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Posted July 29th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.1421
US$/GBP – 1.6314
CHF/GBP – 1.3074
CAN$/GBP – 1.5522
AUS$/GBP – 1.4898
ZAR/GBP – 11.023
JPY/GBP – 126.51
HKD/GBP – 12.7201
NZD/GBP – 1.8834
SEK/GBP – 10.4120
AED/GBP – 5.994
US$/EURO – 1.4265

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 strengthened against the euro yesterday, hitting a high of €1.1446/£1 on concerns over the sovereign debt crisis in Europe. However, data showed that British retail sales fell at their fastest pace in a year in July, with retailers expecting a further fall in August. It has been an interesting week in the UK. UK growth figures showed that the UK economy grew by a mere 0.2% in the previous quarter, however this was better than many expected so sterling actually gained against the euro and US dollar. The UK’s much maligned austerity measures actually helped make UK assets more attractive this week as the USA and Europe struggle with their respective debt burdens. Sterling may do quite well as a result… But maybe that’s just wishful thinking. Call in now for a live exchange rate.

In the euro zone, the euro weakened as European economic confidence fell and credit rating agency Standard & Poor’s cut Greece’s credit rating again stating that the country will now partially default. Despite last week’s euro rally after a second round bailout for the stricken country, lingering concerns remain this week – especially over Germany’s buy-in to the scheme. One politician questioned the ‘blank cheque’ that his country had written to the European rescue fund. An Italian bond auction on Thursday failed to attract much demand subsequently putting further pressure on the single currency. Out later today, there is European inflation data so call in now for a live exchange rate.

It has been a turbulent week in the USA. Debate has been deadlocked in Congress over a package of spending cuts and tax rises that are needed before the self-imposed debt ceiling can be raised. Republicans and Democrats are at loggerheads over taxes, with what Vince Cable referred to as a group of “right wing nutters” in the Republican party refusing any package that increases taxes. This is a problem because the US government will run out of money to pay key bills on August 4th. Call in now for a live exchange rate.

Elsewhere, safe haven currencies have seen record highs this week against the US dollar. The Swiss franc hit an all-time high against the US dollar on concerns over the debt ceiling in the USA and the Japanese yen hit the highest level against the US dollar since the Second World War. The Canadian dollar also made gains as investors brought forward expectations for an interest rate rise. Call in now for a live exchange rate to avoid losing out.

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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Posted July 28th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1368
US$/GBP – 1.6320
CHF/GBP – 1.3097
CAN$/GBP – 1.5494
AUS$/GBP – 1.4789
ZAR/GBP – 10.8861
JPY/GBP – 127.04
HKD/GBP – 12.7190
NZD/GBP – 1.8696
SEK/GBP – 10.3685
US$/EURO – 1.4347

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 against the US dollar yesterday, falling off 2 month highs as data showed that UK factory orders declined more than estimated and manufacturer optimism dropped to the lowest level in 2 years. Sterling also fell against the euro as the figures boosted the case for the Bank of England to keep interest rates on hold at record lows. Tuesday’s GDP data showed that UK economic growth for the 2nd Quarter was poor and as a result the Bank is likely to leave monetary policy alone until at least next year. Out later today there is consumer confidence data, so call in now for a live exchange rate.

In the euro zone, the single currency fell below $1.44/ €1 against the US dollar yesterday as stock markets reflected investor concerns over the US stalemate over the debt ceiling negotiations. Germany’s Finance Minister Wolfgang Schaeuble also made comments that didn’t help the euro after objecting to Germany writing a “blank cheque” to help the euro zone rescue fund to buy bonds. The euro continues to remain strong against the pound on favourable interest rate differentials – call in now for a live exchange rate. 

In the USA, the US dollar advanced from the lowest level since May against several other major currencies as investors bizarrely looked to the US dollar as a safe haven currency. With no fresh news on the debt negotiations yesterday, the US dollar rallied slightly although this could remain to be shortlived. Most market participants believed the deficit reduction proposals being discussed in Congress fall short of the required budget cuts necessary to avert a U.S. debt downgrade by ratings agencies.

