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Posted April 16th, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.139
US$/GBP – 1.543
CHF/GBP – 1.633
CAN$/GBP – 1.546
AUS$/GBP – 1.655

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Sterling strengthened against the euro yesterday and breached the 1.14/ £1 barrier as the pound rose by 0.7% as a new opinion poll showed that the conservatives would win an overall majority. This negated the relatively poor consumer confidence survey by the Nationwide that showed that concerns over the election had caused confidence in the UK to suffer. The pound stayed relatively steady against the US dollar. However, in early trading this morning the pound suffered as last night’s first election debate sent shockwaves through the markets as fresh concerns over a hung parliament were raised by Nick Clegg’s strong performance for the Liberal Democrats. This raised fresh concerns that neither Labour nor the Conservatives would win a clear majority. There is no data out today so expect the pound to continue to trade on sentiment. Get in touch now for a quote.

In the Euro zone, there is a relatively busy day on the calendar. Euro zone consumer inflation is expected to show stay at 1.5% and core consumer inflation is expected to improve marginally. In addition, the Euro zone trade balance is expected to narrow by around 2bn. There is likely to be a large amount of movement today off the back of the UK election debate. Call in now to avoid missing out.

In the USA, following Nick Clegg’s surprise performance in last night’s debate, the US dollar has strengthened by 0.8% against the pound, hitting $1.5366/ £1 and off the seven week high of $1.5524 that was hit yesterday. With risk appetite driving sterling/ dollar prices, it is an opportune time to be working closely with currency specialist to ensure that you can take advantage of any volatility in the market. Out today there is US ‘housing start’ data which is expected to come in at about the same level as last month. Call in now for a price. Have a great weekend!

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Posted April 15th, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.139
US$/GBP – 1.547
CHF/GBP – 1.633
CAN$/GBP – 1.545
AUS$/GBP – 1.655

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Sterling gained and hit a 7 week high against the US dollar in the wake of Tuesday’s better than expected trade balance data and strong retail sales data. The pound reached $1.5492/ £1 against the US dollar spurred further by a boost in risk appetite following strong US corporate earnings figures. Sterling strengthened marginally against the euro, hitting a high of 1.1352/ £1 despite a lack of data. Fresh opinion polls yesterday showed that a hung parliament was the likely result of the election, however the pound bucked the trend. Normally what we have seen in this instance is panicked selling of the pound and it has weakened considerably. However, several analysts have stated that the possibility of a hung parliament is already ‘priced in’ – i.e. the market expects it to happen and the price already reflects this event happening. Out today there is very little data. Call in now for a price as there may be positive movement off the back of the current strong sentiment.

In the Euro zone, it was a particularly quiet day with little data released. As a result, the euro traded in a tight range against most currencies. Similarly today, the only data released is the ECB’s monthly report and there is a French bond issue which may cause a little movement if demand is less than expected. Either way, it is worth getting in touch for a price now – especially if you need to move euros back into sterling, as the pound is currently on an upward trend against the euro.

In the USA, the US dollar fell on risk appetite with investors looking to move from the safe haven US dollar into ‘riskier’ assets in other currencies. Out today, there is US unemployment claims data which is expected to show an improvement on last month. Manufacturing data will also be closely watched and several members of the Federal Reserve speak later today. Despite the dollar falling against the pound recently, some analysts are still forecasting levels below $1.50/ £1 towards the end of the year as the US is likely to raise interest rates sooner than the UK. Get in touch now to secure preferential US dollar prices and avoid missing out if things do move in the future.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Posted April 14th, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.131
US$/GBP – 1.541
CHF/GBP – 1.625
CAN$/GBP – 1.539
AUS$/GBP – 1.655

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Sterling strengthened marginally against the euro yesterday as data showed that the UK’s trade deficit had narrowed to £6.18bn – better than the forecast figure of £7.35bn and the smallest budget deficit since June 2006. The pound jumped as the figures suggest that higher exports may lead to strong growth figures for the 1st Quarter of 2010. The pound hit a high of 1.1356/ £1 against the euro and $1.5480/ £1 against the US dollar before slipping marginally towards the end of the day. Data from the British Retail Consortium showed that retail sales grew at the fastest pace for a year last month. However, the early timing of Easter and a very poor winter may have caused a larger spike than normal. It is a relatively light day on the economic calendar today – the only data out is a consumer confidence survey by Nationwide. Despite a lack of data, bear in mind that as the election approaches, the pound is likely to be very sensitive to political data and as a result we could see a lot of volatility. Get in touch now to take advantage of relatively higher sterling prices.

