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Posted June 16th, 2010 by Charles Purdy


EURO/GBP – 1.203
US$/GBP – 1.476
CHF/GBP – 1.671
CAN$/GBP – 1.519
AUS$/GBP – 1.712

Sterling had a mixed day yesterday, falling after CPI inflation data came in slightly under what had been expected. Markets were anticipating an annual rate of inflation of 3.5% and when the data showed 3.4%, investors sold the pound. This saw sterling fall to a low of $1.4684/£1 and 1.1998/£1. However, later in the afternoon the pound staged a late surge as appetite for riskier assets returned. This saw a high of $1.4835/£1 and 1.21/£1. Despite falling, inflation is still ‘disappointingly high’ – according to analysts at Investec – and should see some interesting debates over monetary policy over the next few months. Whilst interest rates are unlikely to rise anytime soon, the next major move will be to officially end the ‘quantitative easing’ programme which is (as it stands) ‘on hold’. Watch this space. Out today, we have unemployment data on the change in the claimant count and governor of the Bank of England Mervyn King speaks in London this evening. Get in touch now and discuss your requirements with a currency specialist.

In the Euro zone, the sheer scale of the poor sentiment felt towards the region became apparent today, as a measure of German economic sentiment showed a 20-point drop. The measure (out of 100) shows how investors feel about the economy, and with an expected rise, the scale of the drop demonstrated how shaky many feel about investing in the region. Other data showed that unemployment in the region showed no change. Out today, there is European inflation data. We have seen so many opportunities over the last few weeks to buy at great prices – call in now to make sure you are not losing out due to poor rates.

In the USA, risk appetite and aversion yet again drove the US dollar movement yesterday. With import prices improving against expectations, there were signs that the US economy is on its way to recovery. Out later today there is data on building permits and also purchasing manager data. With the current levels of volatility against sterling, Smart is able to help you target a specific exchange rate by using Orders. Call in now to discuss how we can automatically buy when the rate hits your budgeted level.

Elsewhere, New Zealand consumer confidence rose to the highest level since September 2009 as unemployment dropped sharply at the beginning of 2010. The pound is very volatile against the NZ dollar, so get in touch now to ensure you don’t miss out.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

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Posted June 15th, 2010 by Charles Purdy


EURO/GBP – 1.209
US$/GBP – 1.475
CHF/GBP – 1.691
CAN$/GBP – 1.521
AUS$/GBP – 1.728

Sterling rose over 1% against the US dollar yesterday to hit $1.4803/ £1. The pound jumped after the newly formed Office for Budget Responsibility forecast that government borrowing would be less than expected. The growth forecasts of the previous government were amended down, but this did not come as a surprise for many, as Alastair Darling’s forecast for 3% growth in 2011 had already been heavily criticised for being too optimistic. In addition, the markets digested the ‘hawkish’ (arguing for interest rate rises) comments of Bank of England member Andrew Sentence and the bank’s chief economist Spencer Dale. Both were quoted in articles in the Sunday papers questioning the level of inflation and the sustainability of current monetary policy. Inflation figures released today are expected to show a small drop to 3.4% (CPI) and 5.0% (RPI). This is above the Bank’s target level of 2.5%, and the comments made fuelled speculation that we might be looking at changes to monetary policy far sooner than expected. Either way, yesterday’s volatility demonstrates why it is so important to speak to a currency trader sooner rather than later. Call in now to ensure you don’t miss out.

In the Euro zone, monthly industrial production data came in slightly better than expected, but sterling took centre stage and strengthened against the euro. The pound recovered from 1.1950/ £1 to hit a high of 1.2060/ £1. So far this morning, the pound has strengthened further and is currently toying with the 1.21/£1 level. Out later today we have German economic sentiment data which may have improved slightly following the announcement of the emergency financial package to bail out those with sovereign debt issues. Ensure you take advantage and call in today to speak to a trader.

