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Posted November 30th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1701
US$/GBP – 1.5522
CHF/GBP – 1.4351
CAN$/GBP - 1.6088
AUS$/GBP – 1.5609
ZAR/GBP – 13.0961
JPY/GBP – 121.21
HKD/GBP – 12.1039
NZD/GBP – 2.0470
SEK/GBP – 10.7749
AED/GBP - 5.71
US$/EURO - 1.3272

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 stayed firm against the US dollar and strengthened above €1.17/£1 against the euro despite a particularly downbeat statement by the Chancellor in his autumn statement to parliament. Growth forecasts for 2012 were downgraded to 0.7% from an estimated 2.5% in March and the Office of Budget Responsibility expects the economy to contract by 0.1% in the 4th Quarter of this year. Poor data in past weeks has also cemented the gloomy outlook for the economy with retail sales dropping by the highest level for 2 ½ years in October as consumers cut back on spending with inflation holding at more than 5%.  Sterling recovered as most of the bad news was factored into the exchange rates. Call in now for a live exchange rate.

In the euro zone, the euro rose for a second day against the US dollar as there was speculation that the European Central Bank may lend money to the IMF in order to help Italy cope with the debt crisis. Italy’s borrowing costs have sky rocketed as investors have deserted the country in the wake of the recent crisis and left it having to pay more and more to borrow. Market sentiment yesterday seemed to suggest that European policymakers are taking action on the crisis, which helped support the euro.

In the USA, a rebound in consumer confidence in November also gave investor risk appetite a boost and saw the US dollar weaken off from recent highs. Out later today there is pending home sales and building approvals figures – both key pieces of data in the assessment of the US recovery’s prospects. Call in now to ensure you take advantage of any rate movements. 

Elsewhere, the boost in risk appetite saw the commodity backed currencies strengthen against the US dollar and sterling. The Australian dollar surged by 2% against the US dollar before pulling back later in the day. 

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Posted November 29th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1621
US$/GBP – 1.5490
CHF/GBP – 1.4291
CAN$/GBP - 1.6035
AUS$/GBP – 1.5594
ZAR/GBP – 12.9468
JPY/GBP – 120.84
HKD/GBP – 12.0810
NZD/GBP – 2.0488
SEK/GBP – 10.7714
AED/GBP - 5.708
US$/EURO - 1.3342

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 7 week low against the US dollar on Monday as risk appetite improved across global markets. Rumours that European leaders were pushing towards more radical action on the euro zone crisis sparked by reports that the IMF was preparing an aid package for Italy saw a surge in demand for risk related assets. However, poor data from the UK put investor expectations of a recovery off course. Retail sales figures came in very low, showing a fall at the highest rate for 2 ½ years as consumers cut back spending. In addition, a report by the OECD stated that the UK will slip back into recession next year and that the Bank of England should increase the level of Quantitative Easing to £400bn. Today sees the chancellor’s Autumn report so call in now to avoid losing out.

In the euro zone, the euro recovered from 7 week lows against the US dollar as there was fresh hope of progress in the euro zone crisis as rumours circulated that the IMF was preparing an emergency aid package for Italy. In addition, with a European Summit next week and a European Finance Ministers meeting later today, many hoped to see progress towards more decisive action. The crisis continues to dominate currency movements, so ensure you protect yourself by calling and speaking to one of the team today.

In the USA, risk appetite was helped by reports of strong retail sales on “Black Friday” – the traditional post-Thanksgiving day of retail discounting similar to Boxing Day in the UK. In addition, there were reports that yesterday – dubbed “Cyber Monday” – would see record levels of online shopping ahead of Christmas, which helped investors feel marginally better and saw the US dollar slip off. 

