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Posted July 30th, 2010 by Charles Purdy


EURO/GBP – 1.198
US$/GBP – 1.562
CHF/GBP – 1.621
CAN$/GBP – 1.613
AUS$/GBP – 1.736
NZD/GBP – 2.166
EURO/US$ – 1.303

Sterling hit a further 5 month high of $1.5660/£1 yesterday on speculation over month end ‘rebalancing’ after strong performances on the US stock market. Strong earnings from many US firms over the last week has left many analysts expecting investors to sell their US dollar share holdings, putting pressure on the US dollar. Sterling also broke through a key technical barrier on the graph this week, breaking through the 200 day ‘moving average’, which is a strong positive signal for sterling. In terms of data, house prices and lending data in the UK disappointed, which serves as a reminder that the UK is not quite out of the woods yet. There is little or no data out today for the UK – call in now for a live exchange rate.

In the Euro zone, German unemployment data came in better than expected, as the level of unemployment dropped by 20,000 – 2,000 more than expected. The euro maintained its relative strength against the pound, keeping sterling from breaking above the 1.20/ £1 barrier. In terms of data, there is German retail sales data and European inflation data alongside Italian unemployment figures. The Euro has had a relatively good week, but many are confused as to why the euro has performed so well, given the issues with sovereign debt in the region. Call in now for a live exchange rate.

In the USA, unemployment claims came in as expected with 457,000 people claiming unemployment benefits last month. With weak US data and relatively strong UK data, some analysts have been predicting prices above $1.57/£1 as the next realistic level. However, this is not expected to last long, as the effects of the long awaited ‘fiscal squeeze’ have yet to be seen and this is likely to impact on the price of the pound moving forward. Out later today, US GDP is the key piece of data and it is expected to show that the pace of the US recovery is slowing. Call in now for a live price to ensure you don’t miss out.

Elsewhere, Australian private credit figures came in worse than expected. This is a natural progression after an aggressive period of interest rate hikes. Analysts point out that an interest rate rise can take 6 months to feed into the economy, and this is clearly the case. Many are expecting that the Australian central bank will shy away from further rate rises for the rest of the year. 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 July 29th, 2010 by Charles Purdy

EURO/GBP – 1.198
US$/GBP – 1.561
CHF/GBP – 1.646
CAN$/GBP – 1.615
AUS$/GBP – 1.735
NZD/GBP – 2.153
EURO/US$ – 1.302

Sterling breached the $1.56/ £1 barrier as investors ignored downbeat comments from the Bank of England Monetary Policy Committee after a run of better than expected UK data. The pound continued to ride the wave of strong GDP and better than expected retail sales data and this saw investors treat sterling with optimism. Bank of England governor Mervyn King warned that strong second quarter growth data should not mean that monetary policy should tighten up; pointing out that significant risks still face the UK economy and that interest rates could drop further if needed. The pound shrugged off these comments and continued to strengthen against the US dollar after poor data from the USA left investors feeling happier holding sterling. Out today there is key house price data and lending data. Call in now as this could take the edge of the pound’s strong run.

In the Euro zone, the euro weakened against sterling marginally and the pound briefly broke through the 1.20/£1 barrier before falling back off. Data from the euro zone showed that German inflation remained the same at 0.2%. Out later today, the key European data released is German unemployment figures which are expected to show an improvement, but not at the same rate as last month. There is still concern from some analysts that the euro is far too overvalued following the heavily criticized stress tests. Get in touch now to avoid losing out if the pound does jump.

In the USA, the US dollar fell against the pound after data on durable goods orders came in far worse than expected. ‘Durable goods’ orders are orders placed for the manufacture of trains, machines etc. – anything that takes several months to build. It is used as a measure of future growth in the economy, and this month showed a drop of 0.6% when it was expected to rise by 0.6%.The poor figures saw investors move funds into sterling as the UK is increasingly becoming a more attractive investment versus the USA. Get in touch now, as we have already seen further strength this morning from the pound.