In the USA, there was little data out yesterday and the US dollar traded on sentiment alone. Risk appetite increased, as Asian markets strengthened overnight and investors bought in to riskier assets. There is some trade data released today including monthly import prices. Yet again we seem to be going from risk aversion to risk appetite on a daily basis – ensure you buy at the right time by speaking to a trader today.

Elsewhere, data showed that New Zealand house sales fell by 17% in the last year to May and house prices fell by 1.4%. This cooled the speculation of large interest rate hikes by the year end with one measure shaving 0.5% off what had been expected just 24hrs earlier. In addition, the Reserve Bank of Australia kept rates on hold and are likely to keep rates as they are for a while as the bank assesses the fallout from the Greek crisis. Get in touch now for a live price.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted June 14th, 2010 by Charles Purdy


EURO/GBP – 1.204
US$/GBP – 1.466
CHF/GBP – 1.672
CAN$/GBP – 1.514
AUS$/GBP – 1.712

Sterling fell sharply against the euro and US dollar on Friday afternoon as weak industrial output figures left investors concerned that the UK might slip back into recession. Industrial output was expected to show a rise of 0.4%, but dropped unexpectedly by 0.4%. Manufacturing production also fell. However, in early trading this morning, the pound is up by 0.4% against the US dollar following strong trade in the Asian markets that has spurred risk appetite. We are seeing large swings in volatility based around risk appetite/ aversion – especially in the run up to the emergency budget on the 22nd June. Today sees the release of the first forecast from the newly formed Office of Budget Responsibility. The OBR’s assessment is likely to show that the previous government’s forecast for growth over the next few years were far too ambitious. This will further press the need for fiscal consolidation. Call in now to discuss a strategy going forward.

In the Euro zone, with sentiment towards the region still poor, today’s highlight is industrial production data which is expected to have risen 0.5% – the smallest rise in 5 months. Whilst this is unlikely to have a huge impact, investors will be keeping a close eye on the figures over the coming months to see whether a cheaper euro is encouraging overseas sales and helping to prop up domestic demand in the region. With uncertainty over the UK budget in the next few weeks, we could conceivably see the euro strengthen against the pound this week. Call in now to ensure you don’t miss out.

In the USA, a survey showed that consumer confidence in the USA rose to the highest level since January 2008. Even as the debt crisis in Europe has been scaring investors, US consumers are gaining confidence in the US recovery. The boost in confidence has driven Asian stock markets higher and seen demand for the US dollar fall as investors look to more speculative investments. The next major event is the UK’s emergency budget – call in now to make sure you buy at the right time and don’t lose money.

Elsewhere, New Zealand retail sales fell by 0.3% in April which was more than what had been expected. The NZ dollar wasn’t affected though and rose much more than its counterparts as the increase in risk appetite in the Asian markets boosted demand for higher yielding currencies. Some analysts are expecting the central bank to raise interest rates by nearly 2% over the next 12 months. This is likely to strengthen the currency significantly. Call in now if you have payments to make to ensure you don’t lose money.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted June 11th, 2010 by Charles Purdy


EURO/GBP – 1.213
US$/GBP – 1.468
CHF/GBP – 1.678
CAN$/GBP – 1.518
AUS$/GBP – 1.738

Sterling rose yesterday driven by a stock market rally and the fact that many investors felt that poor sentiment surrounding the UK’s record deficit had already been ‘priced in’ – i.e. the price takes into account the deficit. The pound rose to a high of $1.4667/£1 and hit 1.2147/ £1 against the euro as investors bought back into the pound following poor sentiment earlier in the week over a possible downgrade of the country’s AAA credit rating. The Bank of England kept interest rates on hold for the 15th month running and also kept the Asset Purchase Facility (quantitative easing) on hold at £200bn. This was widely expected, and further settled the markets and helped add to the pound’s strength. In terms of data, there was little out aside from the Bank decision and out today we have manufacturing data which is expected to show a decline. There is however still concerns over the budget on 22nd June which is holding the pound back. Get in touch now to ensure you are set up to deal with any volatility that this causes.