Elsewhere, the Australian dollar jumped by more than 2% against the euro, hitting a one week high and the New Zealand dollar gained by 2% as investors felt better that a solution to the Europe crisis was on the way. 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 November 28th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1637
US$/GBP – 1.5546
CHF/GBP – 1.4332
CAN$/GBP - 1.6101
AUS$/GBP – 1.5732
ZAR/GBP – 12.9532
JPY/GBP – 120.71
HKD/GBP – 12.1055
NZD/GBP – 2.0628
SEK/GBP – 10.7824
AED/GBP - 5.709
US$/EURO - 1.3357

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 from a 7 week low against the US dollar last week as risk appetite improved on Friday. Sterling held its ground against the euro as well. The big event of the coming week is set to be the Chancellor’s autumn statement, released tomorrow. We are likely to see George Osborne reaffirm the government’s commitment to cutting the deficit, but the main focus is expected to be a reduction in growth forecasts for next year. The EU crisis is expected to have a knock on effect and see the UK skirting recession next year – all of which could have an impact on sterling. Other key data released this week includes UK manufacturing, mortgage lending and consumer confidence. Call in now for a live exchange rate.


In the euro zone, the main news of last week was Germany’s ‘failed’ bond auction in which they failed to sell the full allocation of bonds on offer. We have November’s EU summit this week and with the lack of progress made in the last month over a credible plan to solve the crisis, there will be a lot to talk about. German and French leaders have come under particular pressure and any failure to address market concerns over the situation will heighten market tensions. Ensure you speak to one of the team to avoid losing out. 

In the USA, the US dollar continues to maintain its position as the only real safe haven currency and as such is particularly strong at the moment. Last week’s ‘Black Friday’ showed reportedly much higher sales than in the previous year and as a result, investors feel good about retail sales in the country and the prospects for recovery. Later this week we have figures on payroll and manufacturing which could sink any optimism so call in now for a live exchange rate.

Elsewhere, the Swiss franc benefited on Friday on rumours that the Swiss National Bank would increase the currency peg floor to €1.25 against the euro. However, the SNB is likely to wait for any developments from the EU summit before making any decisions. Call in now for a live 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 November 24th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.1602
US$/GBP – 1.5556
CHF/GBP – 1.4254
CAN$/GBP – 1.6251
AUS$/GBP – 1.5940
ZAR/GBP – 13.1824
JPY/GBP – 119.92
HKD/GBP – 12.1131
NZD/GBP – 2.0870
SEK/GBP – 10.7151
AED/GBP – 5.708
US$/EURO – 1.3388

 
 

Important notice: Today is Thanksgiving (a public holiday) in the USA and as a result, US dollar payments will be delayed by one day as US routing banks will be shut. Please allow an extra day if you are paying suppliers in US dollars. This may also impact other currency payments so bear this in mind.

Sterling fell to a further 6 week low against the US dollar yesterday, falling below $1.55/ £1 following steep drops in the prices of riskier currencies/ commodities. A raft of poor data from the euro zone saw investors pull back from positions in riskier positions. With sterling seen as a relatively riskier option to the US dollar, the pound has come under pressure as the European crisis intensifies. The pound wasn’t helped either by the Bank of England’s minutes that showed policymakers unanimously voting for no change to monetary policy. One positive was that sterling strengthened against the euro. Call in now to ensure you take advantage.

In the euro zone, the euro tumbled yesterday following poor demand for German bonds. Germany is seen by many as the ‘safe haven’ of the euro zone and the lacklustre bond auction yesterday may be the first signs of the markets beginning to question Germany’s ability to handle the European crisis. In addition, data showed that industrial orders and purchasing figures fell in the region, signalling an impending recession. Call in now for a price to make sure you don’t lose out. 

In the USA, the US dollar strengthened to the highest level against the euro since early October as investors became more and more concerned over the impact that the European debt crisis was having on France and Germany – the region’s largest economies. Markets are becoming more and more concerned globally and as such are seeking the safe haven of US dollars. Ensure you protect yourself by speaking to one of the team today.

