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Posted May 16th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1464
US$/GBP – 1.6203
CHF/GBP – 1.4400
CAN$/GBP - 1.5740
AUS$/GBP – 1.5321
ZAR/GBP – 11.372
JPY/GBP – 131.01
HKD/GBP – 12.599
NZD/GBP – 2.0642
SEK/GBP – 10.336
US$/EURO - 1.4124

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 slipped on Friday after stronger than expected GDP growth in Europe reinforced the view that interest rates would rise at a faster rate in the euro zone than in the UK. Sterling also slipped against the US dollar, falling below the $1.62/ £1 mark. Stronger than expected GDP growth in France and Germany sets the UK up well in the long term, as you would expect growing economies to see demand for UK exports increase. It is a quiet day for data today, but a fairly busy week ahead. There are inflation figures released tomorrow ahead of the Bank of England’s minutes on Wednesday. These are both key pieces of data with reference to the likelihood of a UK interest rate hike, so ensure you speak to one of the team to avoid losing out.
 
In the euro zone, the big news over the weekend was the arrest of IMF chief Dominique Strauss-Kahn for an alleged sexual assault. The euro fell to a 7 week low against the US dollar as investor risk appetite took a hit and Greece worried that the arrest could postpone a debt restructuring. Strauss-Kahn had been due to meet euro zone finance ministers today to discuss debt-ridden Greece and a potential restructuring of the country’s bail out package, and was seen as a key player in negotiations. Ensure you call in now to take advantage of any favourable moves off the back of the news.
 
In the USA, the US dollar strengthened towards the end of last week as a sharp sell off in commodities hurt risk appetite and saw investors flock to the ‘safer’ US dollar. At the start of the coming week, the US dollar is likely to remain out of the limelight with the focus on the European finance minister meeting. However, Wednesday sees the Federal Reserve’s policy meeting minutes, which are likely to bring the focus back to monetary policy in the USA. Call in now for a live exchange rate.
 
Elsewhere, the Japanese yen was helped on Friday by stronger than expected figures for machinery orders, but the figures are known to be extremely volatile and as such gave no clues as to the impact of the recent earthquake. Call in now to speak to one of the team and

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Posted May 13th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1413
US$/GBP – 1.6279
CHF/GBP – 1.4425
CAN$/GBP - 1.5663
AUS$/GBP – 1.5234
ZAR/GBP – 11.216
JPY/GBP – 131.37
HKD/GBP – 12.653
NZD/GBP – 2.0452
SEK/GBP – 10.254
US$/EURO - 1.4260

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 had a poor end to an otherwise positive week on Thursday, falling against the US dollar and euro after data showed manufacturing rose less than estimated. Aside from that, sterling had rebounded on Wednesday as the Bank of England unexpectedly raised its long term forecast for interest rates to 5%. This saw sterling break above the €1.15/£1 barrier against the euro for the first time in several weeks and hitting a high of €1.1528/£1 on Thursday as investors priced in the likelihood of a potential interest rate hike sooner than expected. However, with manufacturing figures undershooting expectations the likelihood of a sooner than expected rate hike was pushed back. Sterling has held above €1.14, but rates are so volatile at the moment that we could feasibly see it drop back towards 1.10 – ensure you don’t lose out and speak to one of the team today.
 
In the euro zone, the euro broke below a key level against the US dollar, falling to $1.4150 – the lowest since April 1. The week has been dominated by talk over a potential restructuring of Greek debt and there were even reports that Greece was in negotiations to leave the single currency completely. Both rumours were subsequently denied by the Greek government, but there was significant volatility through the week – notably losses against sterling and the US dollar. Key data is released today in the form of euro zone GDP. A survey of key economists on Thursday suggested that the figures will come in better than expected so call in now for a live exchange rate.
 
The US dollar saw a boost last Friday as non-farm payrolls jumped more than had been expected. Following concerns over Greece this week, global risk appetite dropped which saw an ‘unwinding’ of risky commodity based investments – i.e. the sale of Australian dollars to buy back US dollars to avoid being caught out. This saw the US dollar index hit a 3 week high on Thursday and pushing the euro to a six-week low against the US currency. Retail sales data disappointed on Thursday. Out today there is US inflation figures so ensure you are protected if you need to buy US dollars anytime soon.
 
