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Pound under pressure ahead of GDP data
Published: 25 Oct at 9 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Canadian Dollar Exchange Rate, Euro Crisis, UK,
The pound lost ground for the third day in a row against the euro ahead of the publication of UK GDP data for the third quarter of the year this morning despite better than expected UK economic data out this week.
Yesterday it was the turn of better than expected UK housing and car production data. Independent estate agent network Move with Us reported that the recovery in the UK housing market pushed down rents in the third quarter of the year with average advertised rents falling in almost every region apart from London and the West Midlands in the third quarter of 2013.
Meanwhile, the Society of Motor Manufacturers and Traders (SMMT) reported yesterday that UK car production jumped by 9.9% in September with car production for the 12 months to September reached 1.5 million units, the highest rolling 12-month total since October 2008.
Meanwhile, the US dollar fell to its lowest level against the euro in two years as speculation grows that the US Federal Reserve will continue with its bond quantitative easing program well into next year.
There has been a raft of central bank policy meetings this week and, in summary, it looks like the era of ‘easy money’ is set to continue well into 2014.
Yesterday, both Norway and Sweden's central banks announced decisions to retain their rates on hold for at least another month while the Bank of Canada on Wednesday blamed "uncertain global and domestic economic conditions" for its decision to keep its trend-setting interest rate at 1% until at least its next policy meeting. The Bank of Canada also said it would most probably maintain this low rate for a longer period of time than had previously been anticipated.
Since the start of September, the central bank’s of Hungary, Latvia, Romania, Serbia, Sri Lanka, Egypt and Mexico have also either kept policy loose or even loosened policy even further.
This appears to be in response to the report from the International Monetary Fund which reduced its forecast for global economic growth from 3.1% to 2.9% this year and 3.8% to 3.6% in 2014.
Yesterday it was the turn of better than expected UK housing and car production data. Independent estate agent network Move with Us reported that the recovery in the UK housing market pushed down rents in the third quarter of the year with average advertised rents falling in almost every region apart from London and the West Midlands in the third quarter of 2013.
Meanwhile, the Society of Motor Manufacturers and Traders (SMMT) reported yesterday that UK car production jumped by 9.9% in September with car production for the 12 months to September reached 1.5 million units, the highest rolling 12-month total since October 2008.
Meanwhile, the US dollar fell to its lowest level against the euro in two years as speculation grows that the US Federal Reserve will continue with its bond quantitative easing program well into next year.
There has been a raft of central bank policy meetings this week and, in summary, it looks like the era of ‘easy money’ is set to continue well into 2014.
Yesterday, both Norway and Sweden's central banks announced decisions to retain their rates on hold for at least another month while the Bank of Canada on Wednesday blamed "uncertain global and domestic economic conditions" for its decision to keep its trend-setting interest rate at 1% until at least its next policy meeting. The Bank of Canada also said it would most probably maintain this low rate for a longer period of time than had previously been anticipated.
Since the start of September, the central bank’s of Hungary, Latvia, Romania, Serbia, Sri Lanka, Egypt and Mexico have also either kept policy loose or even loosened policy even further.
This appears to be in response to the report from the International Monetary Fund which reduced its forecast for global economic growth from 3.1% to 2.9% this year and 3.8% to 3.6% in 2014.
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Source: moneytransfer.co.uk