Currency Rates
EURO/GBP - 1.158
US$/GBP - 1.626
CHF/GBP - 1.707
CAN$/GBP - 1.719
AUS$/GBP - 1.799
Comments: Sterling had a relatively positive day yesterday after the uninspiring UK GDP data released on Tuesday. This was driven mainly by Bank of England policy maker Andrew Sentance stating that the economic recovery had started earlier and may have been stronger than the figures suggested. He expects the economy to avoid further contraction as emergency stimulus continues to feed into the real economy and suggested the BOE will need to raise interest rates this year. Despite a relatively slow recovery in the UK, sterling’s performance suggests that the UK is still the preferred destination for investment over the Euro zone. There is no UK data out today as focus shifts to European data.
In the Euro zone, German inflation data was surprisingly poor which added to losses against sterling. German unemployment data is expected to show a slight improvement today and European consumer confidence is expected to show marginal improvement. Concerns still remain over Greece’s 14% deficit which will limit any positive sentiment released today.
In the USA, the Fed voted to keep interest rates unchanged at 0 – 0.25% which was widely expected and new home sales dropped by 7% to a new record low. However, the interest rate decision was not unanimous and one member felt that the exceptionally low rates were no longer warranted. US unemployment data is expected later this afternoon that is expected to show an improvement of the labour market.
Elsewhere, the Reserve Bank of New Zealand is expected to leave the country’s interest rate unchanged later this evening after slightly weaker 3rd Quarter GDP figures seen in December.
Remember to minimise the chance of losing money due to adverse movements in the markets by speaking to a currency specialist as early as possible.
Note: All rates are mid market inter bank and indicative at the point of publication.
To get an initial estimate of the cost of a property simply DIVIDE the price of the property by the appropriate currency rate noted above.
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Disclaimer
Exchange rates can move very quickly. The above rates are valid at a moment in time. We have no crystal ball and we recommend that if an exchange rate works for your budget then don’t wait for an even better exchange rate - Murphy’s Law says the rate will go against you and cause you maximum pain! Suggestions should not be taken as advice or fact.
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