Elsewhere, the Australian dollar made large gains against the US dollar as consumer prices rose more than forecast. In addition, the ultra safe haven of the Swiss franc continued to make ground against the US dollar as safe haven demand for the currency kept it in demand. 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 July 27th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1318
US$/GBP – 1.6408
CHF/GBP – 1.3128
CAN$/GBP – 1.5495
AUS$/GBP – 1.4858
ZAR/GBP – 10.9632
JPY/GBP – 127.46
HKD/GBP – 12.7858
NZD/GBP – 1.8768
SEK/GBP – 10.2812
US$/EURO – 1.4488

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 a 6 week high yesterday against a broadly weaker US dollar after UK GDP figures came in higher than expected investors dumped the US currency over fears of a US default. Data released yesterday morning showed that the UK economy grew by a mere 0.2% between April and June as industrial output shrank. However, the consensus expectation was GDP growth of 0.1% but many analysts had been braced for shock figures that showed a contraction. Therefore, despite 0.2% being a pretty abysmal figure, sterling jumped against the euro and US dollar. Sterling has benefited from being the ‘best of a bad bunch’ in recent weeks as markets applaud the UK’s austerity measures over the euro zone debt crisis and the deepening US debt crisis. However, as the figures show, what is holding the pound back from a significant rally against the euro and US dollar is weak growth. Call in now for a live exchange rate.

In the euro zone, the euro jumped against the US dollar, breaking the $1.45/€1 level as markets became concerned over the lack of an agreement over the US debt ceiling. There are concerns that the deadlock will mean that the US government misses a debt repayment next week for the first time in its history. Aside from US and UK GDP news, there was surprisingly little European news. German consumer confidence slipped slightly which is understandable given the panic over the Greek crisis in previous weeks. Call in now for a live exchange rate.

In the USA, the impasse reached in Washington over the spending cuts and tax increases seems to get harder and harder to break. Essentially, neither the Democrats nor the Republicans are willing to compromise with the other party over their plans to bring down the deficit which seems to rest on the fact that the Republican senators (unsurprisingly given the higher number of Republican millionaires in the Senate) do not want to increase taxes on the wealthy. This could get rather messy over the next few days so ensure you speak to one of the team to stay on top of market movements.

Elsewhere, the Swiss franc gained as investors looked to safer haven currencies and in a new twist to current trends, the New Zealand and Australian dollars advanced against the US dollar as Asian sovereign investors looked to diversify away from the US dollar as the reserve currency of choice. 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 July 26th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1271
US$/GBP – 1.6337
CHF/GBP – 1.3085
CAN$/GBP – 1.5415
AUS$/GBP – 1.4944
ZAR/GBP – 10.9582
JPY/GBP – 127.48
HKD/GBP – 12.7246
NZD/GBP – 1.8784
SEK/GBP – 10.2372
US$/EURO – 1.4489

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 came off a five-week high against the US dollar yesterday, with investors wary of UK data activity showing lower than expected figures this week. Investors said that sterling was overvalued above $1.63/£1 against the US dollar – especially if today’s GDP figures disappoint as many expect. Some analysts compared moves between sterling, euro and the US dollar to an ugly contest in recent weeks. Whilst the UK economy has a credible fiscal plan in place, it has been held back by weak economic growth. Prime Minister David Cameron yesterday warned that Britain’s path to growth will be a difficult one and there was no more money for another round of Quantitative Easing. Call in now for a live exchange rate.

In the euro zone, credit rating agency Moody’s cut Greece’s credit rating further into ‘junk’ territory yesterday and said it was almost certain to call a default on debt given the new bailout, which trimmed the country’s payouts to many holders of Greek debt as the private sector shouldered some of the burden. In a day of volatile trading and concern over a lack of a decision on the US debt ceiling saw many investors selling the euro and US currency. Call in now to avoid losing out.

In the USA, Republicans and Democrats yet again failed to reach a deal on the debt ceiling, fuelling concern the U.S. faces a credit-rating cut and sapping demand for Treasuries. Confidence in politicians’ ability to solve the debt crises globally collapsed yesterday as a result, sending stock markets into a tailspin and increasing the cost of sovereign borrowing. Safe haven assets saw a boost and the Swiss franc hit a record high against the euro and US dollar in what one trader referred to as the “plague on both your houses” investment in reference to concerns over both the euro and US dollar.

Elsewhere, amongst the current market panic over the USA and the euro zone, commodities are losing their influence over currencies of nations that depend on raw materials exports. With investors seeking safe havens, currencies such as the New Zealand and Australian dollars have been suffering as traders look elsewhere. 

