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Posted August 31st, 2011 by Charles Purdy

Daily Currency note

EURO/GBP - 1.1296
US$/GBP – 1.6305

CHF/GBP – 1.3306
CAN$/GBP – 1.5958
AUS$/GBP – 1.5274
ZAR/GBP – 11.5032
JPY/GBP – 125.03
HKD/GBP – 12.7190
NZD/GBP – 1.9075
SEK/GBP – 10.3688
US$/EURO – 1.4428

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 turbulent day yesterday hitting a low of €1.1267/£1. Sterling also depreciated against the US$. This was largely due to a decrease in the UK’s service sector activity over the last three months. Moreover, July consumer credit data showed an unexpected slow down in borrowing; alongside UK net mortgage lending remaining at a standstill. This data continues to demonstrate that economic recovery in the UK is far from robust. As a result, it makes the pound vulnerable and less appealing to investors. Out on Thursday is Nationwide House Prices data for August. Call in now for a quote.    

In the Euro zone, the euro fell 0.5% against the US$ and against a majority of its counterparts as there is increasing speculation that the European Central Bank has terminated interest rate hikes for this year. Yesterday’s data showed a vigorous decline in Euro zone consumer confidence for a sixth time. This result is largely due to increasing fears of governments’ inability to repay their debt. Furthermore, Italian bonds declined for a seventh day. Out today is German Retail and Unemployment data. Call in now for a live price to avoid losing out.    

The US dollar fell to a session low versus the yen as consumer confidence in the US plunged in August, hitting the lowest point in almost two years. Due to this, Americans are becoming increasingly concerned with future job prospects- a sentiment similarly shared by President Obama who recently recruited a top labour economist to tackle the battle against the US’s high level of unemployment. U.S stocks also fell yesterday whilst another report demonstrated a fall in home prices for the second quarter. Out today is data for US Factory Orders in July. Call in now for a live exchange rate.  

Elsewhere, the yen benefited from bad U.S consumer confidence data by gaining 0.2% to the US $. On the contrary, Australia saw positive data yesterday as there was a 1% increase in building activity for the month of June. Ensure you protect yourself by speaking to one of the team here about your options.  

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 August 30th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1297
US$/GBP – 1.6372
CHF/GBP – 1.3386
CAN$/GBP – 1.6022
AUS$/GBP – 1.5376
ZAR/GBP – 11.5740
JPY/GBP – 125.73
HKD/GBP – 12.7712
NZD/GBP – 1.9242
SEK/GBP – 10.3412
US$/EURO – 1.4498
 

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 depreciated 1.5% against the US$ and was the second worst performer after the Swiss franc. The pound hit a low of $1.623/£1 on Friday after Federal Reserve Chairman, Ben Bernanke failed to provide any direct indication that the U.S. economy would receive further liquidity. The pound also depreciated 1.4% versus the euro last week, its steepest drop in two months. This is largely due to concerns over the British economy’s slow and anaemic growth. With further speculation that interest rates are likely to be left on hold until 2012, in addition to the UK needing another round of quantitative easing, market players are beginning to worry whether the UK can continue to with stand its austerity cuts. Today we will see data for July’s mortgage approvals as well as Consumer Confidence data for August. Call in now for a quote.

In the Euro zone, the euro hit a low against the US$ of $1.4327/€1 after Bernanke’s speech on Friday. Investors are worried over a second Greek bailout. However the euro regained ground yesterday against the Swiss franc trading more than 2% higher due to an increase in risk appetite. Monday’s data showed Italian consumer confidence falling to the lowest in more that two years. This of course does not help the ongoing tensions in the Euro zone. Out today is Euro zone consumer confidence and retail sales data so call in now for a live price to avoid losing out.

The US dollar made loses against the euro and yen on Friday after the long awaited speech by Federal Reserve Chairman, Ben Bernanke. He offered no details on how the central bank will encourage growth for the US economy and reported that the US economy grew by only 1% in the second quarter and that it was imperative for the country to reduce its high unemployment rate. Despite this, the US dollar regained significant ground yesterday as it rallied against the Swiss franc and yen. This was due to better than expected July consumer spending data and an increase in demand for US assets. This has reduced fears of a prospective US recession. On a less positive note, pending homes sales came in weaker than expected. US employment report is out this Friday which may cause significant movement, so call in for a rate.