Elsewhere, the New Zealand dollar fell against other currencies despite a widely expected interest rate rise, after the Royal Bank of New Zealand governor actively downplayed the recent strength of the NZ dollar and said that further rate rises should not automatically be assumed. Call in 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

Posted July 28th, 2010 by Charles Purdy

EURO/GBP – 1.197
US$/GBP – 1.558
CHF/GBP – 1.652
CAN$/GBP – 1.608
AUS$/GBP – 1.742
NZD/GBP – 2.133
EURO/US$ – 1.300

Sterling continued to strengthen to a 5 month high against the US dollar after better than expected retail sales data boosted the pound further off the back of last week’s strong GDP data. Sterling hit a high of $1.5570/£1 as better than expected bank earnings data saw investors look to riskier investments away from ‘safe haven’ US dollar holdings. UBS beat profit forecasts and Deutsche bank delivered stronger than expected results after a fall in losses from loans. However, the same appetite for risk that saw the pound strengthen so much against the US dollar kept the pound below 1.20/£1 as the euro is the more ‘riskier’ investment option when compared to sterling. Later today, the Monetary Policy Committee appears before the Treasury Select Committee to present on monetary policy and growth expectations. Some analysts are fearful that given the recent minutes of the Bank’s last meeting, the rhetoric is likely to be negative which could impact sterling. Get in touch now for a live exchange rate.

In the Euro zone, the euro continues to enjoy relatively strong support despite the heavy criticism that the bank stress tests have attracted in recent days. One analyst went so far as to express complete bemusement at the support the euro was seeing, after the methodology behind Friday’s test results has widely been shown to be flawed, and as such, the result that showed only 7 banks need further capital is a huge underestimation of the true situation. Regardless, the euro briefly pushed past 1.30/$1 for the first time since early May. Out later today there is German inflation data. Get in touch now for an exchange rate.

In the USA, consumer confidence fell by more then expected posting a figure of 50.4 against an expectation of 51 in polls. With fiscal and monetary stimulus fading, concerns over the labour market and market concerns over European sovereign debt, the US recovery is seemingly faltering and as a result it is no surprise that confidence fell. This saw investors look to the pound and the US dollar fell off considerably yesterday. Out later today there is data on durable goods orders which gives a good idea of business optimism. Call in now for a live exchange rate.

Elsewhere, the Australian dollar dropped after inflation data came short of what was expected. Prices rose by 0.6% putting the annual inflation rate at 3.1% to the end of June. Economists had been expecting at least a 3.4% increase, and as such this saw interest rate expectations fall and the Australian dollar weaken. 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 July 27th, 2010 by Charles Purdy


EURO/GBP – 1.190
US$/GBP – 1.547
CHF/GBP – 1.632
CAN$/GBP – 1.594
AUS$/GBP – 1.714
NZD/GBP – 2.105
EURO/US$ – 1.300

Sterling hit a 5 month high against the US dollar in early trading this morning, tentatively reaching $1.5530/£1 in early trading as investors looked to target ‘riskier’ trades. Following Friday’s generally benign stress test results for European banks, stock markets rose globally yesterday as appetite for risk grew amongst global investors despite heavy criticism of the tests from many commentators for not going far enough. Sterling has benefited from strong economic data recently and this has seen strength against the US dollar. Many analysts pointed to the fact that the pound is limited in where it can go against the US dollar simply by the sheer performance it has put in over the last week, but there is potential for the pound to strengthen further against the euro. After a very quiet day yesterday on the data front, there is CBI realised sales data out today which is a useful indicator of sales volume/ performance amongst retailers and wholesalers. Call in now for a live exchange rate.

In the Euro zone, the results of the European stress tests on Friday continue to be the main source of trading movement. 91 banks passed and only 7 failed, which has prompted a surge in investor risk appetite, but the manner of the tests has attracted criticism for not delving far enough into the balance sheets of banks which are clearly in trouble. So far today German consumer confidence has showed a mild improvement and later today there is money supply and private loans data. There is scope for significant movement – get in touch now to avoid missing out.

In the USA, the major piece of data was US new home sales which provided a rare ray of light in an otherwise gloomy housing market. The figures showed a jump of 23.6% to an annual rate of 330,000 from a downwardly revised figure of 267,000 units in May. This was the largest percentage jump since May 1980 and has been attributed to the expiry of tax credits in April which saw a record low figure in June. Out later today there is consumer confidence data which is expected to show a mild decline following recent poor data. Call in now to take advantage of the best US dollar prices for 5 months.

Elsewhere, Asian stock markets added 0.6% overnight following the rebound in US home sales data. A measure of Japanese inflation showed a decline of 1% in the year to June, pointing to more deflation, and Australian price data showed a rise of 0.3% following growth in rural goods exports. Ensure you don’t miss out by getting in touch to avoid higher yielding currencies strengthening too far against the pound.