Elsewhere, it has been a turbulent week for the commodity-linked currencies as investors pulled out of the higher yielding investments. The Australian dollar was particularly weak against the US dollar, and the South African rand tumbled by more than 2.5% against sterling. These are some of the most volatile currencies, so speak to a trader today about using orders to take advantage of swings in your favour.

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 May 12th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1492
US$/GBP – 1.6323
CHF/GBP – 1.4492
CAN$/GBP - 1.5727
AUS$/GBP – 1.5392
ZAR/GBP – 11.298
JPY/GBP – 132.41
HKD/GBP – 12.687
NZD/GBP – 2.070
SEK/GBP – 10.316
US$/EURO - 1.4201

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 jumped by 1.3% against the euro, breaking the €1.15/ £1 barrier for the first time in 6 weeks after Bank of England Governor Mervyn King surprised markets by raising long term inflation forecasts to 5% in yesterday’s quarterly inflation report, increasing the likelihood of an interest rate hike sooner than expected. Sterling had been under pressure ahead of the release as many expected the BoE to cut growth and inflation forecasts after a string of shaky data left investors questioning the validity of the UK’s recovery. What shocked the markets was that Mervyn King is normally so pessimistic regarding the UK’s prospects, and with such a positive move, the markets jumped to buy sterling. Now is a great time to be buying euros, so call in for a price.
 
The euro fell yesterday, remaining pressured by uncertainty about whether euro zone officials will restructure the bail out package for Greece. Investors unwound risky positions which saw the single currency fall to a fresh 3 week low against the US dollar. The euro has gained 2.5% this year against other G10 currencies so far this year off the back of higher interest rate expectations in the euro zone. German wholesale price inflation came in far worse than expected which did not help either. In terms of data releases today, we have industrial production and the ECB’s monthly bulletin, so call in now for a live exchange rate.
 
In the USA, the U.S. deficit expanded to $48.2 billion, the widest since June 2010, and nearly $2bn worse than had been expected. With all the action in the euro zone, the US dollar benefited from risk averse buying, with many investors pulling out of risky investments in AUS dollars, NZ dollars and euros. Exports leapt to a new record but imports rose nearly 5% as oil prices jumped. Out today, we have retail sales and factory gate inflation – both key numbers, so call in now to make sure you don’t miss out.
 
Elsewhere, commodity based currencies fell as a result of a general unwinding in risk appetite following the concerns over Greece and the euro zone. Sterling jumped over 2% against the South African rand, hitting R11.25 for the first time in several months. The pound also saw gains against the NZ dollar and Australian dollar.

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 May 11th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1367
US$/GBP – 1.6370
CHF/GBP – 1.4418
CAN$/GBP - 1.5652
AUS$/GBP – 1.5070
ZAR/GBP – 11.040
JPY/GBP – 132.26
HKD/GBP – 12.721
NZD/GBP – 2.059
SEK/GBP – 10.183
US$/EURO - 1.4397

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 slipped from a one month high against the euro and dropped against the US dollar yesterday as investors braced themselves for further losses ahead of today’s Bank of England quarterly inflation report. The Bank is expected to forecast higher inflation in the short term, but importantly it is expected to revise its growth forecast for the UK economy downwards. The report is expected to outline the central bank’s justification for keeping interest rates at an all time low and as such, this will keep sterling under pressure – especially against the euro. House prices fell at a slower rate and retail sales grew at the fastest pace for 5 years, but the outlook for the UK economy remained gloomy. Call in now for a live exchange rate to ensure you don’t miss out on any unexpected moves.
 
In the euro zone, the single currency had a volatile ride yesterday after fresh media reports (that were naturally later denied by the Greek government) suggested that Greek debt would be restructured as early as June. Analysts said that risks remain for the euro with relation to the sovereign debt crisis, and as such the next ‘target’ for sterling/ euro is at €1.1490/ £1. In terms of data, we have German inflation figures released.
 
In the USA, the media reports over a potential Greek restructuring saw the US dollar swing between gains and losses against the euro – losing as rumours circulated over the deal, but gaining when the reports were denied. Elsewhere, economic optimism figures came in better than expected and import prices crept up – positive news given this could boost inflation and see the Federal Reserve cut back on the current ultra-loose monetary policy.
 
Elsewhere, the Swiss franc fell against the US dollar as consumer price inflation figures showed that inflation slowed to 0.1% in April and year on year figures dipped to just 0.3%. This missed estimates by a long way and fuelled speculation that the Swiss economy is heading for deflation. 