In the Euro zone, French industrial production fell by 0.3% and the European Central Bank kept interest rates on hold at 1.0%. The euro strengthened following the press conference, as ECB President Jean-Claude Trichet made clear that the recent purchase of Government bonds by the emergency fund would not have any bearing on the ECB’s monetary policy. The sentiment towards the region is still very poor and many analysts are forecasting 1.25/£1. Get in touch now for a live exchange rate – especially if you are holding euros or will need to move euros into sterling at some point soon.

In the USA, a stronger than expected amendment to the trade balance saw investors look elsewhere today. The trade deficit dropped by $0.5bn to -$40.8bn. This saw an increase in risk appetite and meant that the US dollar weakened as investors looked to other currencies. Unemployment data showed that 9,000 more people claimed for unemployment this month over last month, however the unemployment figures were already priced in after last Friday’s poor Non Farm Payroll data. Out today we have retail sales data – get in touch now for a live exchange rate.

Overnight, the Australian and New Zealand dollars fell against the US dollar as Chinese inflation data surged to 3.1% in May. This added further to the speculation that China needs to curb its ballooning economic growth, which will have a direct impact on demand for commodities from Australia and New Zealand. If you need to send funds to the southern hemisphere, now might be an ideal opportunity, as the AUS and NZ dollars are potentially going to weaken. Call in now for a price.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted June 10th, 2010 by Charles Purdy


EURO/GBP – 1.210
US$/GBP – 1.459
CHF/GBP – 1.672
CAN$/GBP – 1.515
AUS$/GBP – 1.737

Sterling recovered yesterday when investors bought back into the pound after analysts stated that the pound had been oversold on Tuesday following comments by credit rating agency Fitch. In the end, the comments made by Fitch added nothing new to what the markets knew already. Concerns over the deficit and a potential credit rating agency have been around since the start of the year, and many investors have been calmed by the aggressive cost cutting measures that have already been announced by the new government. As a result, the pound hit $1.4578/ £1 and was helped along by a strong performance by stock markets as risk aversion eased slightly. The pound is likely to remain under pressure in the run up to the emergency budget on June 22nd as investors remain cautious. There is a lot of data out today, with the main UK news being the Bank of England’s interest rate decision. Whilst it is expected to remain on hold for the considerable future, there could be volatility if any comments are made regarding the £200bn asset purchasing facility. Call in now to ensure you take advantage of any movement.

In the Euro zone, there was little data out yesterday and the single currency took its lead from general sentiment and reaction to other currencies. With sterling having a strong day, the euro fell towards the 18 month low it hit last week, with the pound firmly back over the 1.21/£1 mark. Out later today, we have the European Central Bank press conference in which the bank will outline this month’s interest rate and monetary policy decision. The press conference can cause considerable volatility if any of the comments made are unexpected. In addition, there is some French unemployment data out this morning. Get in touch with a trader to make sure you are buying at the right time.

In the USA, the US dollar fell yesterday as risk appetite increased. There is a fair amount of data out today, with the trade balance expected to show a widening to $42bn. In addition, Treasury Secretary Geithner addresses the Senate on China later this afternoon. There could be some interesting discussion regarding the exchange rate ‘peg’ (i.e. fixed exchange rate) that is in place between the US dollar and Chinese yuan. The US dollar seems to be swinging back and forth at the moment on sentiment – call in now to ensure you catch it at the right time.

