the House of Representatives, will need to be complicit in any new deals. As the debate rages we may see some opportunities to buy US Dollars at weaker levels before the new year.

In the Eurozone, Greece's parliament has now voted through the austerity budget required to pacify the European loan-makers and qualify Greece for its emergency loan funding. The effect on the price of the Euro remains to be seen, but we would expect Euro strength (worse rates for buying Euros) once the loan payment is made and the debt crisis disappears from the headlines for the time being.

This all comes on top of a busy week in the UK. The Pound peaked against many currencies on Thursday last week when the Bank of England announced that there would be no increase to the Quantitative Easing programme, but fell back on Friday, despite the UK trade balance contracting more than expected. This week, we have important figures due out in the guise of unemployment, inflation and the Bank of England's quarterly inflation report. Will we see positive figures, and better exchange rates, or the opposite?

In a busy week, there are also inflation figures due from the Eurozone and USA, plus Euro-GDP and the Federal Reserve minutes. So the fireworks could continue on the currency markets this week - make sure you are updated with the latest rates and don't miss out if rates move in your favour.

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