international money transfer<\/a>? Compare money transfer deals and save 3-5 % on your currency exchange with better-than-bank exchange rates.<\/p>\n\u00a0<\/b><\/p>\n
Key releases in the next 24 hours that may affect currency date:<\/b><\/p>\n
\u00a0<\/b><\/p>\n
Australia:\u00a0<\/b>No Data
\nEurope:\u00a0<\/b>EUR Euro Zone Finance Ministers Meet in Brussels
\nUnited Kingdom:\u00a0 <\/b>GBP RICS House Price Balance (APR)
\nNew Zealand:\u00a0<\/b>NZD Retail Sales Ex Inflation (QoQ) (1Q)
\nUnited States of America:\u00a0<\/b>USD Advance Retail Sales (APR), USD Retail Sales Less Autos (APR), USD Business Inventories (MAR)
\nChina: <\/b>No Data
\nCanada: <\/b>No Data
\nJapan: <\/b>No Data<\/p>\n
<\/p>\n
GBP threatened by Co-op downgrade<\/b><\/p>\n
<\/p>\n
The latest batch of trade data released by UK indicated no change in the position of its trade balances. UK current account deficits have deteriorated suggesting GBP\u2019s long-term equilibrium position is not as high as initially expected. UK manufacturing sector\u2019s poor performance is also indicative of this position. Decline in levels of productivity is not a product of economic cycles rather it is a structural issue. The GBP in such a case will have to decline to improve the UK\u2019s competitiveness amongst its peers.<\/p>\n
<\/p>\n
Meanwhile, Britain\u2019s retail banking sector received some unfortunate news earlier today when Moody\u2019s- leading credit ratings agency downgraded UK based Co-Op Bank\u2019s debt rating to junk status. This event brought the issue of funding difficulties to light which caused a run on Northern Rock- another UK based firm, post financial crisis of 2008. The GBP has however managed to hold up against most of its peers today in spite of the negative sentiment from home \u2013 the GBP\/EUR was trading at above the 1.1800 level for the whole of today\u2019s session.<\/p>\n
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Eurozone meet in Brussels today<\/b><\/p>\n
\u00a0<\/b><\/p>\n
Eurozone finance ministers will gather in Brussels today to discuss whether Greece should be granted further bailout payments. The meeting is also expected to bring up the issue of progress towards creating the EU\u2019s banking union. EU officials are expected to decide whether to make the first installment payment towards the aid for Cyprus, which amount to 3 billion euros following which decisions will be made on whether Greece should receive the next tranche of its bailout programme, which amounts to 7.5 billion euros.<\/p>\n
The week also opens with further concerns about Slovenia requiring a bailout as well. However the country’s government has announced a comprehensive reform plan last Thursday which will aim to consolidate its finances in order to for it to avoid requiring a bailout.<\/p>\n
USD makes steady advances ahead of April data<\/b><\/p>\n
\u00a0<\/b><\/p>\n
USD continued its advance against all major currencies last week. This week data to look out for include US April retail sales data, initial jobless claims and April CPI. Looking at the emerging positive trend for US economic data over the past week this week too will see the USD rising steadily.<\/p>\n
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Stable risk appetite in Asian markets pushes down Yen further<\/b><\/p>\n
<\/p>\n
Yen continued to sink in the Asian session by 0.6 percent on average against its peers, as risk appetite strengthened across Asian markets and encouraged Japanese capital outflows. The benchmark USD\/JPY pair continued to rise, and served to boost expectations for a tapering of Federal Reserve economic stimulus initiatives in the medium to short term.<\/p>\n
\u00a0<\/b><\/p>\n
AUD buckles after Swan\u2019s comments<\/b><\/p>\n
\u00a0<\/b><\/p>\n
AUD failed to perform in the Asian session earlier on after as Treasurer Wayne Swan warned that the AUD\u2019s strength has amounted to an \u201cunprecedented whack\u201d to revenue and led to the government\u2019s \u201cbig decision to delay its return to surplus.\u201d Once again more disappointing Chinese economic data succeeded in increasing downward pressure on the AUD. The currency slid as much as 0.4 percent earlier on against its leading counterparts.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Good morning and welcome to today\u2019s foreign exchange market commentary on 13th of May.\u00a0 Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights: GBP threatened by Co-op downgrade Eurozone meet in Brussels today USD makes steady advances ahead of April data Stable risk appetite in Asian markets pushes down Yen further AUD buckles after Swan\u2019s comments CURRENCY RATES OVERVIEW\u00a0 GBP\/EURO \u2013 1.1839 […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2829"}],"collection":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/comments?post=2829"}],"version-history":[{"count":5,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2829\/revisions"}],"predecessor-version":[{"id":2834,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2829\/revisions\/2834"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=2829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=2829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=2829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}