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Money Transfer News: UK Sterling, Euro, Australian Dollar Exchange Rates
Published: 7 Mar at 11 AM Tags: Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, Euro Crisis, UK, Economy, Inflation,
As expected, the Bank of England’s (BoE) Monetary Policy Committee (MPC) decided to keep UK monetary policy unchanged for at least another month with UK interest rates staying put at 0.5%, a level they have now been at for 5 years and the size of the asset purchase program also remains unchanged at £375 billion.
Meanwhile, the Halifax reported that UK house prices rose by 2.4% in February, the eleventh consecutive increase which now takes the average UK house price to within 10% of its level at the pre-financial crisis August 2007 peak.
Stephen Noakes, Mortgages Director, cited several factors such as “The improved economic outlook, unemployment falling faster than expected, improvements in consumer confidence and low interest rates.”
In the euro zone, the European Central Bank (ECB) also kept its key benchmark interest rate unchanged, at 0.25%.
ECB President Mario Draghi defended his decision to keep policy unchanged in the face of calls from the International Monetary Fund (IMF) for the ECB to take action. In his monthly press conference following the ECB’s decision, Draghi said the IMF was one of the many voices asking the ECB to consider a shake-up in policy.
Draghi said “Our monetary policy will stay in place even after we see improvements in the economy because we have a stock of slack. You seem slightly disappointed every time we don’t take action but we are taking action all the time.”
Draghi also reaffirmed the ECB’s expectations that the euro zone will experience a “prolonged period of low inflation” before this gradually moves up towards the ECB’s target of a level of inflation close to but below 2%. Euro zone inflation is currently at 0.8%.
The euro strengthened on the news, particularly after Draghi presented an upbeat assessment of the growth forecast for 2014 which has been revised up from 1.1% to 1.2%.
The ECB now predicts a growth rate for the euro zone of 1.5% in 2015 and 1.8% in 2016.
A much better day for the Australian dollar which rallied strongly after better than expected growth for the last quarter of 2013 was reported overnight. The Australian economy was boosted by both a rise in exports and in domestic consumption. The Australian economy grew by 0.8% in the three months to 31 December, ahead of most predictions just days after the Reserve Bank of Australia kept its key benchmark interest rate unchanged at 2.5% for the seventh month in a row.
Meanwhile, the Halifax reported that UK house prices rose by 2.4% in February, the eleventh consecutive increase which now takes the average UK house price to within 10% of its level at the pre-financial crisis August 2007 peak.
Stephen Noakes, Mortgages Director, cited several factors such as “The improved economic outlook, unemployment falling faster than expected, improvements in consumer confidence and low interest rates.”
In the euro zone, the European Central Bank (ECB) also kept its key benchmark interest rate unchanged, at 0.25%.
ECB President Mario Draghi defended his decision to keep policy unchanged in the face of calls from the International Monetary Fund (IMF) for the ECB to take action. In his monthly press conference following the ECB’s decision, Draghi said the IMF was one of the many voices asking the ECB to consider a shake-up in policy.
Draghi said “Our monetary policy will stay in place even after we see improvements in the economy because we have a stock of slack. You seem slightly disappointed every time we don’t take action but we are taking action all the time.”
Draghi also reaffirmed the ECB’s expectations that the euro zone will experience a “prolonged period of low inflation” before this gradually moves up towards the ECB’s target of a level of inflation close to but below 2%. Euro zone inflation is currently at 0.8%.
The euro strengthened on the news, particularly after Draghi presented an upbeat assessment of the growth forecast for 2014 which has been revised up from 1.1% to 1.2%.
The ECB now predicts a growth rate for the euro zone of 1.5% in 2015 and 1.8% in 2016.
A much better day for the Australian dollar which rallied strongly after better than expected growth for the last quarter of 2013 was reported overnight. The Australian economy was boosted by both a rise in exports and in domestic consumption. The Australian economy grew by 0.8% in the three months to 31 December, ahead of most predictions just days after the Reserve Bank of Australia kept its key benchmark interest rate unchanged at 2.5% for the seventh month in a row.
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Source: moneytransfer.co.uk