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Posted October 31st, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1428
US$/GBP – 1.6022
CHF/GBP – 1.3948
CAN$/GBP - 1.6012
AUS$/GBP – 1.5181
ZAR/GBP – 12.5240
JPY/GBP – 126.68
HKD/GBP – 12.4589
NZD/GBP – 1.9714
SEK/GBP – 10.3292
AED/GBP - 5.888
US$/EURO - 1.4020
 

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Sterling gained against the US dollar on Friday afternoon in the wake of increased risk appetite following on from last week’s EU summit. The announcement that bondholders would take a 50% cut and that the EFSF would be boosted was given a positive endorsement by the markets, yet there are still further risks to come. The week ahead in the UK will see growth come back under the spotlight. Business surveys and the first estimate of 3rd Quarter GDP are expected to point towards to a weakening outlook, but last week saw improving figures on public finances which validates the coalition’s austerity measures. Volatility is expected to remain high so call in now for a live exchange rate.

In the euro zone, the big news of last week was the EU summit which – after being postponed – delivered on its main goals; agreement from bondholders on a 50% ‘haircut’ to repayment amounts and an expansion of the EFSF. However, with little detail announced over the implementation of these measures, some analysts remain anxious. Growth will be back on the agenda in Europe as well this week with a G20 meeting and region-wide business activity figures. Ensure you don’t lose out and speak to one of the team today.

In the USA, last week saw solid 3rd Quarter GDP growth figures and the coming week is expected to show improving manufacturing surveys. We also have the Federal Reserve’s monthly meeting and while no changes to monetary policy are expected, the meeting will give a good assessment of the Fed’s stance on the current outlook/ risks facing the US recovery. Friday sees the release of non-farm payroll data – a potential market mover. Call in to ensure you are protected.

Elsewhere, the Japanese government intervened over the weekend to weaken its currency after it hit a post-war high against the US dollar. The moves saw the currency weaken by as much as 5% as authorities moved in to prevent Japanese goods from being prohibitively expensive. Call in now for a live exchange rate.

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Posted October 28th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.1356
US$/GBP – 1.6054
CHF/GBP – 1.3887
CAN$/GBP – 1.5961
AUS$/GBP – 1.5072
ZAR/GBP – 12.4542
JPY/GBP – 121.95
HKD/GBP – 12.4958
NZD/GBP – 1.9656
SEK/GBP – 10.2248
AED/GBP – 5.798
US$/EURO – 1.4151 

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 7 week high against the US dollar but dropped by around 1.5% against the euro as European leaders struck a deal on the euro zone debt crisis. The agreement saw risk appetite improve significantly and investors look to invest in the euro again. Sterling’s underperformance against the euro has been put down to a recent run of investors reversing ‘safe haven’ holdings in sterling as UK data underperformed and the Bank of England announced a 2nd round of Quantitative Easing. Sterling had held steady all week against the euro as investors awaited the results of the EU summit, however the announcement that came early 7 yesterday morning saw a large swing of volatility. One upside for sterling is that it may strengthen towards $1.63/£1 against the US dollar – call in now for a live exchange rate.

In the euro zone, the euro surged by 2% against the US dollar as investors traded on the optimism of the announcement of a solution to the euro zone debt crisis. After a night of deadlocked talks, markets hardly reacted at all, but when the US markets opened, the euro made ground breaking above $1.41/€1, coming within touching distance of $1.42/€1. Stock markets rallied around the world on the market optimism. Some analysts however are less than optimistic pointing to the lack of detail on implementation of the plan.

In the USA, with all eyes on Europe it was fairly easy to forget about important data released in the USA – 3rd Quarter GDP growth figures. The US economy grew at a pace that was expected by markets, delivering figures of 2.5% growth. This was boosted by an increase in consumer spending and other positive economic data, with unemployment claims decreasing by 2000 for the week. Call in now for a live exchange rate to avoid losing out.

Elsewhere, in other news this week, the New Zealand dollar strengthened against its counterparts as the central bank governor announced plans to potentially increase interest rates. The Japanese central bank announced a fresh round of 5 trillion yen’s worth of Quantitative Easing.