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 July 25th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1344
US$/GBP – 1.6307
CHF/GBP – 1.3142
CAN$/GBP - 1.5505
AUS$/GBP – 1.5070
ZAR/GBP – 11.094
JPY/GBP – 127.59
HKD/GBP – 12.704
NZD/GBP – 1.8852
SEK/GBP – 10.346
US$/EURO - 1.4369

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 performed well towards the end of last week against the US dollar as investors celebrated a second round bailout of Greece. The pound hit the highest levels against the US dollar since late May as investors backed the UK’s fiscal plan over Europe or the USA. Against the euro, sterling is held back by poor economic growth as interest rates rise at a faster rate in the euro zone. This week sees the first estimate of UK GDP for the 2nd quarter which many analysts expect to show minimal growth of 0.1% against a first quarter figure of 0.5%. Many analysts are warning that there could be a ‘downside surprise’ – i.e. it comes in much lower than 0.1%, so call in now for a live exchange rate.

In the euro zone, whilst last week’s bailout plan for Greece was widely celebrated by the markets, there is concern that it is only a temporary solution which fails to address the core issues. The plan is heavily reliant on Greece meeting obligations on spending and tax – something it has already failed to do on the first bailout. Key changes to the European bailout fund will not be debated by the German parliament until September, leaving further uncertainty. Released this week there is euro zone inflation data that is expected to creep up further towards 3%, which is likely to keep the pressure on the ECB to increase interest rates later in the summer. Call in now to ensure you don’t miss out.

In the USA, despite announcements last week that Congress had reached agreement over a deal to cut the country’s deficit and raise the debt ceiling, Washington yet again failed to reach an agreement over the weekend. UK Business Secretary Vince Cable blamed several “right wing nutters” for creating “the biggest threat to the world’s financial system”. President Barack Obama insists that any plan must be a long term one that will address the US government’s spending well beyond the next Presidential election. This is likely to be the main focus this week, so call in now for a live exchange rate.

Elsewhere, the political deadlock in Washington has seen safe haven assets spike in price this morning, with gold and the Swiss franc attracting high demand as investors weigh up the prospect of a US debt default. Ensure you protect yourself by speaking to one of the team sooner rather than later.

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 July 22nd, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1306
US$/GBP - 1.6296
CHF/GBP - 1.3424
CAN$/GBP - 1.5378
AUS$/GBP - 1.5033
ZAR/GBP - 11.021
JPY/GBP - 128.19
HKD/GBP - 12.698
NZD/GBP - 1.8883
SEK/GBP - 10.230
AED/GBP - 5.981
US$/EURO - 1.4410


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 a five-week high against the US dollar on Thursday as a draft conclusion was reached in Europe on the Greek debt crisis. This saw the euro rally against the US dollar and sterling followed the euro in gaining against the US currency. Sterling has tended to track US dollar gains against the single currency as investors pull back from safe haven investments in the US dollar. UK data yesterday was mixed, with figures showing an above forecast increase in retail sales figures for June. However, consumer confidence dropped in the same period and data showed that public sector net borrowing rose which left investors doubting the validity of the UK recovery. Earlier this week, the Bank of England minutes showed no change on last month’s voting, but there was less talk of potential further Quantitative Easing. Call in now for a live exchange rate.

In the euro zone, markets rallied after European leaders agreed a new rescue deal for Greece that will trim the country’s debt by 12% of GDP and see the European bailout fund given new sweeping powers. The euro gained 1% against the US dollar as relieved investors bought back in to equities following conclusions that a euro zone collapse was not imminent. Key points from the deal are that the European Financial Stability Facility rescue fund will help states sooner, recapitalise banks and intervene in the bond market in a drive to halt contagion. Despite waves of optimism, many do not expect this to last long as markets will inevitably question Greece’s ability to deal with its debt mountain.

In the USA, the US dollar dropped across the board as investors reversed safe haven currency investments on the back of the new Greek bailout deal. In addition, markets were wary of the approaching August deadline for a potential US default. There were moves made this week on an agreement to raise the US Congressional debt ceiling and avoid defaulting on a payment on 2nd August. In addition, US unemployment claims gained by more than expected hitting 418,000 for the week.

