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Posted December 30th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1919
US$/GBP -
1.5427 
CHF/GBP - 1.4503
CAN$/GBP - 1.5753
AUS$/GBP – 1.5194
ZAR/GBP – 12.5323
JPY/GBP – 119.63
HKD/GBP – 11.9870
NZD/GBP – 1.9968 
SEK/GBP – 10.6614
AED/GBP – 5.667
US$/EURO - 1.2944 
INR/GBP - 82.14

For more information on Smart Currency Exchange, please call our freephone: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyExchange.com

So 2011 is coming to a close and for most is best forgotten. A strange year as it started with the expectation that the UK economy would continue to move forward albeit at a low rate of growth. But as the year comes to a close, the hope is that we will avoid another recession in 2012. The likelihood of any increases in UK interest rates also seems remote as the banks need to restore their balance sheets before allowing funds to be lent to fund economic growth.

This week sterling has lost ground across the board. Post Christmas retail sales went better than expected but there is no doubt margins were significantly reduced as the retailers made a dash for cash. The fear is that further quantitative easing will be required in early 2012 to help boost the UK economy.

Two Italian debt issuances were completed this week. Both were successful although the interest rate was close to 7% for the longer dated bonds. This is the interest rate which is viewed as the tipping point between the debt being affordable or it being unsustainable. These successful debt issuance helped the euro pull back from its 11 month low against sterling. The US$ had a good week benefitting from its safe haven status and an economy that is moving forward at a quicker rate than in Europe.

From all of us here at Smart we wish you all the very best for 2012 and hope that you have the best of health and a highly prosperous year as well.

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Posted December 29th, 2011 by Charles Purdy

Daily Currency Note


EURO/GBP –
 1.1960
US$/GBP – 1.5470
CHF/GBP – 1.4587
CAN$/GBP - 1.5834
AUS$/GBP – 1.5325
ZAR/GBP – 12.5900
JPY/GBP – 120.15
HKD/GBP – 12.0244
NZD/GBP – 2.0102
SEK/GBP – 10.7057
AED/GBP - 5.681
US$/EURO - 1.2925
INR/GBP – 82.40

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

Still in the Christmas period when trading volumes are low and the issuance of UK economic data somewhat sparse. Sterling lost a bit of ground as activity focussed on the safe haven status of the US$.

A bit more excitement in the euro zone. The Italian government successfully issued some six month bonds at a much lower interest rate than expected. This was viewed positively. Today we have the Italian government issuing a tranche of longer dated bonds and it will be very interesting to see if they end up paying a lower than expected interest rate.

The US$ gained ground against sterling on the back of a large sale of sterling. This accentuated the US$’s safe haven status. US economic activity continues to be positive which bodes well for the US$ as we enter 2012.

Please remember we are still “open for business” as we come to the end of a very busy 2011.

For more information on Smart Currency Exchange, please call our freephone: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyExchange.com

Posted December 28th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.1985
US$/GBP – 1.5660
CHF/GBP – 1.4638
CAN$/GBP - 1.5965
AUS$/GBP – 1.5414
ZAR/GBP – 12.7560
JPY/GBP – 121.80
HKD/GBP – 12.1790
NZD/GBP – 2.0246
SEK/GBP – 10.7262
AED/GBP - 5.753
US$/EURO - 1.3064

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

A quiet day on the currency markets yesterday as we enjoyed an extended Christmas break. The City of London is the largest currency market in the world and as such trading elsewhere was fairly muted. There was little movement between the major currencies.

At the end of last week, worries about the UK economy came to the fore and the increased probability of further quantitative easing. It is unlikely the post Christmas retail sales have helped much as it seemed that significant price cuts were needed to convince shoppers to part with their cash.

This week we have the Italian government making a debt issuance. The markets will be watching very closely to see how successful it all is. A poor take up of the debt issuance will be negative for the euro.

We are open for business this week so if you need some help with your currency needs please get in touch. We will be delighted to help.

For more information on Smart Currency Exchange, please call our freephone: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyExchange.com

Posted December 23rd, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP-1.1990                   
US$/GBP- 1.5690                      
CHF/GBP- 1.4660                      
CAN$/GBP- 1.6001                    
AUS$/GBP- 1.5435                    
ZAR/GBP- 12.8002                    
JPY/GBP-122.50                  
HKD/GBP- 12.2125                    
NZD/GBP- 2.0250                      
SEK/GBP- 10.7545                    
AED/GBP- 5.767                        
US$/EURO- 1.3082

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

Markets are quiet in the build-up to Christmas. Sterling had a steady day against most currencies. Slight revisions to previous growth figures were released but it is future growth that most people are worried about and the uncertainty in the euro zone has a very significant knock-on effect on us. A fall back into recession is thought to be highly likely.