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 October 27th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1418
US$/GBP – 1.5996
CHF/GBP – 1.4015
CAN$/GBP - 1.5980
AUS$/GBP – 1.5176
ZAR/GBP – 12.5250
JPY/GBP – 121.42
HKD/GBP – 12.4462
NZD/GBP – 1.9792
SEK/GBP – 10.3242
AED/GBP - 5.882
US$/EURO - 1.4022

 

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Sterling fell off earlier highs against the US dollar yesterday as it followed the euro downwards against the US currency as markets nervously awaited the results from yesterday’s EU summit. After a night of deadlocked talks the EU summit finally delivered what most had been expecting – a 50% write down for holders of Greek bonds and a boost to the European Financial Stability Fund bringing it up to €1 trillion. Sterling is trading in a similar range as previous days this morning, but down against the euro as investors cautiously bought back into the euro on the news. There is limited data out today in the UK, so expect sterling to trade on market reaction to the summit.

In the euro zone, whilst there was an announcement that a decision had been reached on increasing the bailout fund and also recapitalising banks in the region to the tune of €106bn, there was no concrete plan for tackling the ballooning debt in less competitive European countries. After producing a (vague) austerity plan, Italian parliamentarians ended up brawling and grabbing each other’s throats – a photo that you will no doubt have seen by the end of today. Once again, the rhetoric was strong like most other EU summits, however there was a lack of detail that will see things drag on further. Call in now for a live exchange rate.

In the USA, the US dollar weakened against most of its major counterparts as investors felt happier taking risks. It was noticeable in the fact that the move was a gradual one – i.e. no-one is too sure what to make of the EU summit announcement, other than in principle it is a good thing. Cautious appetite for risk is likely to be the trading pattern today, so if you are buying US dollars, it may be a good time to do so. In addition, there was speculation yesterday that the Federal Reserve would announce another round of Quantitative Easing. Call in now for a live exchange rate – we could be in for further volatility today.

Elsewhere, Japan announced that it would expand its Quantitative Easing by another 5 trillion yen. This was in line with expectations and did lead to some yen buying. In addition, the New Zealand dollar strengthened as Reserve Bank Governor hinted at an interest rate increase.

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 October 26th, 2011 by Charles Purdy

Daily Currency note

EURO/GBP - 1.1501
US$/GBP – 1.6019
CHF/GBP – 1.4048
CAN$/GBP - 1.6230
AUS$/GBP – 1.5431
ZAR/GBP – 12.6858
JPY/GBP – 121.73
HKD/GBP – 12.4598
NZD/GBP – 2.0080
SEK/GBP – 10.4914
AED/GBP - 5.888
US$/EURO
- 1.3920
 
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, falling off a 6 week high as perceived ‘riskier’ currencies came under pressure on growing concerns over today’s EU summit. However, sterling was slightly higher against the euro, hovering around €1.15/£1 as optimism over a fully comprehensive solution slipped. Markets have overall been very quiet as investors tread water to see the results of the summit, with no-one willing to hold large positions in case the reaction causes large movements against them. This saw hardly any movement as Bank of England governor Mervyn King testified to the Treasury over the decision to restart Quantitative Easing this month. It is a relatively quiet day for data with the main focus being on the European summit so call in now for a live exchange rate.

In the euro zone, plans to announce a final rescue deal today seemingly hit further hiccups yesterday as it was announced that a key meeting of European economic and finance ministers has been delayed. This meeting would prepare the detail of any political decision, so the implication is that a full package will not be available to scrutiny today. Markets clung onto optimism that a solution will be reached, but the euro slipped away against the US dollar on poor US data. It goes without saying that today could be volatile so call in now to protect yourself.

In the USA, poor financial results from several companies combined with a sharp drop in consumer confidence figures to add to a cautious tone yesterday. Demand for US government bonds rose as investors looked for a safe haven ahead of today’s EU summit. In addition, the US dollar hovered around a record low against the Japanese yen on concerns over intervention by the Japanese authorities held back further purchases of the Japanese ultra-safe haven currency.

