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Pound falls against the Euro
Published: 24 Oct at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Currency Exchange, Canadian Dollar Exchange Rate, Euro Crisis, UK, Inflation, Spain,
The pound fell for the second day in a row against the single currency despite the release of the minutes from the latest Bank of England policy meeting which showed that all nine members of the Monetary Policy Committee (MPC) decided unanimously to maintain the benchmark interest rate at 0.5%and keep the level of the stimulus program unchanged at £375 billion.
Analysts however have different views as to when the cost of borrowing may need to rise. The MPC decided in August to maintain the benchmark interest rate unchanged until unemployment in the UK falls to 7% unless inflation threatens to get out of control or there are major risks to financial stability.
Meanwhile, the British Bankers Association (BBA) reported that the number of mortgages approved last month has surged by almost 40% above the figures reported in September 2012. A total of 42,990 loans were approved in the four-week period, a level not seen since December 2009.
The figure was up 10% on August 2013 giving yet another indication of growing consumer confidence, although the BBA were quick to point out that the September figure was still significantly lower than the highs seen at the end of 2006.
The Bank of Canada (BOC) sprang a surprise on the markets yesterday. Although, as expected, they kept the key interest rate unchanged at 1%, the BOC dropped the forward language that suggested that the next change would be a rate increase. It also lowered its economic growth forecasts and pushed back until the end of 2015 its forecast for when it believes the 2% inflation target will be reached. It now expects GDP growth this year to be 1.6% compared to a prior estimate of 1.8%. It also lowered its 2014 growth outlook from 2.7% to 2.3% and the 2015 outlook from 2.7% to 2.6%.
The euro was boosted yesterday on the news that Spain's gross domestic product (GDP) expanded by 0.1% in the third quarter according to INE, the country's statistical agency. This marks the first quarter of positive growth in the last ten quarters.
Analysts however have different views as to when the cost of borrowing may need to rise. The MPC decided in August to maintain the benchmark interest rate unchanged until unemployment in the UK falls to 7% unless inflation threatens to get out of control or there are major risks to financial stability.
Meanwhile, the British Bankers Association (BBA) reported that the number of mortgages approved last month has surged by almost 40% above the figures reported in September 2012. A total of 42,990 loans were approved in the four-week period, a level not seen since December 2009.
The figure was up 10% on August 2013 giving yet another indication of growing consumer confidence, although the BBA were quick to point out that the September figure was still significantly lower than the highs seen at the end of 2006.
The Bank of Canada (BOC) sprang a surprise on the markets yesterday. Although, as expected, they kept the key interest rate unchanged at 1%, the BOC dropped the forward language that suggested that the next change would be a rate increase. It also lowered its economic growth forecasts and pushed back until the end of 2015 its forecast for when it believes the 2% inflation target will be reached. It now expects GDP growth this year to be 1.6% compared to a prior estimate of 1.8%. It also lowered its 2014 growth outlook from 2.7% to 2.3% and the 2015 outlook from 2.7% to 2.6%.
The euro was boosted yesterday on the news that Spain's gross domestic product (GDP) expanded by 0.1% in the third quarter according to INE, the country's statistical agency. This marks the first quarter of positive growth in the last ten quarters.
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Source: moneytransfer.co.uk