Call Free Phone Now:0808 163 0102
Outside the UK: +(44) 207 898 0541 Request a Call Back
 
  Daily Currency News Euro US Dollar Educational Articles  
 
Posted August 16th, 2010 by Charles Purdy


EURO/GBP – 1.216
US$/GBP – 1.555
CHF/GBP – 1.618
CAN$/GBP – 1.619
AUS$/GBP – 1.748
NZD/GBP – 2.218
EURO/US$ – 1.278

It was an interesting week last week for sterling after the Bank of England’s quarterly inflation report gave a downbeat assessment of the UK’s prospects over the next two years. After a lot of positive sentiment following the new coalition government and the emergency budget over the last 3 months, the Bank of England’s Monetary Policy Committee put a dampener on things by slashing their growth forecasts and inflation expectations. Sterling suffered against the US dollar as a result and many are expecting sterling to hit $1.55/£1 or lower in the next few weeks. Sterling performed well against the euro after concerns over euro zone sovereign debt hurt the single currency. The big data out this week in the UK is the release of the minutes of the Bank of England’s most recent meeting which, given the tone of the inflation report, could add to sterling’s recent decline. Housing data has shown that house prices dropped by 1.7% in August. This is the largest decline in 8 months, so ensure you don’t miss out by calling in for a live exchange rate.

In the euro zone, German GDP came in much stronger than expected last week posting figures of 2.2% against an expectation of 1.3% initially boosting the euro. However, towards the back end of the week, a poor Italian bond auction left the euro struggling. Demand was a lot lower than expected for the Italian debt, and as a result, investors became concerned over the risk of sovereign default in the region and as a result the euro fell to a 6 week low against sterling. Out later today, there is year on year CPI inflation data, which is expected to show an increase of 1.7%. Call in now to speak to a trader about your risk management strategies.

In the USA, last week saw the Federal Reserve vote to add further funding to boost the economy. As a result, risk aversion came back to the fore and there is strong demand for the safe haven US dollars despite major concerns over the US economy. Now might be a good time to secure prices to stop the market moving further against you as some analysts are predicting a return to the $1.40s. In the meantime, many analysts expect a move to $1.5505/£1 which is a key technical average of the last 200 day’s worth of price movement and an important signal for many. Call in to ensure you don’t miss out.

Elsewhere, Australian motor vehicles fell 2.6% – the third consecutive decline, and many have linked this to the increased borrowing costs that have come from the 1.5% rise in interest rates. New Zealand’s services sector posted figures showing that the sector was expanding at the slowest level for 10 months.

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

Leave a Reply

You must be logged in to post a comment.

Posted August 13th, 2010 by Charles Purdy

EURO/GBP – 1.217
US$/GBP – 1.563
CHF/GBP – 1.645
CAN$/GBP – 1.622
AUS$/GBP – 1.737
NZD/GBP – 2.193
EURO/US$ – 1.284

It has been a mixed week for sterling which ended the week up against the euro and down against the US dollar as a fresh wave of risk aversion hit global markets. Sterling hit a new 6 month high of $1.5999/ £1 on Monday but then dropped to a 2 week low of $1.5565/£1 on Thursday. The reason for this sudden increase in risk aversion was as a result of Wednesday’s Bank of England quarterly inflation report. This was a key assessment of the new government’s spending cuts and tax hikes and as a result, growth forecasts were slashed and inflation is expected to be well within the target 2% level within 2 years. More importantly, the Bank left the door wide open for further emergency Quantitative Easing if it is needed. This left financial markets concerned over UK recovery. Poor housing data and lower consumer confidence added to sterling’s problems and the strength against the Euro was related to risk aversion caused by the US economy. Call in now to ensure you don’t lose out on further poor market movements

In the Euro zone, sterling has broken out of the tight range we have seen over the last 2 weeks against the euro after the US Federal Reserve voted to inject further money to jumpstart the flagging US recovery. This saw investors pull out of riskier euro assets and buy into the safer currencies of US dollar and sterling. As a result, the euro lost over 2% against the US dollar and 1% against sterling. Poor data from Greece and a drop in European industrial output on Thursday kept the euro under pressure. Out today, there is GDP data for the region so call in now to ensure that you don’t miss out.

