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This week's exchange rate news

Posted by Catherine Deshayes on Monday, October 26, 2009

The big news last week was Friday's announcement that the UK economy is still in recession. Analysts had expected a positive GDP number, which would technically signal the end of recession, but official figures showed that the economy had in fact continued to contract, meaning Britain is now in the grip of the longest recession since records began in the 1950's...

Sterling took a heavy hit when the news broke, falling nearly 2c against the US Dollar, with nearly as much wiped off Euro exchange rates. There is no major UK data this week, apart from house price news on Friday morning, and the Bank of England's next decision on quantitative easing next Thursday is now vital - if more money is pumped into the economy then the Pound may fall further.

Elsewhere this week, there are important releases in the USA, Eurozone, Australia and New Zealand, so there could be some short term volatility in the market. Overall, the Pound remains vulnerable to further losses, and anybody making international payments should keep a close eye on developments.

Monday

0030 - Australian PPI inflation

0700 - German consumer confidence survey

Tuesday

1400 - US consumer confidence survey

Wednesday

0030 - Australian CPI inflation

1230 - US durable goods orders

1400 - US new home sales

1600 - New Zealand business confidence survey

2000 - New Zealand interest rate decision

Thursday