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 May 10th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1427
US$/GBP – 1.6361
CHF/GBP – 1.4375
CAN$/GBP - 1.5773
AUS$/GBP – 1.5205
ZAR/GBP – 11.044
JPY/GBP – 131.91
HKD/GBP – 12.705
NZD/GBP – 2.066
SEK/GBP – 10.272
US$/EURO - 1.4315

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 fell to its lowest in nearly three weeks against the US dollar yesterday, getting dragged down by euro weakness against the US dollar as a downgrade of Greece’s credit rating worsened euro zone debt concerns. Sterling dropped to a low of $1.6270/ £1 – the lowest since April 19th. In a quiet day for UK data, the market focus was very much on the euro zone, but there are key figures released on Wednesday in the form of the Bank of England’s quarterly inflation report. A poor run of figures last week put a dampener on expectations that the Bank of England will increase interest rates before the end of 2011. Today also sees house price data and retail sales figures so call in now for a live exchange rate.  
 
In the euro zone, the euro fell against the US dollar yesterday, hitting its lowest level in nearly three weeks after credit rating agency Standard and Poor’s cut Greece’s debt rating to near junk bond status. S & P stated that it was increasingly likely that Greece would need to restructure its debt, as other European countries would be putting the holders of Greek debt under pressure to accept later repayments to loosen up the terms of the bailout and protect market sentiment. Out today, there is French and Italian industrial production figures, so call in for a live exchange rate.
 
In the USA, the US dollar saw a boost from risk aversion related to a re-emergence of the Greek debt crisis after the credit rating downgrade. Out later today, there is import prices and economic optimism figures. In addition, a member of the Fed’s policy making team speaks at a conference in St. Louis, which could potentially have an impact. Call in now for a live exchange rate.
 
Elsewhere, the Canadian dollar reversed advances against its U.S. counterpart after the Greek rating cut, as global demand for ‘riskier’ assets slipped following the announcement. In a similar vein, the South African rand weakened against the US dollar falling as much as 0.6% to 6.7471 per dollar, and traded 0.5% weaker at 6.7380.

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 May 9th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1352
US$/GBP – 1.6383
CHF/GBP – 1.4315
CAN$/GBP - 1.5786
AUS$/GBP – 1.5202
ZAR/GBP – 10.917
JPY/GBP – 132.14
HKD/GBP – 12.730
NZD/GBP – 2.064
SEK/GBP – 10.208
US$/EURO - 1.4429

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 climbed against the euro and US dollar on Friday as higher than expected producer price inflation left many speculating that the Bank of England could raise interest rates sooner than expected. In addition, the initial $11bn float of a commodity trader in London also saw high demand for sterling. In terms of data this week, the markets will be eyeing the Bank of England’s quarterly inflation report – due out on Wednesday. This will give clues as to how policymakers expect to balance above-target inflation with stuttering UK economic growth. Poor data last week added to a poor picture of UK economic recovery, leaving many not expecting a rate hike until late 2011 at the earliest. Call in now for a live exchange rate.
 
In the euro zone, the big news on Friday came just at the close of business in the UK. A report (later denied by the Greek government) in a German newspaper suggested that the Greek government had been in secret negotiations about a possible euro zone exit. This (unsurprisingly) saw the euro plunge against its major counterparts, posting the biggest weekly loss against the US dollar since January. So far today, the currency is a little more stable as Germany’s trade balance posted an even higher surplus. Out later this week, there is a wide variety of industrial data finishing with GDP figures on Friday that could see some volatility so call in now for a live exchange rate.
 
In the USA, the US dollar got a boost on Friday after non-farm payroll figures showed that employers added 244,000 last month – far higher than what economists had expected. This helped risk appetite globally, and was one of the reasons why sterling strengthened on Friday. Out later this week, there is trade balance, inflation and retail sales data so call in now for a live exchange rate.
 
Elsewhere, the strong US employment figures, combined with strong Canadian employment figures boosted risk appetite and undermined strength for the Canadian and Australian dollars – despite a recent drop in commodity prices.