Against the US dollar, sterling jumped to a 6 month high against US dollar this week, but since Monday sterling has been on a downward trend after the Federal Reserve announced further Quantitative Easing. On Wednesday, the decision was made that the US economy had underperformed for the last quarter and as such, it needed a further boost. As a result, risk aversion is back in play and there is strong demand for the safe haven US dollars despite major concerns over the US economy. Now might be a good time to secure prices to stop the market moving further against you as some analysts are predicting a return to the $1.40s. Today could be interesting too, as according to some research, an estimated 17-21 million people in the USA are afflicted by a fear of Friday the 13th (or friggatriskaidekaphobia) and the US economy loses between $800-$900m as people become too afraid to leave the house – ensure you don’t miss out by speaking to a trader today.

Elsewhere, retail sales in New Zealand came in far better than expected and as a result, the New Zealand dollar has outperformed major counterparts overnight. This countered last week’s disappointing unemployment rate and many traders questioned whether the central bank would in fact need to raise interest rates further in the year. 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 August 12th, 2010 by Charles Purdy


EURO/GBP – 1.215
US$/GBP – 1.569
CHF/GBP – 1.658
CAN$/GBP – 1.642
AUS$/GBP – 1.746
NZD/GBP – 2.197
EURO/US$ – 1.291

Sterling dropped by nearly 1% against the US dollar yesterday after the Bank of England’s quarterly inflation report said that inflation would drop below the 2% target level in the next 2 years. In addition the Bank left the door wide open for further emergency funding or ‘Quantitative Easing’. The Bank also slashed growth forecasts on the grounds that there is significant uncertainty ahead for the UK, European and US economies. With markets pricing in increased inflation following next year’s VAT hike to 20%, a downward revision came as a bit of shock to many investors and set the pound on track for the biggest daily drop against the US dollar since the election. The economic prospects for the UK were described as “highly uncertain” and as such further emergency funding could be used if needed. There is hardly any data out today, and as such expect the pound to underperform against the US dollar as a result of continued poor sentiment. Get in touch now for a live exchange rate.

In the Eurozone, the euro dropped by over 1% sterling and over 2% against the US dollar as investors pulled back from riskier investments after the US Federal reserve announced a further round of quantitative easing. The move sparked investors in European assets to pull back as concerns over growth left them fleeing towards safer currencies. Sentiment towards the pound is better than the euro and as such, despite a poor assessment from the Bank of England, sterling strengthened by over 1% to hit a high of 1.2160/£1. Out tomorrow, there is the European Central Bank monthly bulletin and monthly industrial production data.

In the USA, the main news was that the Federal Reserve announced that they will add additional emergency funding into the US economy to counter the flagging economy. In addition, poor data added to the US dollar’s problems as the trade deficit widened by nearly $8bn. Out tomorrow, there is further data on Unemployment claims. Call in now for a live exchange rate to ensure you don’t miss out.

Elsewhere, New Zealand’s manufacturing sector shrank for the first time in 11 months which points to waning demand that will put pressure on employment. In addition, the Australian economy added 23,500 jobs in July, but the full time employment rate dropped for the first time in nearly a year. Ensure you don’t miss out and speak to one of the team today.

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 August 11th, 2010 by Charles Purdy

Currency Rates and Comments – 10th August 2010

EURO/GBP - 1.210
US$/GBP – 1.578
CHF/GBP –
1.665
CAN$/GBP - 1.636
AUS$/GBP –
1.748
ZAR/GBP –
11.491
JPY/GBP –
134.40
HKD/GBP –
12.257
NZD/GBP – 2.196
EURO/US$ -
1.304

Sterling fell sharply yesterday against a stronger US dollar, hitting a 1 week low of $1.5750/£1. Weak housing and retail sales data in the UK added to the downward movement for the pound. A house price survey showed that 8% more of estate agents reported that prices had fallen and a retail sales monitor came in worse than expected. The house price data was the first time that house prices had fallen for the first time in a year and this raised concerns that the UK recovery might be faltering. Out later today in the UK, we have unemployment data on the number of people claiming unemployment benefits. This is expected to show a reduction of 17,000. In addition, later this morning, the Bank of England releases their inflation report which assesses the impact of the new coalition’s spending cuts on growth and inflation. This could be quite negative so get in touch to ensure you don’t miss out.

