The UK economy has enjoyed a relatively positive
few days compared to last week, increasing the value of sterling. While
last year saw concerns of further quantitive easing, market analysts now
see any further QE in the foreseeable future as being unlikely. UK
manufacturing data, whilst being lower than expected (down to 51.2,
below forecasts of 51.8), was still positive enough to keep above the
levels required for contraction and allowed the pound to maintain its
strength against the ever weakening Euro.
The Euro saw some strength
against sterling earlier on this week due to confidence about the Greek
austerity measures, causing the rates for transferring sterling to euros
to be the worst weââ¬â¢ve seen for several months. However, this confidence
was short lived with the announcement that the European Central Bank
would be pumping more money into the EU banking system, and the
realisation that the austerity measures are, at best, a temporary
solution for Greeceââ¬â¢s economic woes. This had caused sterling to regain
its losses against the euro, giving us the same excellent rates for
transferring sterling into euros that weââ¬â¢ve seen for the past few
months, hitting a 2 week high on Friday morning.
It
should be important to note that it isnââ¬â¢t just the sterling profiting
over the weakness of the Eurozone. Other European currencies, such as
the Swiss Franc, have seen strength this week, helped by a stronger than
expected Swiss economy, growing 1.3% in 2011,
up from a projected growth of 0.9%. Despite this strength, the Franc
remains weaker than both the Euro and Sterling, the pound seeing a burst
of strength against the Franc over the last 24 hours, giving us very strong rates for anyone looking to send money to Swizerland.
Another currency that has seen weakness against sterling this week is
the Turkish Lira, which has seen a small decrease in value this week due
to rising oil prices, causing the central bank to ease liquidity. This
is likely to give people strong rates for transferring money to Turkey.
Sterling
saw a continuation of last weekââ¬â¢s strength against the US dollar,
hitting a 3 ý month high against the American currency earlier this
week, mostly caused by dollar weakness influenced by the euroââ¬â¢s brief
resurgence at the start of the week. This has shrunk, over the past two
days, however due to confidence in the dollar caused by record strength
against the Yen. The Euro has also seen weakness against the dollar,
falling away from a 3 month high, again due to the ECB decision to pump
more money into the banks. Despite this, rates for transferring sterling
into dollars remain strong, and analysts predict that we may see
further strength
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