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 May 6th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1261
US$/GBP 1.6393
CHF/GBP – 1.4270
CAN$/GBP - 1.5828
AUS$/GBP – 1.5324
ZAR/GBP – 11.045
JPY/GBP – 131.89
HKD/GBP – 12.742
NZD/GBP – 2.079
SEK/GBP – 10.163
US$/EURO - 1.4554

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 recovered from a 13-month low against the euro on Thursday after European Central Bank President Jean- Claude Trichet signalled interest-rate increases may be delayed. This saw many investors lose interest in the single currency after speculation earlier in the week had focussed on potential rate hikes in the euro zone as early as next month. Sterling had dropped to €1.1057/£1 early yesterday morning after poor services figures saw confidence in the UK recovery sink even further but ended the day up 1.3%. The figures topped a pretty poor week for UK data in which services, construction and manufacturing activity figures all came in worse than expected. After the drop in CPI inflation to 4.0% in March, the Bank of England kept rates at a record low of 0.5% yesterday in a widely expected move following the run of subdued data that cast doubt on the strength of Britain’s economic recovery. Avoid currency volatility and call in now to speak to one of the team.
 
In the euro zone, speculation had been rife this week that the European Central Bank would signal another interest rate hike as early as next month. However, the bank left rates at 1.25 percent at its monthly meeting, having raised them in April to end two years of crisis-induced record low interest rates. As a result of the apparent ‘volte-face’ by European Central Bank President Jean-Claude Trichet the euro fell below $1.47 and dropped against sterling as his comments did not signal an imminent interest rate hike as many had expected. Out today, there is German industrial data so call in to ensure you don’t lose out to adverse movements.
 
In the USA, figures released yesterday showed a sharp rise in first-time U.S. jobless claims, hitting the highest level in 8 months. In addition, poor service sector figures also increased general risk aversion in markets and caused some to worry that a slower U.S. economy could hurt global growth. This week has seen the USA’s monetary policy scrutinised, and there is unlikely to be any sort of rate increase for considerable time. Out today, there are key non-farm payroll figures, so call in to make sure you take advantage.
 
Elsewhere, the South African rand declined to its weakest level in more than a week against the US dollar after commodity prices dropped amid concern global growth is slowing. The Canadian dollar also fell for a fourth straight after the longest losing streak since December as commodities including crude oil tumbled. This just shows how volatile most currencies are and how important it is to put a strategy in place to protect yourself.  

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 May 5th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1112
US$/GBP
1.6532
CHF/GBP
1.4178
CAN$/GBP
- 1.5848
AUS$/GBP
1.5410
ZAR/GBP
10.997
JPY/GBP
 132.87
HKD/GBP
 12.851
NZD/GBP
2.085
SEK/GBP
10.041
US$/EURO
- 1.4874

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 fell to a new 13 month low against the euro yesterday as UK construction data added to Tuesday’s poor manufacturing figures and exacerbated sterling’s fall. In addition, reports showed U.K.house prices fell in April by 0.2%, the first decline in three months, which saw an increase in speculation that the Bank of England will keep rates at a record low. Bank of England policymakers meet tomorrow for their monthly interest rate meeting, and most are expecting the Bank to keep the key rate at 0.5 percent when they announce their next decision tomorrow, according to a Bloomberg survey. However, the Bank of England could surprise everyone and tighten policy so ensure you protect yourself by speaking to one of the team today.
 
In the euro zone, the euro remained strong against the US dollar and sterling despite retail sales unexpectedly dropping in the region. The European Union’s statistics office Eurostat said retail sales in the 17 countries using the euro fell 1.0 percent month-on-month in March for a 1.7 percent year-on-year drop. Eurostat said the biggest monthly decline in retail sales in the euro zone was in Portugal. The euro rose above $1.49 against the US dollar, its highest level since 17 months, and traders expect an imminent break of $1.50.  The ECB, is expected to signal later today that it will increase interest rates in the coming months to keep a cap on inflation, which is why the euro has been so strong of late.
 
In the USA, the US dollar index fell to a new three-year low after an industry report showed that the pace of growth in US services unexpectedly fell in April. The US dollar index is a measure of the currency’s performance against a ‘basket’ of currencies – it has lost 7.7 percent so far in 2011. Weaker-than-expected U.S. employment data also saw investors increase bets that U.S. interest rates would remain low this year. In addition, the Japanese yen hit a six-week high against the dollar on the poor services sector activity. Call in now for a live exchange rate.
 
