Two Ex Cabinet ministers – Patricia Hewitt and Geoff Hoon have come out and called for a secret ballot on Gordon Browns leadership merely months before the general election is to be held. Although at first sight it appears that the request has very little support, it is still a telltale sign that the party is clearly divided and starts off an interesting 2010 politically with a bang.
The factors that affect the strength of a currency ( sometimes also known as the Ellis currency compass are Economic stability, Political certainty, Acts of terror and Acts of god.
Although there is clearly little one can predict about the latter two appearing the first two points are always key, and if you look at the U.K economically coupled with the latest twist in the labour Government it does not paint a pretty picture for the Pound in the short term.
Broken and now frozen Britain!
The whole of Britain got hit with a major freeze yesterday alongside a huge amount of snow causing chaos on the roads and indeed closing many businesses.
Should this poor weather continue it may have an effect on the future strength of Sterling for a number of reasons – Retail sales rely heavily on the weather and with not only consumers unable to hit the stores but also some stores not even opening it could put a major dent in figures for January.
Alongside this thousands of businesses have had to close as staff simply cannot make it to work, slowing down production and costing the British economy Billions of Pounds.
Should you be stuck inside over this period why not take a look at your finances and make that currency purchase you just have not had time to get round to lately.
Here at FCD so far our trading lines have been open from 08.30am until 18:00pm to continue to assist you with your currency needs come rain or shine. Call us now on 0800 328 5884 should you wish to discuss any upcoming requirement, and one of our bright and friendly traders will be happy to assist you.
Breaking news yesterday evening & overnight
Yesterday evening saw the release of the FOMC minutes over in the U.S and comments made by the Fed confirmed they are worried about sluggish job growth and the recovery will be slow, usually one would expect Dollar weakness but this morning we have actually seen the opposite, proof there if still confidence in the Dollar.
We also saw the release of Trade balance and retail sales figures for Australia which came out slightly better than expected and has led to early morning gains for the Australian Dollar.
Today’s Data
Today promises to be an interesting day on the markets most notably with the Bank of England interest rate decision at 12:00pm and you should certainly speak to your account manager here at Foreign Currency Direct about the effects it may have on your particular purchase:
10:00am – European Retail Sales – This data may cause volatility for the Euro should it come out any different than the 0.1% increase expected.
12:00pm – Bank of England interest rate decision – No changes to interest rates are expected and this should be a low key decision however as regular readers must be aware the Bank of England do like to surprise us and any mention of future interest rate movements, economic policies or quantitative easing may cause large market movements.
This is a brief summary of todays report for further information feel free to Email Me - Or click on the banner below to see today's full market report Click here to read the full report on our main website
If you have the need to send money overseas or bring money into the U.K and want the best exchange rates and a great service just click on the links below to go straight to our main site and click on the register now button to open a free no obligation trading facility quoting DANIEL WRIGHT as your point of contact.
I assist thousands of clients to send money overseas or receive money from overseas involving the following currencies - Please note I do not deal with cash it is bank to bank only!! AED AUD BHD CAD CHF CZK DKK EUR GBP HKD HUF INR ILS JPY KES KWD MAD MUR MXN NOK NZD OMR PLN SAR SEK SGD THB TRY USD ZAR
Have a great day and thanks for reading!
Daniel Wright
No comments:
Post a Comment