Elsewhere, high yield currencies such as the Australian dollar rallied significantly against the US dollar on Friday. The Japanese yen also made gains as investors returned to it as worries over the US and Europe increased. Yesterday, there was an increase in risk appetite on speculation the global economy will recover. The Aussie dollar reached its highest point this month in addition to appreciating against a number of its counterparts. The Australian dollar strengthened 0.4% versus the dollar whilst the New Zealand dollar rose 2% over the past week. It has also been one of the best performers in comparison to the other 10 developed nation currencies. Take advantage and ensure you speak to one of our traders.

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 August 26th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.1297 
US$/GBP - 1.6310
CHF/GBP – 1.2895
CAN$/GBP - 1.6103
AUS$/GBP1.5546
ZAR/GBP11.7680
JPY/GBP – 125.45
HKD/GBP12.7270
NZD/GBP1.9570
SEK/GBP – 10.2925
AED/GBP – 5.991
US$/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  

After a relatively good week for sterling, yesterday the pound weakened against many of its major counterparts. Sterling dropped 0.6% versus the US dollar in addition to falling for a third consecutive day against the euro. Much of this was fuelled by a drop in U.K. consumer confidence in July as well as a drop in sentiment index as noted by Nationwide Building Society. On a positive note, U.K. government bonds erased loses which means 10 year yields have only changed by 2.47%. It is becoming apparent that this week’s assumption of sterling as a ‘semi haven’ is altering, particularly with yesterday’s comments from Bank of England Policy Maker, Martin Weale who has decided to put aside his call for an interest rate hike this month. Call in for a quote now.  

In the Euro zone, the euro weakened against the US dollar but gained as much as 0.4% versus the Japanese yen. German stock markets fell by 4% in just 15 minutes yesterday as investors became concerned that the country’s public finances are deteriorating. Markets have begun to question the ability of France and Germany to effectively deal with the sovereign debt crisis after being regarded as the driving forces behind the euro zone for some time. German GDP growth came to a near standstill – call in now to ensure you don’t lose out.

The US dollar played to its safe haven status yesterday as it rose against a number of currencies on speculation that today’s Federal Reserve meeting will not call for new initiatives to stimulate the economy. There was weaker than expected unemployment figures which showed that jobless claims increased to 417,000. This week the US dollar dropped versus the yen and euro but regained its ground yesterday. With a combination of both good and bad economic data throughout the week, market players are eagerly awaiting Federal Reserve Chairman Ben Bernanke’s speech later today. Last year, he predicted the central bank’s second round of quantitative easing. Be prepared and get a quote now to stay protected.  

Elsewhere, the yen fell against a basket of currencies as there was an increase in demand for the safety of US treasuries. The Australian dollar also decreased for a second day against the US dollar and 15 of its major peers. This is largely due to the fact that there has been a fall in consumer sentiment in Germany which has weakened the demand for higher yielding assets. Call in now and get 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 August 25th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1342
US$/GBP – 1.6372
CHF/GBP – 1.3038
CAN$/GBP - 1.6165
AUS$/GBP – 1.5658
ZAR/GBP – 11.8848
JPY/GBP – 126.31
HKD/GBP – 12.7688
NZD/GBP – 1.9745
SEK/GBP – 10.3516
US$/EURO - 1.4421
 

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 US dollar yesterday causing further loses as automatic ‘sell’ orders got triggered, hitting a low of $1.6375/ £1. The euro also climbed verses sterling by 0.5%. Investors suspect that sterling will struggle today and find direction only after Friday’s speech by Federal Reserve Chairman Ben Bernanke, in which he is expected to announce further monetary stimulus. Out today is CBI survey on retail sales and the second quarter estimate of GDP on Friday. There is worry that if data indicates fragmented UK recovery, the likelihood of the Bank of England adopting another round of quantitative easing will increase. Protect yourself and call in now for a rate.    

In the Euro zone, the Euro made slim gains against sterling and the US dollar. 
Further German manufacturing data came in better than expected, but it was the weakest rate of expansion for the past two years. Concern over the European debt crisis is causing European banks to cut their workforces 6 times faster than their US counterparts. The euro strengthened also off the back of speculation ahead of Fed Chairman Ben Bernanke’s speech – further monetary easing would see a flood of cheap US dollars being invested elsewhere. Call in now to ensure you are ahead of the game.

In the USA, the US dollar traded at a record low against the yen yesterday falling by 0.2%. This was due to a large number of market players ignoring a program which urged firms to exchange yen for foreign assets. Data for the USA came in better than expected showing that durable goods orders climbed in July. Home prices increased by 0.9% in June. Despite this, property prices dropped by 5.9% compared to this time last year. There is concern that U.S consumer business will continue to weaken in comparison to markets such as China which continue to grow. Call in now and get a live rate.