In the Euro zone, following Monday’s announcement of a 30bn bailout of Greece and the associated strengthening of the single currency, the euro had a relatively quiet day. Aside from a fall of 0.1% against the pound following strong UK data, French and German consumer inflation data came in as expected showing prices rose by 0.5% in the last month. German wholesale prices did jump more than expected in March posting a rise of 1.3% against an expectation of 0.5%. However, the marginal strengthening of the euro that this caused was soon erased on the release of the UK trade balance figures. Out today, we have industrial production figures that are expected to show a 1.5% decline on last month. Get in touch now for a live price and to avoid losing out as markets move.

In the USA, the US dollar fell by 0.1% against sterling as US trade balance data showed that the trade deficit widened by almost $1bn and import prices rose at a slower pace of 0.7% month on month against an expectation of 0.9%. Despite this worse than expected data, a survey of economic optimism showed a better than expected improvement from 45.4 to 48.4 which helped stop the US dollar from falling further through the day. Out today, there is consumer inflation data, retail sales data and Fed Chairman Ben Bernanke testifies to Congress in Washington D.C. With a relatively busy day on the economic calendar, it is worthwhile getting in touch as early as possible to avoid missing out if the rate moves against you.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Posted April 13th, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.129
US$/GBP – 1.535
CHF/GBP – 1.625
CAN$/GBP – 1.542
AUS$/GBP – 1.659

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Sterling fell against the euro yesterday after EU ministers announced details of a standby bail out package to help debt-ridden Greece. The pound dropped almost 0.8% to a low of 1.1311/ £1 as the 30bn package of loans was announced. Up to 10bn will come from the International Monetary Fund if needed. Fresh political opinion polls out over the weekend proved inconclusive and continued to point towards the possibility of a hung parliament as Labour launched their election manifesto. The possibility of a hung parliament kept sterling back against the euro, as investors worry that a government with no clear majority would struggle to push through the tough legislation required to clear the UK’s record budget deficit. It wasn’t all bad for the pound, as details of the Greek bail out fuelled a demand for riskier assets and as a result saw sterling strengthen against the US dollar. Sterling hit a high of $1.5397/ £1 before dropping off marginally towards the end of the day. Out today we have ‘Official’ house price data and more importantly the monthly trade balance figures for the UK. This is expected to show that the UK exported slightly more than it imported last month – a sign that the weak pound is increasing demand for UK goods and services. This data is likely to have a large effect, so call in now for a live price to avoid missing out.

In the Euro zone, the euro traded higher against sterling and the US dollar hitting a high of $1.3692/ 1 as the single currency benefited from the announcement of the standby emergency package. However, analysts at BNP Paribas bank pointed out that the euro’s troubles are not solved by this package, which will most likely be needed. This will see many European economies having to undergo a painful fiscal readjustment for several years to come. As a result, many analysts predict that the euro will decline throughout the rest of 2010. The economic calendar is light today – get in touch now if you need to move euros into sterling, as this could be the best prices we see for some time.

In the USA, the US dollar slipped marginally against the euro and sterling as risk appetite increased following the Greek bailout announcement. The major news however was that the Dow Jones stock market closed above 11,000 for the first time since September 2008 – a clear sign that markets have moved from ‘panic stations’. This had little effect on the US currency though. Out today, there is US trade balance data, import price data and Treasury Secretary Timothy Geithner speaks in Washington D.C. It is a busy day for data in the UK and the US, so get in touch now to take advantage of any short term movements.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Posted April 12th, 2010 by Charles Purdy

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Posted April 12th, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.134
US$/GBP – 1.543
CHF/GBP – 1.636
CAN$/GBP – 1.554
AUS$/GBP – 1.662

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

How rapidly things can change. Up to midday on Friday sterling seemed to be building up a head of steam against the euro but the announcement of the rescue packaged for Greece by the European Central Bank put this into fast reverse with sterling losing nearly 1.5 cents by the opening of the market today. Just shows how volatile the market is and how quickly sentiment can change. Economic data last week wasn’t as good as expected but did show that the economy was continuing to grow and the 1st quarter growth figures will be eagerly awaited next week. This week the main bit of data are the trade figures for February. These are expected to show a reduction from the January figures which means that are exports are catching up with are imports. The movement over the weekend shows how important it is to get in touch so that you can take advantage when rates are good.