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 July 26th, 2010 by Charles Purdy


EURO/GBP – 1.196
US$/GBP – 1.547
CHF/GBP – 1.629
CAN$/GBP – 1.602
AUS$/GBP – 1.724
NZD/GBP – 2.118
EURO/US$ – 1.292

Sterling jumped sharply on Friday after stronger than expected economic data saw demand surge for the pound. Sterling jumped by more than 1% against the euro and US dollar after the 1st estimate of 2nd Quarter GDP growth for the UK almost doubled analyst estimates. Most had been expecting a mild improvement of 0.6% – and even then many were skeptical after the last 2 first estimates came in woefully under par. However, when the data showed that the UK economy had grown by 1.1%, many investors started to bet that the Bank of England would start raising interest rates sooner than expected. On the other hand, with many economic headwinds to come, this could be the best growth we see for some time as the government slashes spending over the coming months. Elsewhere on Friday, data showed that mortgage approvals in the UK fell by 8% on the June before. There is not much on the horizon this week with the exception of a speech from Mervyn King on Wednesday. Get in touch now for a live exchange rate.

In the euro zone, the major news on Friday was the release of the European bank stress tests. The tests – where the European Central Bank ran hypothetical scenarios to see the effect on bank balance sheets – were failed by several banks in the region. 7 banks need to raise a combined 3.5bn in capital to shore up the ailing balance sheets. However, many (including the Financial Times) have been heavily critical of the exercise, which did not go far enough. One major flaw in the tests was that the scrutiny only fell on the ‘trading book’ and not the overall debt picture. In addition, the figure of 3.5bn was seen as far too low given the rather shocking state of debt in the region. The result of Friday’s exercise has been that any upside for the euro has been cancelled out, and sentiment has fallen for the single currency. Call in now for a live price.

In the USA, following the stronger than expected UK GDP data, the US dollar weakened against the pound. Ahead this week there is US GDP data released on Friday, unemployment and consumer confidence data. On the horizon, a Bloomberg report has hinted at potential issues facing China as they face the repayment of a $1.1 trillion loan. The report hints that revenues are failing to appear in the country and as such they may face a shortfall of 23%. Watch this space to see how this develops. Get in touch now for a live exchange rate.

Elsewhere, the Australian and New Zealand dollars strengthened overnight for a third consecutive trading day as Asian stocks strengthened as sentiment suggests that the global recovery may be stabilising. This in turn led to a surge in demand for higher yielding currencies. 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

Posted July 22nd, 2010 by Charles Purdy


EURO/GBP – 1.187
US$/GBP – 1.521
CHF/GBP – 1.587
CAN$/GBP – 1.589
AUS$/GBP – 1.725
EURO/US$ – 1.281

Sterling fell yesterday after the minutes from the Bank of England’s latest policy meeting on interest rates showed a dampened outlook for growth. As a whole, there was a lack of confidence from the policy makers as further quantitative easing (injection of money into the economy) was discussed. Despite a general agreement that inflation would stay stubbornly high, the committee felt that the outlook for growth was poor. Against the US dollar, the pound slipped back below $1.52/ £1 and despite a strong start against the euro, the pound fell back below 1.19/ £1. One member – Andrew Sentance – yet again called for a 0.25% rise in interest rates, and some analysts expected that he would be joined by another member calling for increased rates. However, the vote showed that all 7 other members voted for rates (and the emergency funding programme) to be kept on hold for another month. Out tomorrow, there is monthly retail sales data which is expected to show a 0.5% rise. However, this could see an unexpected World Cup related boost. Call in now for a live exchange rate, as rates are likely to be volatile ahead of the GDP figures which are released on Friday.

In the Euro zone, the euro weakened in early trading against both the US dollar and sterling as a bond auction in Portugal was surprisingly undersubscribed. The lower than expected demand saw yields on the bonds jump sharply, which caused investors to sell the euro, as low demand for government debt spooked investors. After the Bank of England minutes were released, the euro recovered against the pound. There was no real data released today in the Euro zone, but tomorrow sees a raft of purchasing manager data and industrial manufacturing data which is expected to show a mild decline. Get in touch now for a live exchange rate and to ensure that you don’t miss out.

In the USA, the US dollar strengthened yesterday as strong earnings data from the US stock markets helped drive demand for the US currency. iPhone makers Apple announced stronger than expected earnings and an upbeat earnings forecast, and several other companies also posted strong results. However, concerns over Fed Chairman Ben Bernanke’s half-yearly monetary policy speech to the US Senate tempered the dollar’s rally as investors were concerned that the recent poor data would impact on monetary policy and see the Chairman go back on the exit strategy he had outlined earlier in the year. Out today, there is unemployment claims data and existing homes sales data. Get in touch now for a live price.

