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By Tom Higham

The Bank of England (BoE) have just released their latest set of minutes which show that the central bank have voted unanimously 9-0 in favour of keeping rates on hold and also keeping the Quantitative Easing programme on hold. The Bank stated that there was a discussion on whether to keep the QE programme on hold or not but the view that rising inflation would not be helped with more funds being pumped into the economy.

Also released this morning has been the UK unemployment which were marginally worse than expected. As a result Sterling has lost ground off the back of both these data releases. Sterling is down against most the major currencies including the US Dollar, Euro and Swiss Franc.

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By Alex Ellis

The Currency Market remains fairly volatile as the anticipation for the possible bailout plan for Greece is affecting current trading levels. For those looking to conduct a currency purchase that involves the Euro currency, it may be worth keeping in touch with your currency broker during this time to see how the currency market is being affected.

UK unemployment figures released yesterday state that almost one in three public sector employers plan to shed jobs this quarter. This again shows the possibility that the UK may enter into a double dipped recession; this would be disastrous for the pound.

UK CPI data is released at 09:30 (GMT) today and this is predicted to show that inflation has risen to 3.5% so this will be 1.5% higher than the 2% target. Usually when inflation is high the government would raise interest rates however they are unable to do this because of the financial state of the economy.

By Tom Higham

The currency markets are holding relatively steady today as analysts and economists wait for the news from the Eurozone with regards to the Greece bailout package. Opinion is widely split as to what affect the bailout package will have on Sterling Euro exchange rates. Some believe that with the Greek economy in a better state it will bode better for the Eurozone and therefore strengthen the Euro while others believe it sends out a negative signal to the likes of Spain, Italy and Ireland who will feel that regardless of how bad their economy gets they will be bailed out by the Eurozone.

So, today Greece really is the word!

By Alex Ellis

The currency market is showing echoes of the gains seen for the pound towards the end of last week following the news that the European Union is lining up a bailout package for Greece.

 The Bank of England minutes are due out on Wednesday of this week and there is the distinct possibility that this could impact Sterling exchange rates. The BoE’s general outlook in the discussion which followed the original meeting was seen as dovish and this caused the pound to falter. For those looking to buy Euros it may be worth conducting your currency purchases now rather than risking the rates on Wednesday.

 Meanwhile in U.S. news, retail figures released showed that the US economy is showing some small signs of the prospect of strong growth for the nation. These figures were up by 4.7% and positive figures such as these could further strengthen the position of the greenback.

By Alex Ellis

Sterling has spiked 1.78% today as levels have seen a massive improvement since the announcement yesterday that the Eurozone was planning some form of bailout for Greece. This announcement would generally be a positive for the Euro however the currency market has a habit of dishing out surprises and yesterday was no exception.

For anyone looking to sell Euros and buy Sterling yesterday and today, then if you bought around the low point of the day yesterday then on a €200,000 Euro transfer you would’ve gained an extra £3,530.62 compared to trading levels today.

Sterling exchange rates remain fairly low against the Dollar and therefore for anyone looking to trade this pairing it may be worth noting that some analyst are predicting that levels could be as low as 1.52 in the coming months.

In times such as these it makes sense to keep in close contact with an experienced currency broker who can help manage your risk whilst the market remains so volatile.