Elsewhere, the Canadian dollar rose to a three-year high against the US dollar and the Norwegian krone advanced as crude oil prices rose. The Swiss franc fell against most of its major counterparts as investors pulled out of safe haven investments. 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 July 21st, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1336
US$/GBP – 1.6180
CHF/GBP – 1.3267
CAN$/GBP - 1.5306
AUS$/GBP – 1.5066
ZAR/GBP – 11.097
JPY/GBP – 127.55
HKD/GBP – 12.605
NZD/GBP – 1.8850
SEK/GBP – 10.340
US$/EURO - 1.4275

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 steady day on Wednesday after the Bank of England’s meeting minutes were slightly less downbeat than had been expected. In contrast to last month, only one member discussed the potential need for further Quantitative Easing. MPC members again voted 7-2 in favour of keeping rates on hold at 0.5%. Sterling crept up against the US dollar, finishing the day at $1.6123/£1 but tracked the US dollar downwards against the euro which made gains on cautious optimism over a potential solution for Greece in a meeting later today. However, investors are still very much concerned over the UK’s exposure to the European sovereign debt crisis, with uncertainty as to what the impact would be in the case of a default. Out today, there are key public sector borrowing figures and retail sales data for the month. Both have a tendency to cause volatility so call in now for a live exchange rate to avoid losing out.

The euro advanced to the highest level in almost a week against the dollar on optimism European leaders will reach an agreement on the region’s debt crisis later today. Some French ministers said that European leaders were less divided than the media was reporting and were likely to reach an agreement at the summit that will alleviate Greece’s debt woes. The quiet confidence in the market yesterday helped Italian and Spanish bond yields to fall, having hit record levels on Monday. There is a wide array of data out today in addition which could see volatility – call in now for a live exchange rate.

In the USA, the US dollar dropped yesterday as risk appetite saw investors unwind safe haven positions and sell US dollars. In addition to confidence over a potential Greek solution today, President Obama and several other Congressional leaders endorsed a new bi-partisan debt ceiling proposal which is aimed at averting default and reducing the deficit in the long run. Markets are feeling slightly happier now the prospect of a US default has all but been averted with this new plan. Fed Chairman Ben Bernanke speaks later today so call in now for a live exchange rate.

Elsewhere, commodity-linked currencies were helped by stronger risk appetite with the Australian dollar making gains against the US dollar. The Canadian dollar reached its highest since early May, helped by a rise in crude oil prices and also interest from a Chinese oil producer in acquiring a Canadian company. Call in now to speak to one of the team and 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 July 20th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1339
US$/GBP – 1.6072
CHF/GBP – 1.3219
CAN$/GBP - 1.5253
AUS$/GBP – 1.4971
ZAR/GBP – 11.121
JPY/GBP – 126.90
HKD/GBP – 12.526
NZD/GBP – 1.8790
SEK/GBP – 10.403
US$/EURO - 1.4175

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 gained against the US dollar on Tuesday boosted by a stock market recovery, but the pound’s progress against the euro was hampered by the UK’s exposure to the European debt crisis. UK banks have exposure totalling several billion euros, so naturally investors are concerned over the impact of an escalation of the crisis on the UK. The UK’s close trade links with Europe are also a concern for many – any default in the region could have a substantial knock on effect on UK growth. Out later today we have the Bank of England’s minutes from their recent monetary policy meeting. Sterling could come under pressure as the Bank is expected to reaffirm that interest rates will stay on hold for some time. Call in now for a live exchange rate.

In the euro zone, the euro strengthened yesterday as debt yields of some peripheral euro zone countries eased back ahead of an EU summit later this week. Investors are upbeat that a solution to Greece’s debt problem may be reached at the summit. This came after a turbulent day on bond markets on Monday as Italy suspended trading in its bonds as yields hit record levels. In addition, the ECB has strayed from its hard line stance on default, with the Austrian central bank governor suggesting that a ‘selective default’ may be allowed. Call in now for a live exchange rate.

In the USA, the US dollar slipped yesterday as investors unravelled the ultra-safe US dollar holdings that they put themselves into on Monday. Strong US housing data helped to boost risk appetite, with new home starts rising to a 6 month high in June, a jump of 14.6% on the previous month. Many analysts expect the euro/ US dollar rate to be kept in a range as markets balance the European debt crisis on the one hand with the US debt ceiling deadlock on the other. Gold, however, continued to attract safe-haven investment flows, gaining yet again to break through the $1,600 per ounce level. Call in now for a live exchange rate to avoid losing out.

Elsewhere, the Canadian dollar hit the highest level in 11 weeks after the Bank of Canada kept its main interest rate unchanged and said borrowing costs will increase as the economy recovers. A rebound in global stock markets yesterday saw increased demand for riskier assets and commodity based currencies such as the Canadian dollar followed rebounding oil prices upwards.