Elsewhere, New Zealand consumer confidence fell by 5% for the second month to hit the lowest level since August 2009 and Australian business confidence dropped to the lowest level in a year in the second quarter. Call in 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

Posted July 21st, 2010 by Charles Purdy


EURO/GBP – 1.188
US$/GBP – 1.528
CHF/GBP – 1.607
CAN$/GBP – 1.584
AUS$/GBP – 1.729
EURO/US$ – 1.286

Sterling recovered from Monday’s losses yesterday as concerns over European bank stress tests saw investors taking profit from the stronger euro. Despite starting the day poorly after data on UK public finances came in worse than expected, the pound recovered against the euro and US dollar breaking back above 1.18/£1 and $1.5250/£1. Yesterday morning, data showed that the UK government was borrowing nearly £1.5bn more than expected. This was disappointing for many, who had expected the budget and spending cuts to have had an immediate impact. Falling share prices in the euro zone saw many investors take profit from the euro ahead of stress test results on Friday. This helped the pound recover against the euro. The key data out today is the minutes from the Bank of England’s recent interest rate policy meeting. It is again expected to show that only one member (Andrew Sentance) argued for an interest rate rise – if any more members join him, we could see strength from the pound. Call in now for a live price.

In the Euro zone, the results of this week’s bank stress testing are released on Friday and have been the source of most of the euro’s movement this week. Tumbling stock markets in the region yesterday afternoon dented sentiment and prompted many investors to pull out of euro positions in case Friday’s results were worse than expected. German purchasing manager data showed an improvement – coming in at 0.6% against an expected improvement of 0.2%. There is little data out today, as the pound takes centre stage related to the Bank of England minutes – call in now for a live price.

In the USA, the big news so far this morning was the sudden 1 ½ cent drop of sterling against the US dollar in early morning trading. However, this has been put down to a trading error (or ‘fat finger trade’) by a Dutch bank and the pound has already recovered ground. The major news out today is Federal Reserve Chairman Ben Bernanke’s presentation of the half yearly monetary policy report to the US senate. The US economy appears to be losing momentum, so today’s speech will be key. Get in touch now for a live exchange rate.

Elsewhere, a gauge of economic performance over the last 6-9 months in Australia has slowed for the second consecutive period. The Westpac Leading Index appeared to show a peak, but the data is still strong and shows significant growth despite falling off. The Japanese yen rose overnight, as traders took up defensive positions in the ‘safe haven’ currency ahead of a lot of risky data releases for the rest of the week. 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

Posted July 20th, 2010 by Charles Purdy


EURO/GBP – 1.177
US$/GBP – 1.529
CHF/GBP – 1.608
CAN$/GBP – 1.605
AUS$/GBP – 1.737
EURO/US$ – 1.298

Sterling fell yesterday against the euro to hit a 7 week low against the euro as higher demand for the single currency saw investors cut short positions in the currency – particularly against the pound. Sterling hit a low of 1.1724/ £1, as a quiet day for UK data releases left investors trading on European news. Rumours circulated over the weekend that China is looking to bolster its foreign currency reserves with large amounts of euros and a large buy order in early trading saw many investors jump on the euro band wagon. Despite comments over the weekend from Andrew Sentance (a Bank of England policymaker) in which he reiterated his comments that the UK needed to raise interest rates sooner rather than later, traders preferred to wait until the Bank of England’s minutes from this month’s meeting are released on Wednesday. That release, alongside the GDP first estimate on Friday, forms the only significant data this week. Get in touch now to avoid missing out.

In the Euro zone, despite trade balance data unexpectedly showing a widening in the trade deficit, the euro had a bumper day. Initially, the euro weakened after rating agency Moody’s cut Ireland’s credit rating by one level citing a ‘significant loss of financial strength’. However, optimism over the results of European bank stress testing (the results of which are released on Friday) helped drive the euro forward. Out today there is purchasing manager’s data for Germany. Call in now for a live price and to ensure that you don’t miss out.

In the USA, the US dollar fell against the euro following the optimism over the stress testing. However, the euro levelled out as many analysts are concerned that the results will show that the region needs more help. In addition, the US economy’s poor run of data continued, with a key piece of data on the housing market coming in lower than expected. The NAHB/ Wells Fargo Housing Index fell to the lowest level since April 2009. There is building permit data released tomorrow which should give a further idea of the state of the US property market. Call in now for a live exchange rate.