So have they found the solution to the Greek government debt problem. The ECB has made available 30bn at an interest rate of 7.5%. Not cheap given where interest rates are at the moment but it should draw a line under the current problems. But what if it doesn’t and what if we begin to see a run on Portuguese or Spanish government debt which dwarfs that of Greece. So we have seen a rapid gain for the euro but volatility will remain high so give us a ring now to be ahead of the curve.

On the back of positive euro news the US$ has lost ground at the start of this week. A huge raft of economic data out this week for the US starting with inflation data. This is expected to be around the 1% range which the market believes is still low enough for interest rates to be kept at current low levels. Later in the week we have US retail figures and industrial production. Both are expected to show continued improvement as the US leads the western world out of recession. Again the rapid movement over the weekend shows how important it is to be in touch with us earlier than later. So please give us a ring.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Posted April 9th, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.145
US$/GBP – 1.536
CHF/GBP – 1.642
CAN$/GBP – 1.536
AUS$/GBP – 1.652

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Sterling seems to be enjoying some time in the sun gaining ground against most currencies over the last 24 hours. The Bank of England met and did nothing which was as expected. So no increase in interest rates or in their programme of quantitative easing. Other economic data was broadly positive as well which boosted confidence in sterling. The great unknown is the forthcoming general election. The worst possible world for sterling is a hung parliament. At the moment the opinion polls show the Tories ahead but is their lead enough to avoid a hung parliament. Only time will tell but this is going to lead to volatility for sterling so it makes sense to contact us sooner rather than later.

The euro continues to suffer from problems with Greek government debt. The interest rate being demanded to hold Greek government debt continues to increase which shows how uncertain the market is. The European Central Bank met and kept rates on hold. They also made positive noises about the situation in Greece saying they thought matters were under control. The ECB does seem to have greater flexibility in dealing with these matters when compared to the BoE. Also it has to remembered that the level of Greek government debt when compared to the size of the euro zone is not that significant. This thought process would change if say Spain or Portugal began to have similar problems. Please call us so we can help you take advantage of sterling’s strength against the euro.

The news out of the US this week has been somewhat limited. The major issue on the minds of the Americans, other than Tiger Woods return to golf, is whether or not the Chinese are going to allow their currency the renminbi to start appreciating against the US$. Since the onset of the worldwide financial crisis the Chinese have kept the renminbi fixed to the US$ to help their exports. The Americans do not like this as it reduces their ability to export and have been applying pressure for the Chinese to allow the renminbi to appreciate. And guess what the more pressure that the US applied the less likely the Chinese were to change their position. But it does seem that given the world seems to be moving out of recession the Chinese are becoming more amenable to letting the renminbi appreciate. But sterling has gained ground this week and so please call us so we can help you take advantage of sterling’s strength.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Posted April 8th, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.141
US$/GBP – 1.517
CHF/GBP – 1.636
CAN$/GBP – 1.529
AUS$/GBP – 1.644

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Even though the UK purchasing managers indices for the services sector came in worse than expected sterling held steady. The index was still in positive territory which indicates that the UK economy is still expanding. Also we had slightly weaker demand for an issue of 2015 government debt which must raise slight worries given the level of debt that needs to be raised this year. The politicians are clearly getting up a head of steam by focussing on the upcoming election so please expect increased volatility and it makes sense to ring us sooner rather than later so as to plan properly.

In the euro zone the Greek government debt problem continues with the interest rate on their debt continuing to rise. As mentioned yesterday the Greeks are also withdrawing their money from the Greek banks. Apparently 10% of funds on deposit have been removed since the start of the year. We also had a slight downgrade to the euro zones growth figures for the last quarter of 2009 which showed no growth instead of the slight increase previously reported. But the good news is that we had an upward revision to economic data for March which indicates growth for the first quarter of 2010. So as you can see some contrasting pressures on the euro so please give us a ring as soon as possible to avoid losing out.