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 July 19th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1391
US$/GBP – 1.6109
CHF/GBP – 1.3206
CAN$/GBP – 1.5397
AUS$/GBP – 1.5115
ZAR/GBP – 11.213
JPY/GBP – 127.32
HKD/GBP – 12.554
NZD/GBP – 1.9003
SEK/GBP – 10.491
US$/EURO – 1.4144

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 a one-and-a-half-month high against the euro on Monday, spurred on by moves away from the euro as euro zone finance ministers failed to find a solution to the region’s worsening debt crisis. Sterling fell just short of €1.15/£1, gaining significantly from the start of the month when it hit €1.11/£1 against the single currency. Recent figures from Lloyds TSB estimate that sterling is around 20% undervalued against the euro and despite a less-than-rosy outlook for the UK economy, analysts feel sterling’s recent run higher versus the euro was unsurprising given the level of negative sentiment towards the euro. Call in now for a live exchange rate.

In the euro zone, the euro fell to a record low against the Swiss franc and slid the most in almost a week against the dollar on concern European leaders will fail to agree on a way to contain the region’s debt crisis at a summit this week. In addition, Italian and Spanish bond yields jumped to record levels. Markets are concerned that whilst Europe continues to follow the current strategy, contagion fears will spread into peripheral countries such as Spain and Italy. Out today there is German economic sentiment which has a tendency to cause volatility so ensure you don’t miss out and speak to one of the team today.

In the USA, the US dollar fell to an all time low against the safe-haven Swiss franc as demand for safety rocketed after European Central Bank President Jean- Claude Trichet repeated his opposition to any restructuring of Greek debt. In addition, there were concerns over the lack of apparent movement by Congress in dealing with the nation’s looming debt ceiling crisis. However, rumours circulated that parties were inching closer to a compromise over the debt ceiling with many expecting an announcement later this week. Out today there is building permit and housing figures so call in now for a live price.

Elsewhere, the Hungarian and Polish currencies both sank as much as 1.7 percent to their weakest levels against the Swiss franc as the euro-region’s debt crisis threatens to hurt the export-led economic recovery in the European Union’s east. 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 July 19th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1459
US$/GBP – 1.6084
CHF/GBP – 1.3095
CAN$/GBP - 1.5418
AUS$/GBP – 1.5154
ZAR/GBP – 11.170
JPY/GBP – 127.09
HKD/GBP – 12.536
NZD/GBP – 1.9060
SEK/GBP – 10.592
US$/EURO - 1.4038

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 rose to a 1 ½ month high against the euro this morning, touching €1.1478/£1 as a lack of confidence in the euro saw it lose ground across the board. It was a quiet end to the week in terms of data for the UK, which meant that markets were squarely focussed on the results of European bank ‘stress tests’ on Friday. Investors were not impressed with the results – mainly because they did not adequately address the issue on everybody’s mind; that of sovereign default. Confidence fell and sterling made gains. With risk aversion and uncertainty prevalent in global markets, there are several key pieces of UK data this week that could see exchange rate volatility. Wednesday’s MPC minutes will help investors to gauge UK monetary outlook. There are also public borrowing and retail sales figures released on Thursday so call in now for a live exchange rate.

In the euro zone, the sovereign debt crisis hit new depths last week with European Finance ministers failing to reach agreement yet again on a debt restructuring for Greece. Italy came under pressure last week too, with a run on the country’s bonds leaving yields increasingly higher. Whilst only 8 European banks failed the stress tests, investors felt that the tests did not go into sufficient depth to uncover relevant issues. This has seen the euro lose ground against its counterparts this morning. Out this week, there is key PMI data and business survey figures but these are likely to be overshadowed by sovereign debt concerns.

The focus in the USA is increasingly on the approaching debt ceiling deadline and the frustrating deadlock between lawmakers. Essentially, the USA has reached its overdraft limit and needs to do some cost cutting before it can borrow more money, but lawmakers are deadlocked over where the savings should come from. Ratings agencies S&P and Moody’s have both warned that the USA’s AAA credit rating is at serious risk and there is the looming prospect of a default on US government bonds. The consequences of this would be far from trivial, so ensure you call in now to protect yourself from any adverse market movements.

Elsewhere, expectations for an interest rate hike in Australia have been pushed back over the last few weeks and came under further pressure on Friday. However, the currency has remained particularly insensitive to this given the interrelationship with China and its import demands. 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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