The main event for the euro happened on Wednesday with the ECB’s three year funding for the banking system coming to a close. Near enough €500 billion was lent to the banks, representing an important step in maintaining liquidity as banks pulled in their “lending” to other banks.

The US continues to move in a narrow range against sterling. The US economy is clearly ahead of the curve when compared to Europe but I am sure there will be some economic headwinds that make it across the Atlantic.

We circulated our opening hours yesterday for the holiday season but it is very much business as usual. If for whatever reason you do have difficulty getting through by phone, please use the email info@smartcurrencyexchange.com if you are a private client and info@smartcurrencybusiness.com if you are a company. We will get back to you straight away.

All that is left to say is have a wonderful Christmas.

For more information on Smart Currency Exchange, please call our freephone: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyExchange.com

Posted December 22nd, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP 1.2002
US$/GBP1.5674
CHF/GBP – 1.4665
CAN$/GBP –- 1.6094
AUS$/GBP1.5530
ZAR/GBP12.8982
JPY/GBP – 122.45
HKD/GBP
– 12.1998
NZD/GBP – 2.0375
SEK/GBP – 10.7842
AED/GBP 5.76
US$/EURO –1.3065

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

Sterling hit the highest level against the euro since January 2011, breaking through €1.20/£1 and hitting a high of €1.2043/£1 as strong demand for lending from the ECB failed to alleviate concerns over the European debt crisis. Despite sterling’s strength against the euro, the Bank of England minutes were pretty downbeat with policymakers mulling over further Quantitative Easing in February but this had little impact on the pound. Call in now for a live exchange rate as last year when it hit €1.20 it dropped off for the rest of the year.

In the euro zone, in the first ever offer of cheap 3 year loans by the ECB, banks snapped up €490bn of the funds on offer suggesting that the banking system in the region is heading for an impending funding squeeze. One trader compared the lending as papering over the cracks of a crumbling house. Sterling is expected to move towards €1.25 in the coming months and with total funding requirements in 2012 for sovereign debt sitting at over €1 trillion, this is unsurprising. Call in now for a live exchange rate.

In the USA, it was a relatively quiet day for data in the USA, with the major action taking place in Europe with the ECB funds issue. Initially there was a boost to risk appetite from the uptake which saw the US dollar weaken off. However, as markets began to realise the implication of such an oversubscribed take up, risk appetite reversed and the US dollar strengthened. Call in now for a live exchange rate.

Elsewhere, the Canadian dollar stayed pretty flat despite retail sales figures coming in higher than expected. As data starts to thin out ahead of Christmas, ensure you don’t get caught out by any volatility.

 

For more information on Smart Currency Exchange, please call our freephone: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyExchange.com

Posted December 21st, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP 1.1968
US$/GBP – 1.5704
CHF/GBP – 1.4586
CAN$/GBP 1.6081
AUS$/GBP
– 1.5417

ZAR/GBP – 12.7462

JPY/GBP – 122.15
HKD/GBP – 12.2231
NZD/GBP – 2.0256
SEK/GBP – 10.7314
AED/GBP – 5.771
US$/EURO – 1.3120

 

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Sterling jumped to an 11 month high against the euro yesterday as investors scrambled to buy the pound, believing sterling to be a much safer investment than the ailing euro. Better risk appetite also saw sterling gain against the US dollar as strong US and German economic data reduced demand for the safe haven US currency. Sterling’s relative strength is also being put down to an expectation that the UK will continue to hold onto its prized AAA credit rating whereas many see France and Germany at risk of downgrades. Out later today we have the minutes from the Bank of England’s recent meeting which could pour cold water on yesterday’s rally so call in now for a live exchange rate.

In the euro zone, a sharp drop in Spain’s short term borrowing costs saw the euro strengthen against the US dollar yesterday but the single currency still struggled against sterling. Better than expected German business confidence data also helped, but the picture is still a very gloomy one for the region heading into 2012 with many concerned that European policymakers are not doing enough to solve the European debt crisis. The failure of the recent EU summit to reach a solution and the apparent confusion between leaders, the ECB and the IMF as to the best route forward has been worrying markets.