In the Euro zone, German monthly inflation came in marginally better than expected at 0.3% against an expectation of 0.2% but wholesale price inflation fell by 0.3%. In addition, monthly French industrial production data came in worse than expected and showed a 1.7% drop on last month. So far this morning, the pound has jumped against the euro to break through the 1.21/£1 barrier for the first time in a few days. There is very little data out in the Eurozone today so call in now for a live exchange rate.

In the USA, there were concerns at the beginning of the week that the Federal Reserve would pump further money into the economy to stimulate the flagging US recovery. The markets are still awaiting full details of the plan, but the Federal Reserve announced that it will take further actions to inject more money into the economy. This was an important shift in policy, as only a few months ago the Federal Reserve was talking about how to scale back the emergency stimulus. However, the recovery has not gone as well as expected and further stimulus is clearly necessary. The US dollar has hit a near 15 year low against the Japanese yen – get in touch now for a live exchange rate.

Elsewhere, Australian consumer confidence jumped 5.4% in August to the highest level in 7 months. Analysts attribute the boost in confidence to the Reserve Bank of Australia’s decision to keep interest rates steady. 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 August 10th, 2010 by Charles Purdy

EURO/GBP – 1.199
US$/GBP – 1.580
CHF/GBP – 1.664
CAN$/GBP – 1.629
AUS$/GBP – 1.731
NZD/GBP – 2.185
EURO/US$ – 1.316

Sterling hit a daily high of $1.5998/£1 but slipped away as the pound yet again struggled to break through the $1.60/£1 barrier. Sterling strengthened as the fallout from Friday’s poor US jobs data continued to hammer the US dollar. With many financial options ready to trigger at the $1.60 level, as well as it being a key ‘psychological’ level there is a need for a large ‘boost’ for the pound to push through – and hold firm – away from the $1.50s. This week, we might have just that with the FOMC (the US equivalent of the Monetary Policy Committee) meeting getting under way yesterday evening. There is speculation that there may be further emergency funding injected into the US economy to help jumpstart the floundering economy. The decision is announced today. Aside from that, it was a quiet day on the economic calendar. Out later today, there is UK trade balance data and consumer confidence figures. Ensure you don’t miss out and call in now for a price.

In the Eurozone, it was yet another quiet day. The euro has kept a low profile in the last few weeks, and as one Reuters reporter rightly asked today – whatever happened to the eurozone crisis? The euro is up nearly 10% against the US dollar, lending markets have improved and demand for sovereign debt in the region has increased. One argument put forward is that the risks were wholly over exaggerated. Talk of financial Armageddon and total collapse of the single currency was the norm a few months back, but now there is nothing. There are still significant risks, and several long years worth of tough spending cuts, but the panic has (for the moment) died down. This is likely to keep the pound from hitting 1.25/£1 in the short term, so get in touch now to maximise the size of your payments.

In the USA, the fallout from last week’s unemployment data continues to cause issues for the US dollar. Speculation over further quantitative easing has been high today and with the FOMC meting starting late last night. No recovery occurs in a straight line, and a run of poor data does not necessarily instantly mean that the US is entering a ‘double-dip’ recession. Lloyds TSB are predicting that the UK will enter a similar phase in 6-12 months and that we will see prices back towards the $1.40s. Call in now to take advantage of current pricing.

