Currency news

By far the most important data release this week in the UK will be Tuesday's GDP figure,  the first estimate of growth in the UK economy from March to June. There is a real worry that we could see a negative result, which would mean the economy had contracted, sparking fears of a double dip recession. Needless to say, that could in turn be catastrophic news for the value of Sterling.  We also have UK house prices, mortgage approvals, and consumer confidence out this week, all of which could have an effect on the Pound's value. During recent weeks we  have become used to seeing disappointing UK economic data, so there could certainly be the potential to fall back this week and lose some of its recent gains.  Looking abroad, there is not much due out from the Eurozone or USA this week, so for  those of you looking to buy Euros or US Dollars at the best available rates, the week is more likely to be dominated by GBP news. We have the New Zealand interest rate decision on Wednesday, and Canadian GDP on Friday.  It is worth noting that currently rates for buying US Dollars are near their best since May,  and for buying Euros we are not far off a 2-month high.