Elsewhere, the New Zealand dollar fell to a two-week low and dropped for a third consecutive day after data from New Zealand showed that permanent migrant departures exceeded arrivals by 530 in March. The currency fell 0.9% to US$0.7913 after touching 79.05, the lowest level since April 20. 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

Posted May 4th, 2011 by Charles Purdy

Daily currency Note

EURO/GBP - 1.1117
US$/GBP – 1.6488
CHF/GBP – 1.4223
CAN$/GBP - 1.5730
AUS$/GBP – 1.5200
ZAR/GBP – 10.936
JPY/GBP – 133.58
HKD/GBP – 12.810
NZD/GBP – 2.080
SEK/GBP – 9.998
US$/EURO - 1.4840

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 plummeted against both the euro and US dollar yesterday after a weak reading of UK manufacturing data left investors pushing back expectations of an interest rate hike in the UK. Sterling hit the lowest level against the euro since March 2010, touching €1.1102/£1 this morning after the data was released. Weak UK growth has meant the Bank of England has resisted joining the European Central Bank in tightening monetary policy, and the diverging interest rates and outlooks has seen the euro gain by 5% against sterling since the beginning of the year. Sterling fell 1% against the US dollar, finishing nearly 3 cents away from the $1.67/ £1 that the pound hit last week. Out today there is construction figures which could further exacerbate yesterday’s fall – so call in to ensure you don’t miss out.
 
In the euro zone, the euro hit a 17 month high against the euro as a flat outlook for US monetary policy contrasted sharply with European interest rate expectations, with many analysts pricing in another 2 0.25% interest rate rises before the end of the year. Out today there is monthly retail sales figures for the euro zone, so ensure you are protected by speaking to one of the team sooner rather than later.
 
In the USA, the divergent rate expectations were also the story of the day as the prospect of indefinitely low interest rates in the country saw the currency drop to a fresh record low against the Swiss franc. The US dollar has now dropped 8% against major counterpart currencies in 2011, and is unlikely to stage a rally for some time until monetary policy catches up with Europe. In terms of data, we have a pre-cursor to Friday’s non farm payroll figures on the form of the ADP non farm numbers. Call in now as this can cause some volatility.
 
Elsewhere, the Australian dollar weakened as the central bank kept interest rates on hold at 4.75% and sounded a little less keen to raise rates in the coming months. The Canadian dollar saw strength after a crushing conservative victory in the election.

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 May 3rd, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1216
US$/GBP – 1.6579
CHF/GBP – 1.4345
CAN$/GBP - 1.5754
AUS$/GBP – 1.5238
ZAR/GBP – 11.031
JPY/GBP – 134.27
HKD/GBP – 12.874
NZD/GBP – 2.0640
SEK/GBP – 10.010
US$/EURO - 1.4772

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 fell against the euro on Friday and slipped off highs against the US dollar as thin trading related to the UK bank holiday triggered relatively large movements in the sterling exchange rate. Sterling had been over $1.67/£1 heading into the extended weekend, but news over Osama Bin Laden’s death triggered US dollar strength in the immediate aftermath of the announcement, but this has now faded. Key events this week in the UK include UK manufacturing, construction and services PMI and also this month’s Bank of England interest rate decision. Markets are pricing in a rate rise in November, but with sterling one of the least favoured currencies, this expectation could easily be pushed back towards next year. Either way, there is unlikely to be any surprises but call in now for a live exchange rate.
 
In the euro zone, the key piece of data set to drive exchange rate movements this week is the ECB’s interest rate decision and ‘post-match’ press conference. Since last month’s 0.25% hike, there has been no let up in further talk of interest rate hikes, so markets are expecting “vigilance” from ECB President Jean-Claude Trichet indicating that the ECB is still on track for an interest rate hike in July. The calls for Greek restructuring seem to have calmed down which will drop the perceived need of a Spanish and Italian bail out. Call in for a live price.
 
In the USA, US markets and the US dollar saw a boost on the news of Bin Laden’s death on Monday but this eased on the realisation that this would have no real effect on global stability and risks. The US dollar slipped to a 17 month low against the euro as lower than expected GDP figures on Friday left prospective US monetary policy lagging behind Europe. After the softer figures, key unemployment data will be closely watched later in the week for any further signs of the state of the US economy.
 
Elsewhere, the Canadian dollar gained against major counterparts after the Conservative party secured a significant majority in the election – beating the number of seats needed to convert their current minority government into a majority one by a significant margin. 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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