Sterling exchange rates fall as the UK officially heads back into recession.
Sterling exchange rates have fallen this morning following the release of Q1 UK GDP in which the UK economy has posted negative growth for two consecutive quarters officially bringing the UK into recession. This is the first time this has happened since 2009 and was a little surprising with early forecasts suggesting the UK would just scrape through into positive territory at 0.1%. Following the release the market reacted immediately with the pound losing 0.5% against most major currencies. But what now for the pound?
GBP/EUR
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U.K back into recession!!!
Just when it all looked a little too good to be true as always something came back to completely knock the Pound this morning. Sterling had been at a two and a half year high against a basket of major currencies until 09:30am this morning when we saw Gross Domestic Product figures come out at a much worse than expected -0.2%.
What does this mean?
This is not great news at all for the U.K economy, many economists thought we would see a slightly positive figure...
Another fairly solid day for the Pound and we have a big week ahead!...
This week is one of the busiest I have seen for some time! Releases include UK GDP (Gross Domestic Product), US GDP, the US Interest rate decision plus the Japanese rate decision and Australian Inflation data.
Personally I feel Wednesday will put U.K confidence higher with news that we have indeed avoided the dreaded 'Double Dip' recession for the time being at least it is however going to be a close call... Expectations from major analysts is that the U.K will have grown by 0.1% in the first...
Will The Pound Breach 1.60 Against the Canadian Dollar?
The pound has once again made good gains today although still lies slightly below the 1.60 benchmark against the Loonie. Retail figures tomorrow for the UK will be important as if these are weak you may see the pound slip back but the key data is likely to be Canadian inflation tomorrow afternoon. Expectations are for a level of 2% although a very high figure may suggest more CAD strength. If you are looking at buying Canadian Dollars then it would be well worth...
Pound Hits 20 month high against Euro! Also spikes against Dollar, AUD,NZD, CAD,ZAR, JPY,...
The Pound saw yet further gains today against the Euro and indeed a basket of major currencies.
This is a breath of fresh air for those in the process of purchasing a foreign property or that have had to put up with poor exchange rates over the past few years.
If you are in the middle of a purchase overseas or rates at present are well over what your company has budgeted for the year then there is the option of booking out your rate on...
Will the Pound tumble this morning?
I have highlighted this morning as the opportunity for anyone looking to buy the pound. That is because at 09.30 we have UK Unemployment data and the Bank of England Minutes from their last meeting. Let us have a quick look at why these are important and why they could provide a good opportunity in what is a tough market for anyone selling a foreign currency to buy the pound.
Unemployment - Currently at 8.4% and expected to remain at this level, the number out of...
Sterling remains strong against a basket of major currencies, but what next?
Recently the pound has been posting some excellent gains against a host of major currencies reaching close to an 18 month high against the Euro, a four month high against the Australian dollar and seen a near 7 cent gain against the US dollar in the last couple of months. But what now for the pound? Is this run likely to continue? These are questions a number of my clients are asking me and in many ways the I do not think anyone can...
Bank of England Interest Rate Decision Today – Non Farm Payroll Data One To...
Today sees the release of the Bank Of England Interest rate decision, no change in rates is expected and to be honest I feel it will probably be a bit of a non event, however be aware that the BOE do like to throw a spanner into the works whenever the Pound does start to perform well so anyhting could happen.
The key data for people to be aware of is U.S Non Farm Payroll data - Regular readers will be aware this can effect...
Volatile markets affect sterling against the EURO, USD & AUD. Interest rate decisions in...
Sterling exchange rate overview
Over the last 24 hours there have been some interesting movements for sterling exchange rates against a host of major currencies. We have seen sterling rise to 1.2050 against the Euro to then fall quickly down to 1.1970 and this morning we are back up at 1.2051. Against the USD sterling spiked at 1.6041 but this morning we are back down at 1.5872. We have witnessed a similar movement for GBP/CAD currently at 1.5772 and against the Aussie Dollar there has been a...
The week ahead for the Pound – A lot to cram in this week...
Well we do indeed have a lot to cram in this week before a long weekend and what may even be a white Easter here in the U.K the way things are going.
After last weeks pasty and petrol combo that grabbed the headlines, this week should bring a slightly more interesting and relevant amount of news as there is a lot of economic data out accross the globe.
Today - GBP EUR AUD
Already this morning we have seen manufacturing data for Germany come out worse...