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This week's exchange rate news

Posted by Catherine Deshayes on Monday, February 22, 2010

After a disappointing end to last week for sterling, there is no major data out until Thursday this week...

With the Federal Reserve in the USA unexpectedly increasing their interest rates last week for emergency loans, the US Dollar has strengthened significantly and is now trading at its most expensive against sterling since May last year. With consumer confidence, mortgage figures and GDP all announced in the States this week, any more good news could push the rate even lower - so if you are sending money to the USA, speak to your currency broker sooner rather than later.

Talking of GDP, on Friday the UK publishes the latest revision to GDP for Q4 2009. While we all hope for good news, any revision downwards from last month's slender growth figures could technically plunge the UK back into recession - not a good omen for improving exchange rates.

Finally, on Monday next week (March 2^nd) we have interest rate decisions in Canada and Australia - any likelihood of increased interest rates in either economy is likely to make exchange rates worse for transferring money to Canada and Australia.

Monday 22nd
No major data

Tuesday 23rd
0930 - BBA UK mortgage approvals
1500 - US consumer confidence

Wednesday 24th
0700 - German GDP and consumer confidence
1200 - US mortgage applications

Thursday 25th
0200 - New Zealand business confidence
0815 - Swiss employment rate
0855 - German unemployment rate
1000 - Eurozone consumer confidence
2145 - New Zeland trade balance

Friday 26th
0930 - UK GDP
1000 - Eurozone CPI inflation
1330 - US GDP