Can the pound continue its recent strong run to finish off the week?
Sterling exchange rates have fallen slightly this morning but are still set to post strong gains across the board this week, continuing a run that has now seen the pound set some levels not seen for a good while. Notably reaching a high not seen since November 2008 against the Euro, remaining close to a seven month high against the greenback (USD) and trading at year highs against the AUD and NZD. However it is not just the so called major currencies that the pound has posted strong gains and I thought the below table would make interesting reading for regular followers of this website.
|
Currency |
% increase |
Extra |
|
Indian Rupee |
18.0% |
INR |
|
Hungarian |
17.4% |
HUF |
|
Polish Zloty |
15.9% |
PLN 83,793 |
|
South |
14.1% |
ZAR 182,313 |
|
Czech Koruna |
12.6% |
CZK 395,766 |
|
Mexican Peso |
12.3% |
MXN 267,168 |
Working for one of the UK’s largest independent currency brokers I come across a number of different clients with varying requirements predominantly dominated by the majors. Remember, at Currencies.co.uk we are happy to assist you with the exchange and transfer of money for a huge variety of reasons such as property, emigration, investments, cars, weddings, hotel bills, imports and exports to name but a few. So, if you, a friend, relative, colleague or your business have currency exposure that you have not already discussed with a broker then email me directly to mgv@currencies.co.uk – alternatively call 01494 787478 and ask for Mike quoting PSF.
To finish off lets take a look at the data today to keep a close eye on:
This morning at 09:30 we have UK PPI (Producer Price Index) data – figures expected to fall sharply from 1.0% to -1% – this could hamper to the pounds recent run this morning.
At 13:30 we have US PPI data – expected to post a small fall from 0.3% to 0.2% – this could cause some small dollar weakness in the afternoon session but I would expect this to be minimal.
Finally also at 13:30 we have Canadian unemployment figures, expected to increase from 7.2% to 7.3% – watch out for the loonie (CAD) to weaken a touch this afternoon, potential creating some good buy opportunities.
To discuss the best way to exchange your foreign currency and to discuss my personal views email Mike at mgv@currencies.co.uk
