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This week's foreign exchange news

Posted by Catherine Deshayes on Monday, February 01, 2010

As the UK economy slowly crawled out of recession last week, the Pound performed reasonably well - although the 0.1% growth in GDP was much less than many analysts had expected. A stronger figure would have been likely to give exchange rates a further boost...

The Pound seems to have run out of momentum against most major currencies, so it is worth considering a fixed exchange rate this week before Thursday's key Bank of England meeting. If there are any hints that quantitative easing is to be extended, it is likely to bring the Pound back down significantly.

In Australia, a further interest rate hike in the early hours of Tuesday might send the exchange rate back down into the $1.70s, so anybody sending money to Australia might want to check the best available rates today. For anybody buying in the States, Friday afternoon sees the monthly non-farm payroll figures, the main monthly indication of the US labour market, which usually causes volatility in the US Dollar exchange rate.

This week's economic calendar:

Monday 1^st

0930 - UK PMI manufacturing data

1330 - US personal expenditure

Tuesday 2^nd

0330 - Australian interest rate decision

1500 - US home sales figures

Wednesday 3^rd

0030 - Australian trade balance

0900 - UK PMI services data

1000 - Eurozone retail sales figures

2145 - New Zealand unemployment rate