Elsewhere, Chinese data released yesterday showed a sharp contraction in manufacturing activity. The figures shocked many who had been relying on China to drive the global recovery forward.

 

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

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 November 23rd, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1585
US$/GBP – 1.5598
CHF/GBP – 1.4231
CAN$/GBP - 1.6231
AUS$/GBP – 1.5980
ZAR/GBP – 13.1651
JPY/GBP – 119.98
HKD/GBP – 12.1291
NZD/GBP – 2.0916
SEK/GBP – 10.6971
AED/GBP - 5.721
US$/EURO - 1.3464

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

Important notice: Thursday is Thanksgiving (a public holiday) in the USA and as a result, US dollar payments will be delayed by one day as US routing banks will be shut. Please allow an extra day if you are paying suppliers in US dollars.

Sterling fell to a 6 week low against the US dollar yesterday as riskier currencies became hampered by the failure of US politicians to reach agreement on spending cuts and concerns over the European debt crisis continued to wreak havoc. Whilst the pound did start to recover, it also hit a 3 week low against the euro as banks allegedly repatriated funds in order to start recapitalising. In terms of data, we have the Bank of England’s minutes released later today which are set to show that there is potentially further Quantitative Easing on the way as the UK economy struggles with high inflation and low growth. Call in now for a live price.

In the euro zone, the euro slipped yesterday against the US dollar as rumours surfaced that Belgium and France were in fresh talks regarding the existing deal for Dexia – the first bank to be bailed out in Europe following the euro zone crisis. The concerns were over the fact that France could be taking on more and more liabilities – especially given the recent warnings over France’s credit rating in recent weeks. Out later today there is a wide array of economic activity data so call in now to ensure you don’t lose out. 

In the USA, US GDP growth figures were revised downwards yesterday to 2% quarter on quarter which saw risk appetite decrease and increased demand for the US dollar. With the US super committee failing to reach an agreement on spending cuts, there is a significant risk that we could see another credit rating agency downgrade the US credit rating. Get in touch now to avoid losing out.

Elsewhere, sterling surged against the South African rand yesterday hitting the highest level since August 2009. Riskier currencies like the South African rand have taken a hit recently as investors pull out of riskier positions. Call in now to take advantage of better rates. 

 


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 November 22nd, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1580
US$/GBP – 1.5654
CHF/GBP – 1.4345
CAN$/GBP - 1.6245
AUS$/GBP – 1.5886
ZAR/GBP – 12.9971
JPY/GBP – 120.64
HKD/GBP – 12.2075
NZD/GBP – 2.0818
SEK/GBP – 10.6721
AED/GBP - 5.756
US$/EURO - 1.3525

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 the lowest level against the US dollar for 6 weeks yesterday as investors moved away from riskier assets, but sterling remained supported against the euro given concerns over euro zone stability. With a fragile UK economy and the Bank of England’s minutes release tomorrow that are expected to show the Bank’s readiness to deploy further Quantitative Easing, sterling is set to continue to come under pressure against the US dollar. Some analysts are predicting that sterling will fall to $1.53/£1 by the end of the year as the recovery slows. Figures yesterday showed that UK shopper numbers fell by the fastest rate since last year’s heavy snow as consumers tightened their belts. Out later today there is key data on public sector borrowing that could cause some volatility. Call in now to ensure you don’t lose out.

In the euro zone, fears over the debt crisis continued to cause issues with stock markets falling to 6 week lows as credit rating agency Moody’s issued a warning over France’s credit rating as a result of the country’s exposure to Greece and Italy. Comments from ‘guru’ investor Warren Buffett didn’t help either – the ‘Oracle of Omaha’ stated that he couldn’t see how and when the European debt crisis would end. Out later today there is consumer confidence data for the region so call in now for a live exchange rate.

In the USA, the US dollar surged against its counterpart currencies as investors shunned riskier assets and the debt crisis raged on. US stock markets fell yet again, with the S&P 500 slipping below the 1,200 level for the first time since October. Out later today there is US GDP data so call in as this could cause some movement.