No major news out of the US as sterling held close to the US$1.52/£1 level. Today we have the weekly initial jobless claims data. It will be interesting to see if this supports the positive monthly non farm payroll figures for last week.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Posted April 7th, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.139
US$/GBP – 1.525
CHF/GBP – 1.632
CAN$/GBP – 1.523
AUS$/GBP – 1.645

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

So the UK general election is set for the 6th May 2010. This at least removes one uncertainty and after an initial loss of ground for sterling against the euro and the US$ it managed to strengthen. But given the likely ebbs and flows in the various parties’ fortunes over the next few weeks and the possibility of a hung parliament, it does mean that we are entering a period of high volatility for sterling. This morning we see sterling holding its own, close to 1.14/£1 and over the US$1.52/£1 level. But as I note this is a period of high volatility so expect to see rapid movements wither way and as such best to give us a ring as early as possible or risk losing out.

The euro suffered from uncertainty over the Greek government debt rescue package. Mixed reports in the press saying that the Greek government wanted to renegotiate the deal and that rich Greek nationals were moving their money to offshore institutions. The net result of this is that the yield on Greek government debt continues to rise which is a sure sign that the market is “worried”. What are the alternatives? I think we have two extremes. Either the euro zone gets a comprehensive solution to this type of scenario that suits all euro zone countries or Greece leaves the euro zone. Until this uncertainty over Greece is resolved it is going to be very difficult for the euro to gain ground especially against the US$. So whether your sending money abroad or receiving euros into the UK give us a ring because moves can be very rapid.

Limited news out of the US which has lost a bit of ground against sterling over the last week or so. Given the gains that the US$ has made since the start of the year against sterling and the euro a period of “weakness” is not a surprise. But it is worth noting that the US$ has not been all conquering as it has lost ground against the commodity backed currencies in the same period. Against the Canadian $ it has returned to parity [1:1] and lost ground against the Australian $ where their central bank raised interest rates by 0.25% overnight. The general view is that the US is leading the world out of recession. In fact it seems that the commodity backed countries are in the vanguard as China continues to spend its billions. So please give us a ring as uncertainty over exchange rates can make life very difficult and it seems best to talk to an expert.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Posted April 6th, 2010 by Charles Purdy

Currency Rates

EURO/GBP – 1.132
US$/GBP – 1.518
CHF/GBP – 1.621
CAN$/GBP – 1.519
AUS$/GBP – 1.642

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Sterling enjoyed a strong run up to Easter and has opened the post Easter period strongly moving up through 1.13/£$1 for the first time in a while. Positive economic data has been one of the factors helping sterling to strengthen and we wait to see if this weeks data releases maintains the momentum. Firstly we have the purchasing managers indices for services for March released and the expectation is for it to be similar to the February level. Then we have UK industrial production data for February and the expectation is for continued improvement. And finally it looks as if all the talk is over and the general election is on its way in early May. The Conservatives seem to be ahead in the poll which is helpful as the last thing sterling needs is a hung parliament. So volatility is going to stay high so give us a ring to make sure you don’t miss out.

The euro had a mixed week last week. Reasonable economic data was held back by the continued problems with Greek debt and uncertainty with the support package put in place by the European Central Bank. The ECB meets on Thursdays and there is bound to be lots of questions at their post meeting news conference on this matter. Otherwise we have a similar release of the purchasing managers indices for services for March and as per the UK the expectation is for it to be similar to the February level. So again a level of uncertainty and worth giving us a ring.

The US lost ground against sterling even though Fridays release of payroll data showed that 162,000 jobs were created in March which was way ahead of expectations. So the US economy seems to be on the up. We have an announcement and a speech from the Federal Reserve this week and it will be interesting to see their view on the economy. We also have a couple of government bond issues. The previous ones were met with poor uptakes and so it will be interesting to see how this weeks perform. Certainly there is a feeling that interest rates are on the increase as this will need to happen if investors are to fund the US’s debt requirements. So again an interesting week ahead and as ever it makes sense to talk to us sooner rather than later.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

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