Elsewhere, the Swiss franc gained against a number of currencies rising for the first time in three days against the US dollar. This is largely due to a decrease in German business confidence and an increase in Greek bond yields. There is speculation that an interest rate hike is now unlikely to happen in South Africa as South African 4 year bonds fell, gaining an upper hand on the US dollar. Protect yourself and 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 August 24th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1436
US$/GBP – 1.6503
CHF/GBP – 1.3060
CAN$/GBP - 1.6321
AUS$/GBP – 1.5743
ZAR/GBP – 11.9068
JPY/GBP – 126.40
HKD/GBP – 12.8704
NZD/GBP – 1.9890
SEK/GBP – 10.4572
US$/EURO - 1.4420

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 by 0.4% against the US dollar yesterday hitting $1.6534/£1. Sterling was also helped by positive data that showed an improvement in British factory orders in August. Although this had minimal impact on the currency, had this come in lower, it is likely that it would have had a negative impact, pushing sterling lower. The fact that other currencies are not appealing to investors is helping sterling gain ground – especially against the euro and US dollar. UK data later on this week will include CBI retail sales and an estimate of second quarter GDP. If this data is good, we are likely to see sterling gain further. Take advantage and call in now for a live quote.

In the euro zone, the single currency rallied against the US dollar and sterling after stronger than expected German manufacturing data. Although a separate industry report indicated German investor confidence decreased in August, it was overlooked by investors. Europe’s debt and banking crisis is still at the forefront of many investors’ minds with speculation that the European Central Bank may soon have to adopt monetary easing of its own. Later on in the week we have German retail sales data as well as euro zone industrial new orders. Call in now for a live price to protect yourself from unpredictable currency movements.   

In the USA, the US dollar weakened against a most currencies yesterday as manufacturing data from Germany and China came in better than expected. The dollar fell against the Swiss franc and New Zealand dollar. US new home sales in July came in lower than expected with purchases falling to 0.7%, the lowest level in 5 months. Investors are waiting for Friday as there is speculation that a key central banking retreat will see Federal Reserve Chairman Ben Bernanke announce a fresh round of monetary easing that would see the US dollar weaken. Call in now for a live price to avoid losing out.

Elsewhere, better than expected Chinese factory data slightly eased global worries and helped raise stocks which in turn helped global markets. The Australian and New Zealand dollar gained from this on improved risk appetite. South African bonds also strengthened for a seventh day with expectation that the central bank will push for an interest rate hike soon. Call in now for a quote. 

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 August 23rd, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1469
US$/GBP – 1.6500
CHF/GBP – 1.3009
CAN$/GBP – 1.6292
AUS$/GBP – 1.5757
ZAR/GBP – 11.831
JPY/GBP – 126.66
HKD/GBP – 12.870
NZD/GBP – 1.9874
SEK/GBP – 10.479
US$/EURO – 1.4391

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 against the US dollar yesterday hitting a high of $1.6520/£1 as markets became more and more concerned with turbulence in the financial markets and particularly the sovereign debt crisis. Sterling also made gains against the euro. Investors are currently viewing sterling as a ‘semi safe haven’ as it is perceived to be in a relatively good fiscal position in comparison to the US and Euro zone, but there are still concerns over the UK’s recovery. Today there is business activity data from the CBI and a member of the Bank of England speaks so ensure you don’t miss out and call in for a live exchange rate.

In the euro zone, the euro slipped marginally against the US dollar and trading was fairly flat with many investors sitting on the sidelines ahead of an important speech by Fed Chairman Ben Bernanke later this week. European shares dropped as investors became concerned that European officials are taking too long to resolve the sovereign debt crisis, with German chancellor Angela Merkel sinking plans for a single “Eurobond” over the weekend. Out later today there is a wide array of European data so call in now to make sure you don’t lose out due to adverse market movements.

In the USA, the US dollar weakened against commodity linked currencies yesterday on rumours that the US Federal Reserve will announce another round of emergency stimulus for the economy. On a more positive note, US stocks (particularly energy stocks) gained in early trading yesterday, making a comeback from a worrying four week decline. On Friday, there is a key meeting at Jackson Hole in the USA amongst central bankers and many market players are concerned that this will mean further stimulus being announced by the Federal Reserve. Call in now for a live price to avoid losing out.

Elsewhere, the Swiss National Bank tried to deter investors from purchasing the currency as the astronomic rise in demand for the Swiss franc impacts exporters. It has been rumoured that Japan is set to do the same to further weaken the yen. Oil prices dropped as Libyan rebels reached Tripoli overnight and despite continued fighting many feel that the end of the conflict is near. Call in now for a quote.