Elsewhere, the Vatican has finally waded into the debate over the credit crisis calling for sweeping reforms of financial markets and the creation of an ethical global authority to regulate financial markets. 

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 October 25th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1479
US$/GBP – 1.5956
CHF/GBP – 1.4114
CAN$/GBP - 1.6023
AUS$/GBP – 1.5295
ZAR/GBP – 12.6122
JPY/GBP – 121.58
HKD/GBP – 12.4186
NZD/GBP – 1.9872
SEK/GBP – 10.4772
AED/GBP - 5.866
US$/EURO - 1.3878


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 dropped against the US dollar yesterday, coming off a 6 week high of $1.6001/£1 as uncertainty over the European debt crisis put pressure on ‘riskier’ currencies. The poor appetite for risk and lack of any positive UK data meant that investors took profits from sterling’s earlier rally. With the UK exposed to the euro region, investors were increasingly negative over the pound’s prospects in the event that Wednesday’s announcement over the European debt crisis fails to deliver an effective solution. Out today we have UK current account data so call in now for a live exchange rate to ensure that you don’t lose out.

In the euro zone, the euro gained against the US dollar for most of the day as markets became cautiously optimistic about Wednesday’s announcement despite rumours of political bickering over the weekend and disagreement over several key parts of the package. Aside from the obvious focus on the debt crisis, there was mixed purchasing manager data from across the region which further added to the gloomy picture of European recovery. Call in now for a live exchange rate as there is likely to be further volatility surrounding Wednesday’s announcement.

In the USA, the US dollar was driven by risk appetite yesterday with US stocks performing well after positive earnings figures and a number of potential merger deals. The US dollar regained some of the ground lost earlier to the euro as doubts emerged surrounding the debt crisis package, however there was also some profit taking. Better than expected Chinese data helped ease concerns that the country’s economy was faltering and with many investors pinning their hopes on China to drive the global recovery this certainly helped.

Elsewhere, Japanese officials said that a strong yen was causing concern. Officials stated that the central bank would take action to curb excessive trading and speculative movements of the currency. 

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 October 24th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1482
US$/GBP – 1.5942
CHF/GBP – 1.4107
CAN$/GBP - 1.6057
AUS$/GBP – 1.5368
ZAR/GBP – 12.7542
JPY/GBP – 121.46
HKD/GBP – 12.4090
NZD/GBP – 1.9842
SEK/GBP – 10.4812
AED/GBP - 5.86
US$/EURO - 1.3860

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 6 week high against the US dollar this morning as it tracked optimism that a deal would soon be reached to solve the European debt crisis. The weekend’s meetings of European officials (which had already been delayed by a week and was supposed to deliver a comprehensive solution by yesterday) has been met with cautious optimism by the markets, despite bickering and the postponement of the main announcement. Prime Minister David Cameron had issued a stark warning that the crisis was having a “chilling effect” on growth. In terms of data, it is a relatively quiet week with UK current account figures being the biggest event tomorrow. In addition, a number of policymakers from the Bank of England are making speeches which are likely to be followed closely.

In the euro zone, cracks appeared to be showing in Europe’s recent show of solidarity as politicians bickered and yet again pushed back the deadline for presenting a solution to the euro zone crisis. The divisions seem to revolve around the level of the ‘haircut’ required by holders of Greek government bonds. Several members are pushing for a 50% cut against the 21% that was announced in July. Despite the announcement of a ‘comprehensive solution’ being delayed yet again, markets are quite optimistic and as a result the euro has strengthened this morning. Call in now for a live exchange rate.

In the USA, the US dollar has come under pressure over the last few days as reports suggested that the Federal Reserve was preparing for a new round of Quantitative Easing and optimism over a potential debt deal for the euro zone built. This week we have consumer confidence, new home sales and advance GDP figures so call in now to ensure you don’t lose out.