Elsewhere, New Zealand raised their interest rates by 0.25% to 2.75% for the first time since the credit crunch hit. A report by Credit Suisse shows that many expect another 0.25% rise at the next meeting in July. Rising interest rates mean a stronger currency – ensure you don’t miss out. The Australian dollar strengthened as data showed an unexpected jump in the number of jobs added to the economy last month. Call in to ensure that any payments you are making do not increase.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted June 9th, 2010 by Charles Purdy


EURO/GBP – 1.211
US$/GBP – 1.448
CHF/GBP – 1.667
CAN$/GBP – 1.520
AUS$/GBP – 1.755

Sterling fell 1% yesterday against the euro breaching 1.20/ £1 as credit rating agency Fitch warned over the UK deficit. Fitch – which is one of the agencies responsible for the credit rating of a country’s debt – said that the challenges facing the UK in order to maintain its ‘AAA’ rating were ‘formidable’. The comments caused concern in the markets, and the pound dropped below $1.44/ £1 and slid to 1.1988/ £1. However, many analysts said that the statement offered nothing new, and simply brought the deficit back into the spotlight ahead of the emergency budget on June 22nd. As a result, sterling has recovered some of yesterday’s losses this morning – helped by the FTSE which opened 0.5% higher. Elsewhere, the UK trade deficit has stayed at £7.3bn despite an expected improvement to £7.0bn. Also, retail sales data showed a mild decline in price inflation. With the current volatility, get in touch to ensure that you don’t miss out.

In the Euro zone, yesterday saw some positives on the data front. German industrial production unexpectedly jumped to 0.9% and investor confidence improved – albeit marginally, while the German trade surplus dropped marginally. Aside from this, there was little to improve on the poor sentiment towards the Euro zone, as many public sector workers went on strike in Spain to demonstrate against the harsh cuts that have been imposed by the recent ‘austerity measures’. There is little data out today – get in touch now to ensure that you buy at the right time.

In the USA, the US dollar strengthened again yesterday following the comments from Fitch. Risk aversion is the major driver of sterling/ US dollar prices at the moment and even though yesterday’s comments added nothing new to what the markets already knew about the UK deficit, the comments brought the deficit back into the spotlight. In terms of data, data on economic optimism showed a decline. Out today, there is crude oil inventory data and Fed Chairman Ben Bernanke testifies to the senate. The US dollar has declined slightly this morning, so get in touch with a trader now to ensure you buy at the right time.

Elsewhere, Australian home loans fell for the 7th consecutive month as mortgage rates increased following a 1.5% increase in the interest rate over the last 7 months. In addition, there is speculation that New Zealand will see the first interest rate hike since 2007 later this evening. The decision is expected at 9pm GMT. This is likely to cause the pound to weaken against the NZ dollar – call in now to make sure you don’t lose out.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted June 8th, 2010 by Charles Purdy


EURO/GBP – 1.211
US$/GBP – 1.447
CHF/GBP – 1.679
CAN$/GBP – 1.529
AUS$/GBP – 1.773

Sterling hit a fresh 18 month high against the euro yesterday and also strengthened against the US dollar. The pound jumped to 1.2176/ £1 as rumours circulated that investors were moving funds from German ‘bunds’ (government bonds) into UK government bonds (also known as ‘gilts’). The move to UK based investments was attributed to fears over the structure of the euro zone as concerns grew even further that the euro will see serious problems over the coming years. Following a poor start to the week due to risk aversion, the pound also rallied against the US dollar as speculation grew that Prudential had not yet finished buying back billions of US dollars worth of sterling following last week’s failed bid to purchase AIG’s Asian insurance arm. The pound jumped 0.6% this morning to hit a high of $1.4560/ £1 before settling above $1.45/£1. David Cameron spoke today about the long road ahead for the UK economy, but there was little in his statement that the markets were not aware of already, as a lot of his ‘revelations’ over incorrect Labour forecasts have been suspected by a number of analysts for many months. Out today, there is consumer confidence data released overnight. Get in touch now for a live exchange rate.

In the Euro zone, the euro hit a 4 year low against the US dollar of $1.1877/ $1 – rapidly approaching the $1.15/ 1 that many analysts have been predicting. The fall was as a result of a statement last week by a Hungarian official who stated that the country had a slim chance of avoiding a Greek style crisis. Despite the fact that Hungary is not part of the single currency, it is a key trading partner for many European countries and poor news impacts the euro significantly. There was a positive bit of data today – German factory orders unexpectedly jumped 2.8% for the month which was a welcome note, but this did little to change the poor sentiment. Out later today, there is a fair amount of ‘low-impact’ data and also German industrial production data. Get in touch now – especially if you are holding Euros and need to move them into another currency, as it could possibly get much worse.