In the USA, the US housing market showed some signs of recovery yesterday as new housing builds reached the highest level in over a year, increasing by 9.3%. Builders have struggled to compete with a wide number of cheap foreclosure properties, so this data helped to give risk appetite a boost across markets as investors saw a semblance of recovery in the US economy. Call in now for a live exchange rate.

Elsewhere, the Canadian dollar strengthened as inflation held steady at 2.9%. Most analysts feel that the Bank of Canada will look to start tightening monetary policy in the coming months. The Australian dollar also strengthened against the US dollar on better risk appetite and as the central bank minutes were less downbeat than expected.

For more information on Smart Currency Exchange, please call our freephone: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyExchange.com 

 

Posted December 20th, 2011 by Charles Purdy

Daily Currency Note


EURO/GBP - 
1.1934
US$/GBP – 1.5552
CHF/GBP – 1.4579
CAN$/GBP – 1.6119
AUS$/GBP – 1.5639
ZAR/GBP – 12.9782
JPY/GBP – 121.21
HKD/GBP – 12.0995
NZD/GBP – 2.0468
SEK/GBP – 10.7532
AED/GBP – 5.71
US$/EURO – 1.3006

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

Sterling continued to hover around a 10 month high against the euro on Monday as concerns over the euro zone crisis saw investors prefer sterling to the ailing single currency.  Sterling closed the day near earlier highs of €1.1930/£1 but still remains vulnerable to poor economic data as the UK recovery stagnates. Potential political instability in North Korea saw sterling drop against the US dollar yesterday morning but strong demand from one bank in London saw sterling recover against the US currency. With thinning trade volumes in the run up to Christmas, there is the potential for some volatile moves so call in now if you have upcoming payments to make to avoid losing out.

In the euro zone, the threat of further downgrades kept the euro under pressure yesterday. The ‘risk off’ trading conditions in the wake of the news over Kim Jong-il’s death combined with this to see the euro drop against its major counterparts. The euro is down by over 2% against sterling in the past month as investors prefer the liquidity that sterling offers in the face of a cloudy future for the single currency heading into 2012. Belgium’s credit rating downgrade on Friday has left many feeling that other major countries in the region are set to suffer a similar fate in the coming months. Call in now for a live exchange rate.

In the USA, the US dollar strengthened overnight on safe haven demand as the news emerged of North Korean leader Kim Jong-il’s death. Political uncertainty over the future of the region saw investors buying US dollars to avoid riskier investments – especially given the country’s history of provocation with South Korea in times of domestic crisis. With the White House issuing a statement that it was monitoring the situation closely, the US dollar ended Monday up marginally against sterling after some bank demand saw sterling recover from earlier lows. Call in now for a live price.

Elsewhere, Chinese new home sales figures were lower than expected which is a concern for many. If the Chinese real estate market continues to suffer, many feel that this will impact on the country’s ability to drive the global recovery in 2012. Call in now to protect yourself from losing out to adverse market movements.

For more information on Smart Currency Exchange, please call our freephone: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyExchange.com 

Posted December 19th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1910
US$/GBP – 1.5526
CHF/GBP – 1.4536
CAN$/GBP – 1.6092
AUS$/GBP – 1.5594
ZAR/GBP – 12.9528
JPY/GBP – 120.85
HKD/GBP – 12.0769
NZD/GBP – 2.0390
SEK/GBP – 10.7435
AED/GBP – 5.698
US$/EURO – 1.3020

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

Sterling has had a strong week against the euro, strengthening to a 10 month high against the single currency and holding ground as European policymakers struggled to come to grips with the euro zone crisis. The pound did however drop against the US dollar as investors looked to the relative safety of the US currency in the face of increasing doubt that a comprehensive solution will be reached on the debt crisis. Whilst sterling has been holding at €1.19/£1, €1.20/£1 is a key level of resistance that will require a large swing in sentiment to reach, but many analysts now expect sterling to push towards that in the coming months. Retail sales were better than expected on Thursday so call in now for a live exchange rate.

In the euro zone, the euro has had a poor week, dropping to an 11 month low against the US dollar and a 10 month low against sterling. Last week’s EU summit seemed to follow the normal pattern – a framework agreed on a solution, but discussions over the detail pushed back to a later date. Investors are becoming increasingly concerned that this lack of action means that policymakers are far from reaching a solution. Concern is mounting that we will begin to see the first stages of a euro break up in the coming months.