Elsewhere, oil prices fell on the news of Colonel Gadaffi’s death on the expectation that oil production would be back to pre-conflict levels. This is unlikely to happen overnight, but supply should improve. 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 October 21st, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.1459
US$/GBP – 1.5771
CHF/GBP – 1.4029
CAN$/GBP – 1.6054
AUS$/GBP – 1.5561
ZAR/GBP – 12.8942
JPY/GBP – 121.15
HKD/GBP – 12.2819
NZD/GBP – 1.9934
SEK/GBP – 10.4523
AED/GBP – 5.799
US$/EURO – 1.3756

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 after an earlier rally against the US dollar yesterday, but gained against the euro after investors questioned how much progress would be made in the European debt crisis over the weekend. Sterling got an earlier boost against the US dollar as an unexpected jump in retail sales in the UK saw a short-lived rally die out following the view that this would do little to change the faltering UK recovery’s prospects. Sales rose by 0.6% but sterling is being bogged down by the possibility of more Quantitative Easing. Minutes from the Bank of England’s meeting this week showed the distinct possibility of further easing in the medium term. Call in now to ensure you don’t lose out.

In the euro zone, the euro has had a very volatile week ahead of Sunday’s European summit as traders speculated whether the summit will deliver a decisive solution to solve the region’s debt crisis. The ebb and flow between optimism over a comprehensive solution has contrasted with market rumours over German scepticism – especially from the country’s finance minister, leaving a very choppy market this week. This is set to continue into next week and no-one really knows the impact that the summit will have. If markets approve sterling could plummet (albeit briefly) against the euro, but if they do not, we could see a run into the 1.15’s. Ensure you are prepared and why not consider an order to buy to take advantage if the rate does move.

In the USA, data released earlier in the week showed that consumer prices increased by 0.3% but the ‘core’ (i.e. inflation that excludes volatile energy) price inflation only increased by 0.1%. Unemployment figures crept up slightly, but the major driver of the US dollar has been the market expectations with regards to the euro zone. The US dollar strengthened by 0.6% against the euro yesterday. There is serious volatility so ensure you speak to one of the team to ensure you are protected.

Elsewhere, sterling did make gains against ‘riskier’ commodity based currencies – notably the South African rand. Sterling gained by 2% to hit the highest levels against the rand since November 2009. It therefore goes without saying that if you need to buy South African rand, now is a great time. 

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 October 20th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1456
US$/GBP – 1.5708
CHF/GBP – 1.4238
CAN$/GBP – 1.6061
AUS$/GBP – 1.5435
ZAR/GBP – 12.6838
JPY/GBP – 120.65
HKD/GBP – 12.2328
NZD/GBP – 1.9821
SEK/GBP – 10.4530
AED/GBP - 5.776
US$/EURO - 1.3706 

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 month high against the US dollar yesterday, helped by improved investor sentiment towards riskier assets. However, the rally ran out of steam as sterling broke through $1.58/£1 and investors took profits. Sterling strengthened despite minutes from the recent Bank of England meeting that showed real concern about the economic environment internationally – in particular the euro zone. In the medium term, sterling is likely to suffer as growth stagnates around the world. Out later today we have retail sales data that is expected to show no growth on last month as the impact of increasing energy bills bites. Call in now for a live exchange rate.

In the euro zone, the euro strengthened across the board on renewed hope that Sunday’s European summit will deliver a decisive solution to solve th region’s debt crisis. Optimism over the potential plan saw a euro rally that has continued despite the downgrade of Spain’s credit rating by rating agency Moody’s and attempts by the German finance minister to play down the optimism over Sunday’s meeting. Out today there is consumer confidence figures so call in now for a live exchange rate.

In the USA, data released yesterday showed that consumer prices increased by 0.3% but the ‘core’ (i.e. inflation that excludes volatile energy) price inflation only increased by 0.1%. The slower growth was to all extent ignored by the markets as investors focus on Europe. Out later today, we have unemployment claims figures, existing home sales figures and manufacturing figures so call in now to ensure you don’t lose out.

