Wednesday, 20 April 2011

Pound down vs Euro, up vs USD. BoE minutes today.

20th April 2011
Good morning. Sterling changed little yesterday as there was no data of note. Against the Euro however rates have fallen due to a stronger single currency. The pound is also up against the US Dollar. Today we have the BoE minutes, which we'll look at after the usual snapshot of rates as at 08:30am:
  • GBP/EUR 1.1348
  • GBP/USD 1.6376
  • GBP/AUD 1.5441
  • GBP/NZD 2.0597
  • GBP/CAD 1.5601
  • GBP/CHF 1.4643
  • GBP/ZAR 11.117
  • GBP/JPY 135.53
  • GBP/NOK 8.8090
  • GBP/DKK 8.4628
  • GBP/HUF 301.32
Pound down vs Euro, up vs US Dollar

Sterling has dropped back into the 1.13's this morning, after the Euro regained some of it's losses on Monday, caused by further sovereign debt fears in the Eurozone. Against the US Dollar however, the Pound is up in the high $1.63's, helped by the risk of the US having it's credit rating downgraded. This has weakened the US Dollar making it cheaper to purchase.

Bank of England Minutes

At 09:30am this morning the Bank of England (BoE) released the minutes to their decision to hold interest rates 2 weeks ago. The minutes show how the 9 member committee voted, and include differences of view.

Economists don't expect the minutes to show a shift in the Monetary Policy Committee members' voting, but they are keen to see if those who voted for unchanged rates have become more concerned about future inflation or the growth outlook. We could see some volatility for the pound if there are any surprise results in the minutes.

Today's Data

Today we see the Bank of England (BoE) minutes from the recent decision to hold rates. If this shows that some members voted for a hike, it could strengthen the pound. There are also inflation figures from Germany and further home sales data from the USA.

Twitter

To keep up to date with developments in rates throughout the day, follow us on Twitter. We have regular updates on Sterling exchange rates, and the latest economic results that could have an effect on the cost of your currency purchase.

If you need to buy or sell foreign currency, click below now to send us an enquiry for free. Our exchange rates are up to 5% better than offered by banks. Take the first step to making the most of your currency now.