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Posted July 14th, 2010 by Charles Purdy


EURO/GBP – 1.198
US$/GBP – 1.525
CHF/GBP – 1.613
CAN$/GBP – 1.573
AUS$/GBP – 1.726

Sterling rose yesterday against the US dollar after inflation data remained above the Bank of England’s target rate. The CPI year on year inflation figure fell from 3.4% for May to 3.2% for June. The Bank’s target rate is 2.0%, and many investors felt that yesterday’s figures showed that inflation is stubbornly high and may prompt the Bank of England to raise interest rates earlier than predicted. Many currently expect this to start happening in the second quarter of next year, but the figures yesterday meant there was speculation that this could happen sooner. As a result the pound recovered by nearly 1% on the previous day, hitting a high of $1.5258/ £1 in early trading this morning – recovering from $1.4949/ £1 on Monday. Out today there is claimant count unemployment data for the UK, which is expected to show a drop of 20,000 and a more inclusive measure of employment is likely to show little growth in the sector. Call in now to ensure you are not losing out to the current volatility.

In the Euro zone, data released yesterday showed that economic confidence fell in Germany. The ZEW economic sentiment survey is a key measure of European sentiment as a whole, and it showed a worse than expected drop from 28.7 to 21.2. Overall though, the euro has taken a slight backseat this week against key data from the UK, and the euro held its ground against the pound – maintaining a price below 1.20/£1. Out later today we have inflation and industrial production data for the euro zone. Call in now to make sure you don’t miss out.

In the USA, retail sales for June are expected to show a small monthly rise. Retail sales fell by 1% in May, and the trade balance unexpectedly worsened as data out yesterday showed that the deficit had widened by $2.3bn. Get in touch now for a live exchange rate.

Elsewhere, New Zealand’s retail sales slumped by 0.2% in June – far less than the expected 0.6% upturn and marking the second month’s consecutive decline. Australian consumer confidence jumped by 11.1% – the most in 13 months – presumably related to the ousting of former Prime Minister Kevin Rudd. Call in now for a live exchange rate and to effectively plan your next payment.

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