Elsewhere, minutes from the reserve bank of Australia’s recent meeting were positive. The bank saw signs that private demand was growing and also argued that some moderation in demand in Asia would be positive for the Australian economy. Call in 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

Posted July 19th, 2010 by Charles Purdy


EURO/GBP – 1.181
US$/GBP – 1.532
CHF/GBP – 1.603
CAN$/GBP – 1.610
AUS$/GBP – 1.758
EURO/US$ – 1.297

Sterling fell on Friday, hitting the lowest level against the euro since June 1st as strong European stock markets helped drive demand for the single currency. Strong corporate earnings from the USA have also helped drive demand for higher risk currencies. Given the concerns over sovereign debt in the region, the euro is perceived as one of the highest risk currencies, and as such, saw a surge in value on Friday as investors bought in. The euro’s strength also helped pull the pound away from the 2½ month highs against the US dollar, but the pound’s losses were limited against the US currency after it closed above a key technical level on Thursday. The start to the week is fairly quiet ahead of key data later in the week. Friday sees the 1st estimate for 2nd Quarter GDP alongside monthly retail sales data released on Thursday. The market is likely to move in relation to expectations over the GDP figure – call in now to ensure you get the very best rate.

In the Euro zone, the single currency strengthened on Friday, retracing some of the ground lost between March and June against both the US dollar and sterling. One of the major drivers behind Friday’s strength was the recent rise in bank-to-bank cash lending rates, which saw European stock markets rise. The big event this week in Europe is the long awaited stress tests of European banks. Stress tests are where the banks run theoretical scenarios to ensure that they have enough capital to avoid collapse. Get in touch now to ensure that you don’t miss out – especially if you are moving euros into sterling.

In the USA, the US dollar continued its decline last week, with recent sluggish data raising concerns that the US recovery is slackening. A fall in wholesale prices for June and poor manufacturing data added to the US dollar’s woes. This contrasted sharply with UK data last week which showed a sharp fall in the number of people claiming unemployment in June. The pound also benefitted after closing above a key technical (i.e. mathematical figure on the chart) level on Thursday. It is a quiet week in the USA as well, aside from Ben Bernanke addressing the Senate on Wednesday. Call in now for a live price.

Elsewhere, overnight, the Australian and New Zealand dollars fell as Asian stock markets underperformed following worse than expected earnings data from some US banks on Friday. Call in 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

Posted July 16th, 2010 by Charles Purdy


EURO/GBP – 1.192
US$/GBP – 1.542
CHF/GBP – 1.607
CAN$/GBP – 1.608
AUS$/GBP – 1.761
EURO/US$ – 1.293

Sterling continued its rally against the US dollar yesterday, hitting a 2½ month high of $1.5393 as risk appetite helped drive demand for the pound. Data in the UK was fairly thin on the ground and the movement was driven by strong data out of the USA. In addition, key ‘technical’ (i.e. mathematical analysis of exchange rate graphs) levels were breached – notably $1.5310/ £1 which has been a technical resistance point versus the November 2009 high of $1.6880/ £1. Breaking this barrier opened the door (from a technical perspective) for the pound to keep going towards $1.55/£1. In terms of fundamental data, there is little out today, but investors and traders are waiting for the first estimate of 2nd Quarter GDP for the UK – out next week. This should provide the impetus to push volatility and see the pound shoot up or drop back down. Get in touch now to ensure you don’t miss out on decent rates.

In the Euro zone, poor sentiment towards the region eased as the Spanish government experienced better than expected demand for 15 year bonds. This saw the euro strengthen against sterling after the pound started the morning strongly above 1.20/£1. However, the pound’s early gains were short lived but one analyst felt that there is potential for the pound to strengthen further against the euro over the coming year. Get in touch now – especially if moving euros into sterling, as the current rate feels too low to last much longer.

In the USA, with corporate earnings season well under way, JP Morgan’s earnings per share came in far better than expected. In addition, unemployment claims fell by more than expected with 429,000 people claiming unemployment benefits – a drop of nearly 20,000 on last month. This positive data drove a wave of risk appetite that saw investors move from US dollars into the ‘riskier’ assets of the pound and euro. So far this morning, we have seen this risk appetite drive the pound over $1.54/ £1. It seems set for $1.55/ £1 – call in now for a live price.

Elsewhere, the New Zealand Consumer Price Index rose 0.3% from the 1st Quarter to the 2nd Quarter. That was below the expected 0.4% rise, and 1.3% rise in the previous period. New Zealand consumer inflation has been relatively poor, with prices up 1.8% year-over-year. Lower inflation means less urgency for rate hikes, which is in itself is not great news for the NZ 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

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