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 August 22nd, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1448
US$/GBP
1.6483
CHF/GBP – 1.2963
CAN$/GBP
- 1.6266
AUS$/GBP
1.5820
ZAR/GBP
11.861
JPY/GBP
 126.54
HKD/GBP
 12.855
NZD/GBP – 2.0078
SEK/GBP
10.487
US$/EURO
- 1.4398

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 3 ½ month high against the US dollar on Friday as investors favoured sterling over the US dollar and euro on concerns over the sovereign debt crisis. With so many concerns over sovereign debt, sterling also gained support from data that showed the UK government’s public finances posted a surplus in July, putting the government on track to meet its deficit reduction plan. The focus has shifted away from the UK for now as investors look much more closely at the USA and euro zone, but that does not mean the UK is performing well. Simply that it is the ‘least worst’ out of the three. Out this week there is consumer confidence data and revised 2nd quarter GDP data on Friday. Call in now for a live exchange rate.

In the euro zone, the euro was helped to an extent by discussions over central “Eurobonds”, with markets optimistic over the prospect of a centralised funding option, rather than individual governments taking responsibility for their borrowing. This prospect is unlikely for a number of years – if at all. One key European Central Bank official expressed concern over the weekend that countries in the region are not pushing through parliamentary approval of the European Financial Stability Fund quickly enough. This week sees a wide array of economic activity figures for the region including services and manufacturing figures so call in now for a live price to avoid losing out.

In the USA, the US dollar continues to suffer from negative sentiment related to stock markets and debt in the country. As such, the currency was significantly lower on Friday as investors looked for safety in other currencies. Out this week, there is new home sales figures on Tuesday, unemployment data on Thursday and the big release is on Friday in the form of GDP figures for the previous quarter. Ensure you protect yourself by speaking to one of the team here about your options.

Elsewhere, as Libyan rebels enter Tripoli we could see some volatility on markets depending on what transpires. The situation there is still fluid, but given the region’s relationship with oil, we could see some price movement on that and other commodity based currencies such as the Canadian 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 August 19th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.1522 
US$/GBP – 1.6507
CHF/GBP – 1.3045
CAN$/GBP -
1.6332
AUS$/GBP –
1.5912
ZAR/GBP –
11.8802
JPY/GBP – 126.324
HKD/GBP –
12.8791
NZD/GBP –
2.0041
SEK/GBP – 10.6168
AED/GBP - 6.064
US$/EURO – 1.4320 

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 positive end to the week, breaking above €1.15/£1 against the euro and nearly hitting $1.66/£1 against the US dollar earlier in the week. Retail sales out today for July increased by a slim 0.2% showing consumers and retailers are still in difficult circumstances. This did cause sterling to fall slightly yet it still remained within sight of Wednesday’s 3 ½ month high of $1.6590/£1 against the US dollar. Sterling held up against the euro as well as European shares showed signs of weakening. Moreover, with interest rates placed on hold by a unanimous vote from the Bank of England earlier in the week, there is now speculation that quantitative easing could be back on the table. At a time when sterling is performing better in comparison to the euro and US dollar, take advantage and call in to get a live quote. 

In the euro zone, it has been a poor week for the single currency with European GDP figures disappointing earlier in the week. Germany (seen as the only real economic powerhouse in the region) posted woeful growth figures as the region showed growth of only 0.2% – a drop from last month’s 0.8%. Investment bank Morgan Stanley cut its euro zone growth forecast as a key member of the European Central Bank said that he was fearful of an extended period of low inflation and poor growth. This week also saw a rather lacklustre response to a meeting between French and German leaders after they announced new measures to combat the sovereign crisis. Out today we have German wholesale price inflation so speak to a trader to ensure you don’t lose out.

In the USA, there was mixed economic data yesterday with jobless claims rising to 408,000 – the highest this month. On the other hand, consumer price inflation came in higher than expected with a 0.5% increase for June. This meant core CPI rose 1.8% year on year. The US dollar did show signs of strength alongside the Swiss franc and the yen as investors looked to safer haven assets on the back of a poor week in Europe. Call in now for a live exchange rate.

Elsewhere, the Canadian dollar also fell for most of the week against the US Dollar as concerns abound over the global economy’s slow recovery. Furthermore, Canada’s rate of inflation is predicted to show a slow down. The South African rand slipped by 1.5% on Thursday against sterling, hitting the lowest level for several months. Call in now to speak to a trader for a price. 

