International money transfers face effects of BoE data release

The value of sterling on the currency exchanges is likely to be markedly affected by the release of several reports this week, experts have speculated.

Minutes from the Bank of England's (BoE's) last rate-setting meeting, retail sales data and new inflation figures are likely to influence whether or not the pound weakens or strengthens, Reuters reported.

A stronger pound would increase the spending power of Britons hoping to send international monetary transfers abroad.

Sterling has weakened considerably against other currencies over recent months as a result of investor concerns about the UK's economic prospects.

After rising to over $2 against the dollar last summer, the pound is currently trading at $1.67.

The BoE minutes will reveal how policymakers voted on this month's decision to increase the institution's quantitative easing programme by £25bn.

Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi UFJ, told the news agency: "The minutes will probably be the key event for the pound this week, given the high degree of uncertainty surrounding the voting pattern."

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Written by Paul Jarvis