Elsewhere, Australian business confidence fell to the lowest level in 14 months in July raising the likelihood that the central bank will hold off on the series of interest rate hikes that began last October. The rate rises have been filtering through into the ‘real’ economy of late, with a raft of consumer data showing that lending to consumers has dropped off. 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 August 9th, 2010 by Charles Purdy


EURO/GBP – 1.199
US$/GBP – 1.594
CHF/GBP – 1.655
CAN$/GBP – 1.637
AUS$/GBP – 1.733
NZD/GBP – 2.179
EURO/US$ – 1.328

Last week was a strong one for sterling – especially against the US dollar where the pound finished up 1.74% on the week. We saw sterling hit a 6 month high of $1.5999/ £1 against the US dollar on Friday after poor US employment data showed a worse than expected decline in July. As expected, last week saw the Bank of England Monetary Policy Committee keep interest rates and the £200bn asset purchase facility on hold. This week sees the publication of the Bank of England’s inflation report on Wednesday, which should give some idea of what the bank is likely to do with monetary policy over the next few months. Many are expecting an upward revision to the interest rate forecast, but growth expectations following the new government’s spending cuts are likely to be key. Also out on Wednesday is unemployment claimant count data. Call in now for a live exchange rate.

In the Eurozone, the euro finished the week 0.04% up against sterling – testament to the lack of data released, but more that the focus has been between sterling and the US dollar of late. German industrial production and factory orders came in better than expected on Friday which helped the euro. Recently, there has been a slow return of confidence in the euro after the bank stress testing and Spanish bond auctions. Another quiet week for the euro, with the only potential market mover being the German GDP figures out on Friday. Get in touch now for a quote and to ensure that you don’t miss out.

In the USA, concerns over the US recovery were compounded on Friday after July’s Non-Farm Payroll figures showed a drop of 131,000 jobs on the month against an expected drop of 63,000. In addition, June’s figures were revised downwards by almost 100,000. This was clearly a disappointment for the markets – especially with the US interest rate decision tomorrow, and the poor figures fuelled speculation that the Federal Reserve will take further action to stimulate the economy. There is little other data out today – ensure you are taking advantage of the best prices by speaking to a trader today.

Elsewhere, Australian home loans dropped by 3.9% against an expected drop of 2%. However, this is hardly surprising after a series of interest rate hikes since October that have totalled 1.5%. These rate rises have filtered through to the ‘real’ economy and combined with cut backs on support to new homebuyers, private individuals have cut back on their borrowing. Call in now to ensure you are getting the best 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 August 6th, 2010 by Charles Purdy


EURO/GBP – 1.203
US$/GBP – 1.587
CHF/GBP – 1.661
CAN$/GBP – 1.613
AUS$/GBP – 1.733
NZD/GBP – 2.180
EURO/US$ – 1.318

It has been a strong week for sterling – especially against the US dollar. We saw sterling hit a 6 month high of $1.5968/ £1 against the US dollar earlier in the week after a run of strong banking earnings from HSBC, Lloyds TSB, Barclays and RBS. The return to profit from UK banks saw the FTSE 100 surge as investors felt that the major risk to the UK economy had now passed. This in turn saw demand for the pound rise. Better than expected manufacturing data helped increase demand for sterling, but construction data was worse than expected highlighting that there are still areas for concern. Sterling is likely to struggle to break through $1.60/£1 without significant data giving it a reason to move. The Bank of England Monetary Policy Committee kept interest rates and quantitative easing on hold as was widely expected. Out later today there is manufacturing data for the UK – call in now for a live exchange rate.

In the Eurozone, Sterling strengthened earlier in the week against euro on the strong bank earnings. Since then it has stayed in a very tight range between 1.2040/£1 and 1.2070/£1. European data has been fairly limited this week, with monthly retail sales figures showing no growth from last month. In addition, the French trade balance improved by around 2bn and the European Central Bank kept rates on hold as was expected. There is always opportunity to take advantage of volatility – despite the lack of movement this week. Get in touch now to avoid missing out and to ensure that you are minimising the cost of your international payments.