Elsewhere, a swift recovery in Japanese manufacturing supply chains helped the economy recover from a post-quake recession and grow by 1.5% in the 3rd Quarter. However, record highs on the Japanese yen have seen exports drop by 3.7% despite intervention by central authorities to weaken the yen.

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 November 21st, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1654
US$/GBP – 1.5698
CHF/GBP – 1.4439
CAN$/GBP - 1.6204
AUS$/GBP
1.5846
ZAR/GBP
12.9742
JPY/GBP
 120.55
HKD/GBP
- 12.2270
NZD/GBP - 2.0771
SEK/GBP - 10.6870
AED/GBP - 5.765
US$/EURO - 1.3450

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 US dollar on Friday as investors who had placed bets against sterling reversed them ahead of the weekend. In addition, there was speculation that the ECB would start lending to the IMF in order to bail out troubled European countries. Sterling slipped slightly against the euro as a result, but this was due to the fact that the pound has now become some what of a safe haven currency in the face of a growing crisis in the euro zone and as a result, sterling is likely to gain against the euro if investors become concerned. This week, we have the Bank of England’s meeting minutes and the 1st revision of 3rd Quarter GDP – both of which could cause significant volatility.

In the euro zone, it was yet another volatile week, with a sharp rise in government bond yields across the board demonstrating the ‘contagion’ that so many analysts have feared for some time. One piece of relatively positive data over the weekend was the news of the crushing election victory by Spain’s centre right. The strong majority should give the new government the ability to push through the tough austerity measures required and to (hopefully) keep the country’s bond prices down. Call in now for a live exchange rate.

It is a potentially big week in the USA, with the looming deadline of the so-called ‘super-committee’. This was a bi-partisan body set up in the wake of the debt ceiling debacle in August to agree a further $1.2trn of spending cuts in order to avoid automatic cuts in 2013. Given the fractious nature of US politics, if the talks do breakdown it could cause some issues in the markets yet again. There is preliminary GDP growth figures released later in the week so call in to ensure you don’t lose out.

Elsewhere, the resurgence of violence in Egypt has put many analysts on edge. The lack of political reform since the uprising earlier this year has caused some to worry about the situation in the region. 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 November 18th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1697
US$/GBP - 1.5767
CHF/GBP - 1.4492
CAN$/GBP - 1.6248
AUS$/GBP - 1.5830
ZAR/GBP - 12.9680
JPY/GBP - 121.21
HKD/GBP - 12.2906
NZD/GBP - 2.0767
SEK/GBP - 10.7210
AED/GBP - 5.796
US$/EURO - 1.3501

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 yesterday after stronger than expected retail sales figures provided some rare positive news on the UK economy. Figures showed that retail sales increased by 0.6% in October – beating expectations for a fall. Despite this rare piece of good news, many analysts feel there are still significant risks facing the UK economy – especially heading into the new year when growth can stall after Christmas. Sterling should however remain supported against the euro given the concerns over risks of contagion in the euro zone. Elsewhere this week, inflation fell and the number of new people claiming unemployment benefits fell significantly on last month. Call in now for a live exchange rate.

In the euro zone, it appeared that the European debt crisis was close to claiming its 3rd victim in as many weeks. Spain’s borrowing costs jumped yesterday, with the country having to pay 6.975% on new borrowing yesterday 3 days ahead of an election that is expected to see the ruling socialist party toppled. Bond yields in many other countries in the region also suffered with many analysts predicting that markets are now pricing in a break up of the euro zone. Call in now for a live rate as there is significant volatility.

In the USA, stock markets fell for another day on Thursday as fears over the euro zone crisis causing a global liquidity crisis negated recent positive data showing a 7 month low for new jobless claims and an increase in permits for new homes. Many had felt that these positive signs were a sign that the US recovery was under way, but the gathering storm in Europe is a worrying sign for the global recovery. Ensure you take advantage of any volatility and speak to one of the traders today.

