Brief Summary on Exchange Rates this week

Beginning with GBPEUR exchange rates we have seen the UK growth forecasts pushed up by Mervyn King this week which has seen Sterling gain against the Euro and with France announcing a triple dip recession this has also seen support for Sterling. It seems also since the Quarter UK GDP figures helped the UK itself to avoid the triple dip a little bit of confidence has returned for the Pound. The Euro has also felt the effect of weak inflation which highlights the slowdown in the Eurozone which compounds the weak GDP figures across Europe this week.

GBPAUD exchange rates have kept up their trend of recent Aussie Dollar weakness and rates are the highest in many weeks as the Aussie government announce they are expecting a deficit this year so if you’re interested in reading more click this link Weaker economic growth from China since the turn of the year has also negatively affected the AUD exchange rate and therefore if you need to buy Australian Dollars it may be worth taking advantage of these current spikes.

GBPZAR and GBPNZD exchange rates have all felt the effect of the problems globally and we have seen Sterling improve by over 2% against these two currency pairs this week and many are targeting GBPNZD to hit 1.90 and GBPZAR  to hit 14.5. I for one would not be surprised if these figures are hit during next week but if so may not last for long.

Next week the Bank of England releases its minutes next Wednesday and on Thursday the UK releases its revised GDP figures so if you have a currency transfer to make feel free to get in touch Tom Holian [email protected] and I’d be more than happy to provide a free quote.