At Gerard Associates Ltd we continue our daily look at factors affecting markets and currencies allowing some insight into conditions affecting exchange rates.

Cash and income timing from a UK Pension income drawdown, flexible pensions or QROPS (Qualifying Recognised Overseas Pension Scheme) should be considered to maximise the Pension drawdown, QROPS and investment income taken.

Investment market volatility and currency exchange remains a challenge. The global economics are volatile and unprecedented in history. Currency exchange continues to concern expats with UK Pensions, income drawdown now including flexible pensions, a QROPS and QNUPS (Qualifying non UK Pension schemes).

UK

The pound fell the most in 5 weeks against the euro as the final print of Q4 UK GDP figures were revised down to 0.3% from earlier estimates of 0.2%. GBPEUR fell immediately from 1.1972 to 1.1913 whilst GBPUSD gradually fell over course of the day from 1.5954 to 1.5850.

Data released this by Nationwide has shown that house prices fell by 1.0% in March, the biggest monthly fall since Feb 2010. The fall is blamed on a stamp-duty holiday that ended for homes costing less than £250,000.

UK Mortgage Approvals released at 9:30 have shown a drop to 49.0k form 57.9k last month. Net Conusmer Credit has risen slightly to 0.4bn, ahead of estimated on 0.2bn.

GBPUSD this morning has recovered some of yesterdays losses, currnently trading back over 1.59.

WORLDWIDE

EURUSD slipped below 1.3300 overnight but has emerged this morning trading at 1.3321. The euro remains well supported ahead of the Eurozone Finance meeting tomorrow.

Germany warned yesterday that calls for a higher firewall could destroy the credibility of the Eurozone's response to its debt crisis, responding to OECD (Organisation for Economic Co-operation and Development) demands this week for €1 trillion to prevent the debt crisis from spreading.

US Durable Goods Orders rose less than expected in February, orders rose by 2.2% against an estimate of 3.0%. This shows a significant rise from January's 3.7% fall.

The Australian dollar fell against all 16 of its major trading currencies pairs after comments from Treasurer Wayne Swan suggested a programme of spending cuts was imminent. AUDUSD fell to a two month of 1.0336 as additional fears of Chinese manufacturing slowing down also applied pressure.

Russian consumer prices rose 0.2% in the week to March 26 to 0.2%, after a rise of 0.1% per week for almost two months, the Federal Statistics Service said Wednesday. This brings Russian consumer price inflation to 1.3% since Jan. 1, compared with 3.7% in the year-earlier period. Prices have risen by 0.5% in March

Italy’s borrowing costs declined yesterday as the nation sold €8.5bn of bills at the lowest yield in more than a year.

Russia sold $7 billion of bonds yesterday, the most by an emerging-market government since 2009, as soaring oil prices boosted confidence in the world’s biggest energy exporter. The Russian ruble appreciated by 0.3% against the US dollar 29.294.

DATA RELEASES

INTERBANK RATES (09.00 GMT)

Gerard Associates Ltd advises UK residents, expats and people considering living abroad on the technical and currency options available for Pensions, pension income drawdown, flexible pensions, QROPS, QNUPS and investments in a clear format allowing all customers to make an informed choice. Our service encompasses Pension including QROPS and QNUPS and investments in a clear format allowing all customers to make an informed choice.

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