Elsewhere, the Japanese yen strengthened to a 2 ½ week high against the US dollar as concern over the euro zone saw investors seek refuge in the safe haven currency. This was the lowest level since the Japanese intervention of October 31st. Markets are very jittery at the moment in relation to the euro zone, so call in now 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 November 17th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP 1.1676
US$/GBP – 1.5756
CHF/GBP – 1.4475
CAN$/GBP - 1.6088
AUS$/GBP – 1.5612

ZAR/GBP – 12.8057
JPY/GBP
– 121.11
HKD/GBP
– 12.2508
NZD/GBP – 2.0528
SEK/GBP – 10.6872
AED/GBP - 5.78
US$/EURO - 1.3470

 

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

UK unemployment continues to grow hitting 17 year highs as the private sector is unable to take up the slack from those being made unemployed in the public sector. Unemployment for the under 25’s is over 20%. We also had yesterday the Bank of England forecasts for the UK economy which reduced growth expectations over the next 9 months to nil as a result of the problems in the euro zone which is the UK’s main export market.

Further quantitative easing is being talked about which meant that sterling gave back its morning gains against the euro in the afternoon. One positive from the BoE was their expectation that inflation would be less than 2% by the end of 2012. But they have been wrong before. So the UK is not in a great position economy wise. Call in now to get a rate to minimise risk in these difficult times.

Business confidence in the euro zone begins to ebb away as the markets wait for a comprehensive and believable plan with regard to restructuring of their debts, bank and government. Yields on Italian government debt hovered around the 7% level which given that this seemed to be dependent on buying by the European Central Bank is not comforting. So as uncertainty reigns and I suggest you give us a call to get the latest update.

The US$ continues to benefit from its safe haven status and strengthen against sterling. But the US economy is also suffering from the uncertainty in the euro zone and expectations for US company performances such as the banks are beginning to be downgraded.

The commodity backed currencies held their own yesterday. The euro zone crisis is having an effect on business confidence worldwide and although still growing the Far East is still dependent on what happens in the northern hemisphere.

 

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 November 16th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP 1.1684
US$/GBP – 1.5786
CHF/GBP – 1.4496
CAN$/GBP - 1.6178
AUS$/GBP – 1.5614

ZAR/GBP – 12.8831
JPY/GBP – 121.50
HKD/GBP – 12.2917
NZD/GBP – 2.0516
SEK/GBP – 10.6732
AED/GBP - 5.798
US$/EURO - 1.3497
 

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

UK inflation data for October fell by 0.2% from the previous month. Trouble is at 5% it is still way above the Bank of England’s target rate of 2%. Expectation is that it will fall in the new year as last January’s VAT increases flow through. Problems in the euro bond market continue to trouble sterling against currencies other than the euro as a significant proportion of the UK’s trade is with the euro zone.

Today we have the unemployment figures which are unlikely to make happy reading. Unemployment for the under 25’s is of great concern as jobs have dried up for this age group. Exchange rates continue to be volatile so call in for a rate now.

The euro zone problems continue. Confidence in euro zone bonds of all countries apart from Germany’s is slipping away which means that the problems of Italy and Greece could spread to other countries such as France and Austria which in theory have AAA rated bonds. Business confidence continues to wane which means that given the size of the euro zone business confidence world wide is affected. Urgent action is required. Expect continued volatility and call in now to reduce your risk.

The US$ is the “go to” currency in these uncertain times as risk aversion heightens and its safe haven status is much sought after. Sterling has lost a couple of cents against the US$ since the start of the week and it is difficult to see this momentum changing in the near term even though economic conditions in the US are far from rosy.

Commodity backed currencies have gained ground against sterling which is slightly perverse given increased risk aversion. I think it highlights how dependent the UK economy is on the euro zone whereas the commodity backed currencies are tied to China and its on-going growth.

 

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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