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 August 18th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1453
US$/GBP – 1.6503
CHF/GBP – 1.3154
CAN$/GBP - 1.6228
AUS$/GBP – 1.5732
ZAR/GBP – 11.7745
JPY/GBP – 126.52
HKD/GBP – 12.8690
NZD/GBP – 1.9836
SEK/GBP – 10.4904
US$/EURO - 1.4392

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 to a 3 ½ month high against the US dollar yesterday after investors reversed bets against the pound and there was heavy demand from a UK clearing bank related to merger activity. The pound reversed earlier losses as the Bank of England’s meeting minutes showed that the Monetary Policy Committee were more downbeat than normal. Policymakers Spencer Dale and Martin Weale ended calls for an interest-rate increase this month as the euro-zone crisis and signs of a global economic slowdown threatened to hurt growth in Britain. In addition, unemployment claims increased by 37,100 last month. Call in now for a live exchange rate.

In the euro zone, new proposals from the French and German premiers met a cold response and failed to convince investors that the region’s debt crisis was closer to being solved.  The focus was on long term stability and greater accountability for balancing budgets in the region. Responsibility for warding off fresh market attacks remains with the ECB, which has bought record levels of Italian and Spanish debt recently to keep borrowing costs manageable for the two countries. There is a lot of volatility around so ensure you protect yourself by speaking to a trader sooner rather than later.

In the USA, the US dollar fell against most of its major counterparts as investors sought higher-yielding assets in other currencies. Global stock markets gained yesterday, helped by better than expected financial results from US retailers. A report showed rising wholesale prices that saw investors worry about potential inflation in the country. A general improvement in risk appetite saw the US dollar drop. Call in now for a live exchange rate.

Elsewhere, the Canadian dollar strengthened against the US dollar as increased demand for higher-yielding assets boosted U.S. stocks and commodities, benefiting growth-linked currencies. The Swiss franc strengthened after the Swiss central bank stopped short of announcing a target rate or temporary peg to the euro in its third attempt in as many weeks to drive down the currency. Protect yourself by talking to one of the team today. 

Elsewhere the Swiss franc posted losses for a 4th straight day as speculation was rife that the Swiss central bank would impose a currency peg against the euro. In addition, the South African rand gained by 1.6% against the euro on the news over European growth. Call in now to speak to a trader for a price.

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 August 17th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1415
US$/GBP – 1.6442
CHF/GBP – 1.3162
CAN$/GBP – 1.6159
AUS$/GBP – 1.5695
ZAR/GBP – 11.7254
JPY/GBP – 126.05
HKD/GBP – 12.8175
NZD/GBP – 1.9692
SEK/GBP – 10.51
US$/EURO – 1.4394

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 yesterday against the US dollar after figures released showed that UK inflation accelerated more than forecast. With many analysts expecting a drop in inflation, figures showed that the annual rate increased to 4.4% in July – up from 4.2% the previous month and more than the 4.3% that had been forecast. Sterling gained against most of its major counterparts as the likelihood of further quantitative easing fell. Later today, the Bank of England releases the minutes from its previous meeting when it left rates on hold. The results could be mixed, given yesterday’s inflation and Bank of England governor Mervyn King’s recent comments regarding potential further monetary stimulus. Call in now to ensure you don’t lose out due to adverse market movements.

In the euro zone, the euro fell after data showed that GDP growth in the region slowed more than had been forecast, adding to concerns that nations in the region will struggle to rein in budget deficits. GDP rose by a mere 0.2% in the 2nd quarter – lower than the 0.3% forecast and the worst figures since late 2009. The euro also slipped ahead of a key meeting between French President Sarkozy and German Chancellor Merkel in which they were expected to discuss ways to tighten up enforcement of EU budget rules. Markets are concerned that most avenues have been exhausted. Call in now for a live exchange rate.

In the USA, US industrial production climbed in July by the most this year, gaining 0.9% after a 0.4% gain the prior month – beating expectations. In addition, credit rating agency Fitch Ratings affirmed the United States’ AAA rating with a stable outlook. This boost of positive news helped increase risk appetite amongst investors and they moved out of the US dollar, which saw it weaken. Out later today there is wholesale price inflation, so ensure you protect yourself against any sudden moves by speaking to a member of the team now.

Elsewhere the Swiss franc posted losses for a 4th straight day as speculation was rife that the Swiss central bank would impose a currency peg against the euro. In addition, the South African rand gained by 1.6% against the euro on the news over European growth. Call in now to speak to a trader for a price.

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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