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This week's currency news

Posted by Catherine Deshayes on Wednesday, March 10, 2010

Focus for foreign exchange markets has shifted away from the UK this week, with important data from around the world likely to cause some volatility in rates for transferring money abroad.

As expected last week, the Bank of England kept quantitative easing and interest rates both on hold. This did little to bolster sterling, which has fallen significantly on worries that the forthcoming election could result in a hung parliament and hamper economic recovery.

This week, we have the monthly US budget statement on Wednesday, which may present an opportunity for those of you who need to send dollars to the USA for a property purchase. The Dollar has been strengthening (becoming more expensive) of late and any signs of weakness in the Fed's statement may improve exchange rates temporarily.

Similarly, the European Central Bank releases its monthly report on Thursday, and analysts will be interested in any further fallout from the widely reported economic problems in Greece.

Further afield, we have a couple of Australian releases, as well as New Zealand retail sales on Thursday. After that focus may switch back to the UK next week as we await the Bank of England's minutes which will reveal the MPC's voting and rationale on any extension of QE.

Tuesday 9th
Overnight - UK RICS house price balance
0815 - Swiss CPI
0930 - UK trade balance
2330 - Australian consumer confidence

Wednesday 10th
0930 - UK industrial production
1900 - US monthly budget statement
2000 - New Zealand interest rate decision

Thursday 11th
0030 - Australian unemployment rate
0900 - European Central Bank monthly report
1300 - Swiss interest rate decision
1330 - US trade balance
2145 - New Zealand retail sales

Friday 12th
1000 - Eurozone industrial production
1200 - Canadian unemployment rate
1330 - US retail sales figures

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