In the USA, stock markets have had a turbulent week as investors pull out of higher risk assets and into safer assets such as US government bonds. This flight to the safety of US bonds has also driven US dollar strength throughout the week, hitting a 2 month high against sterling and an 11 month high against the euro. Out later today there is inflation data so call in now for a live exchange rate.

Elsewhere, the Swiss franc strengthened after the Swiss National Bank chose not to change the pegged exchange rate against the euro. This saw currency strengthen after investors had widely expected the SNB to raise the rate to counter deflation in the country. Call in now for a live rate.

For more information on Smart Currency Exchange, please call our freephone: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyExchange.com 

Posted December 16th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.1906
US$/GBP – 1.5508
CHF/GBP – 1.4594
CAN$/GBP -  1.6002
AUS$/GBP – 1.5531
ZAR/GBP – 12.9772
JPY/GBP – 120.84
HKD/GBP – 12.0741
NZD/GBP – 2.0409
SEK/GBP – 10.7912
AED/GBP – 5.696
US$/EURO – 1.3010

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

Sterling has had a strong week against the euro, strengthening to a 10 month high against the single currency and holding ground as European policymakers struggled to come to grips with the euro zone crisis. The pound did however drop against the US dollar as investors looked to the relative safety of the US currency in the face of increasing doubt that a comprehensive solution will be reached on the debt crisis. Whilst sterling has been holding at €1.19/£1, €1.20/£1 is a key level of resistance that will require a large swing in sentiment to reach, but many analysts now expect sterling to push towards that in the coming months. Retail sales were better than expected on Thursday so call in now for a live exchange rate.

In the euro zone, the euro has had a poor week, dropping to an 11 month low against the US dollar and a 10 month low against sterling. Last week’s EU summit seemed to follow the normal pattern – a framework agreed on a solution, but discussions over the detail pushed back to a later date. Investors are becoming increasingly concerned that this lack of action means that policymakers are far from reaching a solution. Concern is mounting that we will begin to see the first stages of a euro break up in the coming months.

In the USA, stock markets have had a turbulent week as investors pull out of higher risk assets and into safer assets such as US government bonds. This flight to the safety of US bonds has also driven US dollar strength throughout the week, hitting a 2 month high against sterling and an 11 month high against the euro. Out later today there is inflation data so call in now for a live exchange rate.

Elsewhere, the Swiss franc strengthened after the Swiss National Bank chose not to change the pegged exchange rate against the euro. This saw currency strengthen after investors had widely expected the SNB to raise the rate to counter deflation in the country. Call in now for a live rate.

For more information on Smart Currency Exchange, please call our freephone: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyExchange.com

 

Posted December 15th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1874
US$/GBP – 1.5475
CHF/GBP – 1.4675
CAN$/GBP - 1.6041
AUS$/GBP – 1.5603
ZAR/GBP – 12.9498
JPY/GBP – 120.6
HKD/GBP – 12.0418
NZD/GBP – 2.0628
SEK/GBP – 10.7992
AED/GBP - 5.683
US$/EURO - 1.3015 

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

Sterling hit the highest level against the euro for nearly 10 months yesterday, breaking through €1.19/£1 as a lack of confidence in a solution to the debt crisis and the risk of downgrades gathered pace. Negative sentiment towards the euro did however drive sterling lower against the US dollar as investors looked to the safer haven of the US currency. Sterling is not necessarily being driven by any UK data, more the lack of confidence in the euro. One slight positive for sterling was that Spencer Dale, chief economist at the Bank of England, felt that inflation would not fall as fast as predicted and as such he would not necessarily support further Quantitative Easing. Call in now for a live price.

In the euro zone, the euro suffered yesterday again falling to a 10 month low against sterling and an 11 month low against the US dollar. Concerns are high over the impact of potential sovereign debt rating downgrades after several rating agencies this week warned of possible European wide cuts to credit ratings. Italy also struggled to auction a round of 5 year bonds and ended up paying record costs for its 5 year borrowing. Call in now for a live exchange rate as we could conceivably be over 1.20 very soon.

In the USA, stock markets dropped for a 3rd straight day as investors concerns that Europe was not containing the debt crisis impacted on stock purchases. The US dollar strengthened against most currencies as investors looked to the safer haven of the currency to avoid losing out.

Elsewhere, the Swiss franc dropped to the weakest level in 9 months ahead of a meeting later today where the Swiss National Bank will decide whether to further weaken the currency. Call in now for a live exchange rate.

For more information on Smart Currency Exchange, please call our freephone: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyExchange.com

 

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