In the USA, after a strong start to the day for the US dollar as investors moved to buy the safe haven currency, the US dollar gave back ground to most currencies with the notable exception being the euro. With a relatively quiet day on the data front, the US dollar became a gauge of risk sentiment again. The general forecast is that the US dollar is set to strengthen against the pound, and once the volatility related to Prudential has worn off, expect the US dollar to continue to strengthen. Out later today there is some economic optimism data. Get in touch now to take advantage of any spikes in the market.

Elsewhere, Australian business confidence fell for the 3rd month running according to a survey by the National Bank of Australia. This is the lowest level of confidence for nearly a year and is due to a recent super tax on commodities and also concerns that China is likely to cool demand in its economy which will have a knock on effect for the currency. Expect the Australian dollar to weaken over the coming months as it appears over valued currently – call in now for a price to ensure you take advantage.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted June 7th, 2010 by Charles Purdy


EURO/GBP – 1.207
US$/GBP – 1.442
CHF/GBP – 1.680
CAN$/GBP – 1.534
AUS$/GBP – 1.771

Sterling fell on Friday against the US dollar but hit a 1 ½ year high against the euro as a worse than expected rise in US employment figures pointed towards a slower than expected US recovery. With Europe in the midst of a debt crisis and China looking to curb spiralling growth, many analysts were hoping that the USA could provide the driving engine of a global recovery. However, with the number of new jobs falling 100,000 short of what was expected, many analysts feel that this opens the door to a double dip recession and fresh round of risk aversion and a flight to US dollar denominated assets. Over the weekend, news was released that David Cameron is to state that the UK economy is in a far worse state than he had initially thought. With £6bn worth of cuts already announced, this is a drop in the ocean compared to the £156bn deficit. Following the Prime Minister’s statement later today, expect some volatility on the currency markets. In terms of data, there is little out aside from some yearly retail sales data. Ensure you do not lose out. Get in touch now for a live exchange rate.

In the euro zone, the region continues to suffer from poor sentiment related to the debt crisis and the euro fell to the lowest level for 4 years against the US dollar last week, dipping below $1.20/ 1. The single currency is also at the lowest level since 2001 against the Japanese yen. One survey of economists in the Daily Telegraph over the weekend suggested that the euro would be ‘dead’ within 5 years – or at the very least, certain countries would start pulling out of the currency as and when they default on loans. Out later today, there is German factory data which is expected to show a mild decline. Call in now for a live price.

In the USA, following Friday’s disappointing jobs report, the US dollar and Japanese yen have both strengthened as investors look for safe haven assets to invest in. With fears of a double dip recession – where growth turns negative after a period of recovery – the US dollar again looks set to take on the role of risk sentiment indicator. Therefore, any negative news in the UK will see sterling fall against the US dollar. In addition, perversely, any strong data for the USA will have the same effect. Call in now for a live exchange rate.

Elsewhere, the pound has strengthened marginally against the Australian dollar and other ‘commodity currencies’ this morning, as risk aversion sees traders move from ‘riskier’ investments in those countries and back into safer sterling/ US dollar assets. It might be an advisable time to look at taking advantage of the improved rate if you have payments to make. Call in now to speak to a trader and make sure you don’t miss out.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted June 4th, 2010 by Charles Purdy


EURO/GBP – 1.200
US$/GBP – 1.464
CHF/GBP – 1.691
CAN$/GBP – 1.521
AUS$/GBP – 1.729

Sterling fell against the US dollar yesterday after mixed data failed to impress the markets. The pound initially strengthened as a survey showed a rise in UK house prices, but then suffered as services sector growth came in worse than expected. The pound fell to a low of $1.4588/ £1 on the news off a high of $1.4740/ £1. Many analysts cited that any sterling demand following the unwinding of protective positions following the collapse of Prudential’s bid for the Asian arm of AIG had now been completed, and as such, this contributed to the pound’s decline. However, sterling performed strongly against the euro and hit 1.2008/ £1 in late trading, as concerns over the outlook for the Euro zone economy outweighed the perceived risk of investing in the UK. Many analysts expect the pound to strengthen to 1.2239/ £1 – a key technical level representing the mid point between the 2007 highs and 2008 lows. Out later today we have further house price data. Get in touch now for a price.