In the USA, investors have been concerned over the state of the US recovery, which has lead to the US dollar’s decline this week. Federal Reserve Chairman Ben Bernanke opened the door for further emergency funding stimulus this week. Speaking to the Senate, Bernanke said that he would pump further money into the economy if it was needed. Today sees the release of the ‘Non-Farm’ Payroll data – essentially a measure of employment that excludes seasonal workers, as they can cause spikes in the figures. Pre-cursors this week have been positive, with the claimant count dropping yesterday. However, the Non-Farm Payroll has potential to move the markets when it is released later this afternoon. Many clients have been taking advantage of better GBP/ USD rates – ensure you don’t miss out and speak to us now.

Elsewhere this week, unemployment in New Zealand rose by 0.8% which came as a surprise. In addition, quarter on quarter employment declined by 0.3%. This saw the NZ dollar weaken, as interest rate expectations fell. The Australian dollar strengthened significantly in the second half of the week after the trade surplus increased more than expected after strong demand for iron ore and coal from China. ‘Commodity’ currencies are very volatile, so speak to one of the team now to avoid losing 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 August 5th, 2010 by Charles Purdy


EURO/GBP – 1.204
US$/GBP – 1.583
CHF/GBP – 1.663
CAN$/GBP – 1.606
AUS$/GBP – 1.733
NZD/GBP – 2.181
EURO/US$ – 1.315

Sterling slipped off Tuesday’s highs as weaker than expected data on the UK services sector highlighted the possibility that the UK economy may struggle to match the better than expected growth posted in the first half of the year. The figure showed that the services sector was still growing, but not at the rate that had been expected. As a result, sterling fell off from the $1.5968/£1 level seen on Tuesday and is now trading around the $1.58/£1 level. House price data helped sterling, showing prices rose by 0.6% and strong earnings data from Lloyds TSB also helped keep the pound afloat. So far today, Barclays has released strong earnings figures, but a drop in Investment Banking profits has concerned investors. Out later today, there is the Bank of England’s interest rate decision for the month – widely expected to remain on hold. In other news, the Chinese government investment fund is rumoured to have sold $558m worth of shares, equating to £351.4m – the exact amount of Liverpool FC’s club debt, sparking rumours that the Chinese government will announce a takeover. Call in now for live exchange rates (and up to date progress on the Liverpool takeover story).

In the Eurozone, the single currency had a fairly quiet day, gaining marginally against sterling after the poor UK PMI data. Data in the region showed that retail sales were flat for the month, and European services data showed a small drop. In terms of data, the interest rate decision for the Eurozone is released later today, with ECB President Jean-Claude Trichet scheduled to take questions in a press conference following the announcement. Get in touch now for a live exchange rate to ensure you are buying at a good rate.

In the USA, data released yesterday was positive. The ADP non-farm payroll (an important precursor to the key government figures released tomorrow) showed that the US economy added 42,000 jobs last month. Purchasing manager data came in better than expected. Today, there is important unemployment data on the number of claims made for unemployment benefits. Get in touch now for a live price, as Non-Farm payroll is released tomorrow and this can cause volatility.

Elsewhere, unemployment in New Zealand rose by 0.8% which came as a surprise. In addition, quarter on quarter employment declined by 0.3%. This saw the NZ dollar weaken, as interest rate expectations fell. 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 August 4th, 2010 by Charles Purdy


EURO/GBP – 1.207
US$/GBP – 1.593
CHF/GBP – 1.660
CAN$/GBP – 1.634
AUS$/GBP – 1.746
NZD/GBP – 2.176
EURO/US$ – 1.319

Sterling hit a new 6 month high against the US dollar yesterday after improved sentiment towards the UK and concerns over the state of the US recovery. The pound hit $1.5968/£1 at lunchtime yesterday, buoyed by robust bank earnings data and recent strong UK economic data from the manufacturing sector and better than expected growth figures on Friday. However, sterling’s run was held back after construction activity data fell to a four month low. As a result, sterling stopped just short of the key level of $1.5970/£1, which is an important ‘technical’ recovery point from May’s $1.4225/£1 low. Whilst we might see sterling push through this level after today’s service sector data (which is expected to show growth) there is expected to be strong resistance at the $1.60/£1 level – firstly from a psychological perspective, and as there are reportedly numerous ‘sell’ orders set to trigger at that price, which will see sterling drop should we hit that price. Either way, get in touch now to ensure you are taking advantage.

