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Posted November 15th, 2012 by Charles Purdy

SMART charts

Tracking the pound against key currencies

Have you been following Sterling’s performance this last month? The Bank of England’s decision to leave interest rates unchanged and to hold back on further quantative easing, combined with greater than expected inflation figures have helped Sterling maintain its value against the euro.

A recent resurgence in civil in unrest in Spain, Portugal and Greece, in reaction to austerity measures, has only undermined confidence in the single currency. The Bank of England’s GDP resutls are announed on November 27, so expect a knee-jerk reaction to the exchange rate immediately following that.

Over the pond, continuity of the US presidency means that interest rates are likely to remain at record lows for some time – making home loans very affordable, as Obama continues with the economic stimulus programs. This in turn will contribute to the continuing stability of the dollar, with any vulnerability more likely to stem from issues in the Eurozone.

Elsewhere, the Australian and New Zealand dollars have lost ground against most major currencies recently, as weakening local business conditions add to the case for rate cuts. Australian business conditions dropped to their lowest in more than three years in October on weak demand, while inflation pressures were subdued.

See below to see how the pound has performed against key currencies over the past month:

                                         €                      $                  AUS$              NZD$              CAN$

November 14             1.241              1.585              1.53                1.95                1.586
October 31                 1.242              1.611              1.554              1.961              1.611
October 15                 1.241              1.607              1.569              1.962              1.573

Based on interbank exchange rates

To discuss currency markets further and for assistance buying and transferring currency, whether it’s for an overseas property purchase, emigration purposes or any other reason, contact Smart Currency Exchange on (freephone 0808 163 0102) or download our free guide entitled ‘Why overseas property buyers lose money… and how you can avoid it’ by clicking here.

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