In the Euro zone, the single currency continues to suffer from concerns over the economic outlook related to the region. With sovereign debt a major issue, many investors are looking elsewhere for returns and as such the euro continues to weaken. Services data showed a mild improvement, but this did nothing to impact on sentiment, and in late trading the euro weakened to fall above the 1.20/£1 mark again. The major data out tomorrow is revised quarterly GDP data, which is unlikely to have a large effect unless it is wildly outside of what is expected. Call in for a live exchange rate.

In the USA, there was a raft of relatively mixed data out yesterday. Non-farm employment showed that the US labour market grew by 55,000 jobs last month which was worse than expected. In addition, unemployment claims stayed the same, and productivity data showed a mild decline. Out today there is the ‘main’ measure of unemployment and the Non-farm unemployment rate, which normally see a fair amount of volatility. Ensure you don’t miss out by calling in now for a live exchange rate.

Elsewhere, overnight the Australian and New Zealand dollars fell as Asian stocks declined. Selling pressure built as the world’s largest copper producer said that China’s plans to curb its buoyant economic growth and spiralling inflation would cause a fall in demand for commodities, and as such a fall in demand for the Australian dollar. Get in touch now for a live price.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted June 3rd, 2010 by Charles Purdy


EURO/GBP – 1.195
US$/GBP – 1.470
CHF/GBP – 1.691
CAN$/GBP – 1.521
AUS$/GBP – 1.727

Sterling fell against the US dollar after the boost provided by the collapse of Prudential’s bid to purchase the Asian arm of AIG subsided throughout the day. Once Prudential’s anticipatory billion dollar positions were cancelled, there was little further demand for sterling and the focus switched back to general risk sentiment. With little new political or economic news, the pound fell by around 0.4% at one point in the afternoon from a high of $1.4770/ £1 before stabilising later on in the afternoon. After a bright start against the euro (hitting 1.2073/ £1 at one point) the pound slipped off, but remained above 1.19/ £1. Data out today showed that mortgage approvals slightly more than expected and lending fell for the first time since November. Out later today we have Halifax house price data and also service sector data which can have a large effect on the price. Get in touch now to avoid missing out.

In the Euro zone, the euro strengthened marginally against sterling to close at 1.1970/ £1 and finished around where it started against the US dollar at $1.22/ 1. In terms of data, there was inflation data that showed producer prices had increased by 0.9% versus an expected level of 0.7%. The region is still suffering heavily from poor sentiment, so today’s release of retail sales data and PMI data is unlikely to have much effect. Having now hit 1.20/ £1, many analysts are now expecting the euro to fall to 1.25/ £1. Get in touch now for a price.

In the USA, pending home sales data jumped unexpectedly to 6% against an expected rise of 4.9%. As a result, this helped strengthen the US dollar against most currencies alongside a move to slightly safer assets as risk aversion returned to global investors. Out today, there is important unemployment data which is expected to show that the US economy gained around 68,000 jobs in the last month. Call in now for a price as there is still considerable volatility.

Elsewhere, Australia posted the first trade surplus in a year (exporting more than it imported) as high Chinese demand related to industrial production saw sales of metal and mineral ore surge by 25%. However, the outlook maybe a little more dull, as China tries to curb economic growth to avoid asset bubbles. The Australian bank chief hinted that China’s need to stem growth was a major reason behind the decision to keep Australian interest rates on hold – signalling an end to the programme of rate hikes. Get in touch now for a live exchange rate.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

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