In the Eurozone, the euro had a flat day against sterling but strengthened to a high of $1.3262/1 as concerns over the US economy saw the US dollar lose ground across the board. Inflation data for the Eurozone came in slightly worse than expected, showing 0.3% against an expectation of 0.4%. Out today, there is purchasing manager data and also retail sales which are expected to be flat. Despite a quiet day on the sterling/ euro front, there is always potential for significant volatility. Call in now for a live exchange rate.

In the USA, personal spending and income figures came in worse than expected; pending home sales fell by 2.6% on the month and factory orders for the month dropped by 1.2% – again, far worse than expected. In addition, Ben Bernanke alluded to further emergency funding in a speech last night in order to jump start the US recovery after several months of poor US data. This added to the US dollar’s woes. Ensure you don’t miss out – especially if you need to move US dollars into sterling at any point in the future.

Elsewhere, Australia’s trade balance surprised sharply to the upside with the surplus widening to $3.5bn unexpectedly. Exports rose unexpectedly after a 23% jump in metal ore sales and a 15% increase in coal shipments. Call in 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 August 3rd, 2010 by Charles Purdy


EURO/GBP – 1.206
US$/GBP – 1.595
CHF/GBP – 1.653
CAN$/GBP – 1.636
AUS$/GBP – 1.753
NZD/GBP – 2.178
EURO/US$ – 1.322

Sterling continued to strengthen against the US dollar and euro yesterday after the FTSE jumped by 2.5% following strong earnings data from the banking sector. Sterling hit a 6 month high of 1.5950/£1 against the US dollar and a 4 week high of 1.2111/ £1 against the euro. Shares in Europe’s largest bank HSBC jumped by 5.2% after first half profit more than doubled to $11.1bn – significantly beating expectations. The strong results helped drive appetite for riskier currencies as strong performance from HSBC showed evidence of a healthy banking sector, and given the banking sector’s contribution to the UK economy this in turn drove demand for sterling. Data on the UK manufacturing sector came in better than expected, with demand and employment higher than expected. Later today, there is data released on house prices and construction sector activity which are expected to show a mild decline on last month. House price data has been relatively poor over the last few months, but one report out today suggested that house prices would rise by 20% over the next 2-3 years. Call in now for a live exchange rate.

In the Eurozone, the euro strengthened against the US dollar hitting $1.3125 after demand for riskier currencies helped drive demand for the euro. However, the euro weakened against the pound after rumours circulated over a proposed sale of UK branches of RBS to Spanish bank Santander which could yield £1.8bn, which would need to come from euros. Manufacturing data came in slightly better than expected and later today we have purchasing manager data which is expected to show a slight improvement. Call in now for a live exchange rate.

In the USA, the US dollar fell broadly against both sterling and the euro as risk appetite saw investors relinquish ‘safe haven’ US dollar holdings in favour of riskier assets. Relatively poor US data over the last few months has left the US dollar reeling – especially after the poor GDP data last Friday. Manufacturing and construction data were positive today, but analysts feel that the US dollar is rebalancing against sterling. After a sustained period where the price of the pound has reflected disaster in the financial sector, today’s HSBC results have for many seen that risk disappear. Whilst this is not strictly true, a return to a strong banking sector in the UK is a very good thing – let’s hope it isn’t just a flash in the pan. Call in now for a live price and to ensure you are taking advantage of strong prices.

Elsewhere, the Australian dollar was little changed after the Reserve Bank of Australia kept interest rates on hold at 4.5%. RBA Governor Glenn Stevens said that the current levels were appropriate – especially given the time lag between rate changes and the eventual effect on the ‘real’ economy. Consumer credit dropped sharply last week – attributed to the rate hikes of 6 months ago. 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

© Copyright 2010 Smart Currency Exchange. All Rights Reserved.
Site by Iniquus