{"id":2865,"date":"2013-05-24T11:35:36","date_gmt":"2013-05-24T11:35:36","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=2865"},"modified":"2013-05-24T11:35:36","modified_gmt":"2013-05-24T11:35:36","slug":"uk-posts-growth-in-gdp-gbp-rallies","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/uk-posts-growth-in-gdp-gbp-rallies\/","title":{"rendered":"UK posts growth in GDP, GBP rallies"},"content":{"rendered":"<p><a href=\"https:\/\/plus.google.com\/111687047260609547765\/posts\"><b>Sinduja Venkat<\/b><\/p>\n<p><\/a><\/p>\n<p>Good morning and welcome to today\u2019s foreign exchange market commentary on 24th of May.<b>\u00a0<\/b><\/p>\n<p><b>Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights:<\/b><\/p>\n<ul>\n<li>GBP rallies once again on GDP push<\/li>\n<li>ECB has made sound decisions thus far says Draghi<\/li>\n<li>USD dips on wave of risk aversion<\/li>\n<li>Yen sales up once again as deflation concerns dampen<\/li>\n<li>More bad news for AUD as Ford pulls out local manufacturing<\/li>\n<\/ul>\n<p><b>CURRENCY RATES OVERVIEW\u00a0 <\/b><\/p>\n<p><b>GBP\/EURO \u2013 <\/b>1.1639<br \/>\n<b>GBP\/USD \u2013 <\/b>1.5119<br \/>\n<b>GBP\/CHF \u2013 <\/b>1.4592<br \/>\n<b>GBP\/CAD &#8211; <\/b>1.5633<br \/>\n<b>GBP\/AUD \u2013 <\/b>1.5624<br \/>\n<b>GBP\/ZAR \u2013 <\/b>14.4298<br \/>\n<b>GBP\/JPY \u2013 1<\/b>54.1064<br \/>\n<b>GBP\/HKD \u2013 <\/b>11.7379<br \/>\n<b>GBP\/NZD \u2013 <\/b>1.8691<br \/>\n<b>GBP\/SEK \u2013 <\/b>10.0428<\/p>\n<p><i>Mid-market rates as of 2013-05-24 08:40 UTC<\/i><\/p>\n<p><b>Making an international payment? Compare money transfer deals and save 3-5 % on your currency. <\/b>Making an\u00a0<a href=\"http:\/\/www.mycurrencytransfer.com\/\">international money transfer<\/a>? Compare money transfer deals and save 3-5 % on your currency exchange with better-than-bank exchange rates.<\/p>\n<p><b>Key releases in the next 24 hours that may affect currency date:<\/b><\/p>\n<p><b>Australia:\u00a0<\/b>No Data<br \/>\n<b>Europe:\u00a0<\/b>EUR German Gross Domestic Product s.a. (QoQ) (1Q F), EUR German Gross Domestic Product w.d.a. (YoY) (1Q F), EUR German Gross Domestic Product n.s.a. (YoY) (1Q F), EUR German IFO &#8211; Business Climate (MAY), EUR German IFO &#8211; Current Assessment (MAY), EUR German IFO &#8211; Expectations (MAY)<br \/>\n<b>United Kingdom:\u00a0 <\/b>GBP BBA Loans for House Purchase (APR)<br \/>\n<b>New Zealand:\u00a0<\/b>No Data<br \/>\n<b>United States of America:\u00a0<\/b>USD Durable Goods Orders (APR), USD Durables Ex Transportation (APR)<br \/>\n<b>China: <\/b>No Data<br \/>\n<b>Canada: <\/b>No Data<br \/>\n<b>Japan: <\/b>No Data<\/p>\n<p><b>GBP rallies once again on GDP push<\/b><\/p>\n<p>GBP received some aggressive bids towards the end of yesterday\u2019s session pushing up its value to 1.5107 against the USD following the release of UK GDP figures coming in on par with expectations. Output increased by 0.3% in Q1 2013 after dipping by 0.3% the previous quarter. GDP increased by 0.6% compared to the previous year. The main contribution to this growth story has been the percent change in inventories, an increase of 0.4% as well as overall increase in household final consumption expenditure.<\/p>\n<p><b>ECB has made sound decisions thus far says Draghi<\/b><\/p>\n<p>On his Thursday\u2019s speech in London Draghi said that the European Central Bank&#8217;s decisions at this time were all directed at ensuring a sound future and longevity of the Euro currency.<\/p>\n<p>The ECB head further mentioned that several policy measures that were being implemented by the bank helped to alleviate the critical situation that could have otherwise impacted the financial markets to a considerable extent. The ECB he said prevented rise in interest rates which would have led to the collapse of several Eurozone economies and also eliminated the risk of a currency collapse.<\/p>\n<p><b>USD dips on wave of risk aversion<\/b><\/p>\n<p>USD dipped against all major peers over last night\u2019s trading session as a wave of risk aversion threatened the recent bullish mood in US markets. However, American trading session open witnessed US stocks advancing from pre-open negative indicators. The US index consistently declined on Thursday, dipping to the 83.75\/80 region after soaring to overnight highs of 84.60.<\/p>\n<p><b>Yen sales up once again as deflation concerns dampen<\/b><\/p>\n<p>Yen is being sold in volumes once again as USD\/JPY rises once again over the 102 level after tumbling to below 101 yen during yesterday\u2019s volatile European session. Japan&#8217;s government as well as BOJ Governor Kuroda tried to alleviate concerns by reinforcing that Japanese Government Bonds and stocks are on close watch, and the important goal for the policy makers at this time is to combat deflation.<\/p>\n<p><b>More bad news for AUD as Ford pulls out local manufacturing<\/b><\/p>\n<p>As news released that auto maker Ford is planning to pull out of local manufacturing the Aussie dollar which was trading in the 0.9680 region sank to the 0.9650 region. It had made some advances earlier on in anticipation of HSBC Chinese PMI before the data release indicated a contraction. Following this Aussie dipped back into the 0.9590 region against the greenback.<\/p>\n<p><i>Going on holiday? Compare travel money deals with our sister site mytravelmoney.co.uk<\/i><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sinduja Venkat Good morning and welcome to today\u2019s foreign exchange market commentary on 24th of May.\u00a0 Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights: GBP rallies once again on GDP push ECB has made sound decisions thus far says Draghi USD dips on wave of risk aversion Yen sales up once again as deflation concerns dampen More bad news for AUD [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[110],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2865"}],"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=2865"}],"version-history":[{"count":1,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2865\/revisions"}],"predecessor-version":[{"id":2866,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2865\/revisions\/2866"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=2865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=2865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=2865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}