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By Leigh Smith

Today could be an incredibly volatile day on the currency markets, with the potential for some large movements for GBPUSD exchange rates. This is due to the amount of influential data that is due to be released by the US today. We have:

• Revised GDP figures (1.30pm)
• Consumer confidence (3pm)
• House price index (3pm)
• FOMC minutes (7pm)

All of these releases could have an impact on the cost of sending money to the US, or converting UK Pounds to US Dollars, so if you have a US Dollar requirement feel free to let one of our friendly brokers know who can be your eyes and ears on the markets.

By Rob Bastin

A week dollar in early session has allowed for the struggling pound to regain 0.75% against the US Dollar by 1pm on Monday. The pound had dropped 3 cents from last Wednesday against the greenback. Today offers no data for the UK, however Retail Sales figures for Canada are released at 1:30pm.  GBP/CAD exchange rates have already dropped by 0.5% this morning, any better than expected results foir this data could see the pound lose even further ground.

By Leigh Smith

The Pound had a tough week across the board during the course of last week’s trading, the Pound fell to a two week low against the US Dollar. For anyone who may have been looking to send money to the US, the spike witnessed at the start of the week was seen to be short lived, as often these exchange rate movements can be.

The main reason for such Sterling weakness was concerns over UK’s fiscal health. On Thursday, data confirmed that UK public debt had risen twice as much as expected.

By Rob Bastin

Yesterday EU leaders met in Brussels ahead of the President Election decision. The front runners had been the Dutch Prime minister Jan Peter Balkenende, Belgian Prime minister Herman Van Rompuy, and our very own Tony Blair at outsider odds of 5/1. However late last night both Tony Blair and Jan Peter Balkenende ruled themselves out of the running late on leaving the Belgian Prime Minister Herman Van Rompuy as favorite, who as expected succeeded in becoming the EU’s first President. With Tony Blair dropping out, his replacement Baroness Ashton of the labour party secured the position as the EU’s highest representative on foreign affairs and security. Gordon Brown said that the move gave Britain ‘a powerful voice in Europe’ and the Baroness herself said she was ‘slightly surprised…. but deeply privileged’.

By Leigh Smith

This morning’s trading session has seen losses for the Pound during the start of trading, with GBPUSD and GBPCAD exchange rates both falling by 0.3%. This has made sending money to Canada or America more expensive.

On a day that is light on data releases for the UK, US and Canada, this may be a trend that continues throughout the day.