Elsewhere, a group of US governors visiting China skirted round the issue of bi-lateral trade frictions and instead focussed on pitching for investment that they hope will boost the fragile recovery back in the USA. The US senate approved a bill last week to put pressure on China to increase the value of the yuan that the USA feels gives it an international price advantage by between 15-40%. Call in now to speak to a trader. 

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 October 19th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1402
US$/GBP – 1.5716
CHF/GBP – 1.4147
CAN$/GBP - 1.5924
AUS$/GBP
1.5389
ZAR/GBP
12.5210
JPY/GBP
 120.87
HKD/GBP
 12.2498
NZD/GBP – 1.9732
SEK/GBP – 10.4232
AED/GBP - 5.784
US$/EURO - 1.3791 

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 after UK annual inflation data broke above 5%, raising concerns over stagflation that saw many investors start to build bets against the pound. In addition, many expect today’s Bank of England minutes to be particularly negative after the extra £75bn of Quantitative Easing that was announced earlier in the month that saw sterling fall to a 14 month low against the US dollar. Key to the negative outlook for sterling is the fact that the price inflation is linked to commodity prices, not increased economic activity. Call in now for a live exchange rate.

It was a busy day in the euro zone, with German investor sentiment falling to the lowest level for 3 years. In addition, credit rating agency Moody’s warned that it may put a negative outlook on France’s Aaa credit rating in the next 3 months if the costs for bailing out banks stretch the country’s budget too much. There were also concerns over the supposed comprehensive plan to solve the sovereign debt crisis which is to be announced on Sunday. Call in now for a live exchange rate.

In the USA, the US dollar continues to react to headlines and rumours over the euro zone sovereign debt crisis. The volatility is exacerbated by a number of large companies reporting earnings to the stock markets including Goldman Sachs that posted a 3rd Quarter loss. Wholesale price inflation came in higher than expected. With consumer price inflation out today, there could be a lower risk of a 3rd round of Quantitative Easing.

Elsewhere, in Norway the Norwegian krone has gained by 2.4% in the last month on expectations of higher interest rates after the finance minister indicated the potential for higher rates. Stresses from the debt crisis still remain but call in to ensure you don’t lose 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

Posted October 18th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1470
US$/GBP – 1.5768
CHF/GBP – 1.4178
CAN$/GBP – 1.6132
AUS$/GBP – 1.5532
ZAR/GBP – 12.6345
JPY/GBP – 121.31
HKD/GBP – 12.2671
NZD/GBP – 1.9945
SEK/GBP – 10.5422
AED/GBP – 5.795
US$/EURO – 1.3732 

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 but gained against the euro yesterday after comments from a German policymaker deflated investor optimism over a potential euro zone bailout. As a result, investors reversed the sell off of US dollars that began over the weekend following positive comments from G20 finance ministers regarding a definitive euro zone package announcement at next weekend’s summit of European leaders. There was relatively little data released in the UK today, with investors awaiting key inflation and retail sales data later in the week which are expected to show that the UK recovery remains weak. Call in now for a live exchange rate to avoid losing out.

In the euro zone, the euro slid by 0.6% against sterling as investors looked to the relatively safer haven of sterling on the negative comments. Germany’s finance minister Wolfgang Schaeuble stated that Sunday’s summit of European leaders will not deliver a definitive solution to the region’s debt problems. Out later today there is German economic sentiment data that is a key measure of confidence in the region. Call in now for a live exchange rate.

In the USA, the US dollar strengthened against the euro, coming off a 1 month low against the single currency as investors became worried over Schaeuble’s comments over the European summit this coming Sunday. There is a wide array of data released later today in the USA including wholesale price inflation and some housing data. Ensure you don’t lose out and call in now.

Elsewhere, the Canadian dollar had a strong week last week as investors looked towards higher yielding growth linked currencies. However, with the reversal in risk appetite yesterday, sterling gained by 0.7% against the currency in a few hours. Ensure you stay on top and take advantage of movements like this by speaking to one of the team at Smart now. 

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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