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By Alex Ellis

The Yen continues to show extraordinary strength across the currency market, however on the back of comments from Japan’s prime minister yesterday during which he stated that the ‘Yen can’t be left as it is,’ Sterling showed minor strength against the Yen over the course of trading.

The ECB chairman President Jean Claude Trichet, announced the decision yesterday to hold interest rates at 1%, this was seen as a positive for the Euro and the single currency held strong against the major currencies for the remainder of trading yesterday. This was seen as a clear indication that the outlook for the Euro is generally going to be a positive one however the recovery process will still take some time. At 13:30 (GMT) today the US nonfarm payroll figures will be released, this data is seen as a clear indication of the outlook for the US economy and therefore in the past if the data has come out different to what has been expected, then we can expect excessive volatility for the Dollar.

This time last December the pound lost 15% against the Euro, and some are worried that we may see similar losses this year. In order to maximise your savings and manage your risk when buying foreign currency and sending money overseas, be sure to contact a currency broker who can walk you through the process.

By Alex Ellis

Today has the potential to be a very busy day for the Currency Market with a number of high risk data releases due, at 10:00 am (GMT) The European Monetary Union will release the G.D.P. figures; these are seen as a clear indication of the health of the economy. Therefore a positive GDP figure will be seen as a positive for the Euro whereas a fall in GDP figures will be seen as a negative for the Euro.

The second most major release today will be the European Interest Rate decision which is due to be released at 12:45 am (GMT). The expectation is that the interest rates will be kept at current levels which are 1%. However if the European Monetary Union has a hawkish outlook of the economy and raises the interest rates this will be seen as a positive for the Euro, where as if they decide to keep interest rates at current levels or even lower the interest rates this will be seen as a negative for the Euro.

On the back of the interest rate decision will be the speech conducted by Jean Claude Trichet, this speech will outline the overall outlook of the European economy and the overall value of the Euro.

As outlined above these data releases could have a serious impact on exchange rates, and therefore will affect the amount of currency you receive when buying foreign currency. In order to stay on top of the currency market be sure to contact a currency broker.

By Alex Ellis

Sterling began a late recovery against the Dollar, as investors begin to move out of the Dollar into riskier currencies for greater returns. As a result of this the Dollar slid by nearly 2 cents or 1.2% against the pound, if you were exchanging £200,000 then this would of equated to an increase of $3,900 by the close of the market.

Another cause of the dollar weakening is the rise in the cost of crude oil, some other countries benefit from rising oil prices. One of these countries is Canada, which produces more of its own oil and therefore can benefit from increased revenue if oil prices rise. Therefore if you wish to take advantage of Canadian Dollar exchange rates, ensure you use a currency broker.

The pound began to claw back some ground against the Euro as figures released showed that Unemployment in the Eurozone hit 9.8%. This reiterates how vulnerable the currency market can be to data releases and more so it shows how important it is for clients to stay in contact with an experienced currency broker in order to maximise their savings on their currency purchase. The losses experienced were up to 4 cents in little under a week and a half.

If you are considering bringing your currency back to the U.K. do not fall into the trap of thinking that these favourable exchange rates will last forever, this is a mistake that you could live to regret.