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Posted December 14th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1895
US$/GBP – 1.5488
CHF/GBP – 1.4668
CAN$/GBP - 1.6038
AUS$/GBP – 1.5485
ZAR/GBP – 12.9261
JPY/GBP – 120.74
HKD/GBP – 12.0471
NZD/GBP – 2.0490
SEK/GBP – 10.8182
AED/GBP - 5.686
US$/EURO - 1.3015 

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Sterling hit a fresh 9 month high against the euro yesterday, touching €1.1880/£1 after comments by Angela Merkel unsettled investors already disappointed by the outcome of last week’s EU summit. Traders sold the euro after the German Chancellor made comments that rejected raising the funding limit of Europe’s bailout fund in future. Sterling has made gains as investors move funds from euros into the relative safety of UK government bonds. Many investment banks have been scrambling to amend their sterling/ euro forecasts with many calling for the pound to be nearer to €1.25/£1 in the next few months. Be aware that sterling started 2011 well, jumping above €1.20/£1 but soon dropped to €1.10/£1 so if it does move, be prepared to take advantage to prevent it moving against you.

In the euro zone, with the EU summit falling short of any concrete commitments that would see the ECB issuing ‘eurobonds’ and credit rating agency S&P putting all 27 EU countries on review for a rating downgrade, it is no surprise that Angela Merkel’s comments caused a euro sell-off. Rating agency Fitch also said that a lack of a comprehensive solution to the crisis had put pressure on its own ratings of European states. Despite UK inflation data dropping back below 5%, the euro continued to fall throughout the day. Call in now for a live exchange rate.

In the USA, US retail sales dropped by 0.4% coming in lower than expectations marking a disappointing end to a relatively positive run of data from the USA. The Federal Reserve kept interest rates on hold overnight and is widely expected to wait until the New Year before launching any new initiatives. This disappointed traders somewhat and saw stocks fall. It is a relatively quiet day for data today but expect markets to be driven by euro sentiment. Call in now for a live exchange rate.

Elsewhere, the Australian dollar regained ground yesterday against the US dollar and sterling. Commodity backed currencies are particularly volatile at the moment given the ongoing concerns regarding the euro zone – ensure you don’t lose out. 

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Posted December 13th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1821
US$/GBP – 1.5596
CHF/GBP – 1.4618
CAN$/GBP - 1.6007
AUS$/GBP – 1.5438
ZAR/GBP – 12.8841
JPY/GBP – 121.42
HKD/GBP – 12.1389
NZD/GBP – 2.0364
SEK/GBP – 10.7260
AED/GBP - 5.727
US$/EURO - 1.3180 

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 surged against the euro yesterday after investor concerns over the EU summit saw sterling jump above €1.18/£1 for the first time since February as investors shed the single currency. The single currency shed 1% against a stronger pound after Friday’s EU summit failed to restore confidence that policymakers could reach a solution. The main headline for the UK has been David Cameron’s decision to veto the EU treaty on Friday and there was talk that this could isolate the UK from Europe in the long term. Despite this, many analysts expect sterling to strengthen against the euro as European policymakers struggle to implement new rules. Out later today there is inflation data so ensure you stay on top of rates and call in to speak to one of the team.

In the euro zone, the euro plummeted as analysts struggled to comprehend how the 17 euro zone nations would implement the new tougher measures agreed on Friday. Following the UK veto, it is up to the remaining countries in the EU to enact laws to entrench binding debt ceilings and punishments, but many analysts are struggling to comprehend how quickly this will address the immediate concerns over liquidity. In terms of data, there is economic sentiment data released tomorrow which is likely to have dropped on last month.

In the USA, the US dollar strengthened yesterday after investors looked to the safe haven of the currency as risk appetite plummeted. Higher yielding currencies such as the Australian dollar fell notably. Out later today there is retail sales data and the Federal Reserve’s monthly interest rate policy statement. Call in now for a live exchange rate.

Elsewhere, along with other commodity backed currencies, the Canadian dollar fell to the lowest level in December as Moody’s credit rating agency said that it would review the credit ratings of all EU nations following Friday’s summit. 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 December 12th, 2011 by Charles Purdy

Daily Currency Note

 

EURO/GBP – 1.1701
US$/GBP – 1.5558
CHF/GBP – 1.4439
CAN$/GBP – 1.5960
AUS$/GBP – 1.5362
ZAR/GBP – 12.7188
JPY/GBP – 121.05
HKD/GBP – 12.1171
NZD/GBP – 2.0245
SEK/GBP – 10.5645
AED/GBP – 5.724
US$/EURO – 1.3309

 

Sterling had a relatively strong week against the euro last week, but failed to push higher on Friday as analysts were left to digest the outcome of the EU summit. David Cameron’s veto of the treaty changes was referred to as “bad for Britain” by Deputy PM Nick Clegg yesterday and there could be signs of cracks beginning to form in the coalition, which could be negative for sterling. However, polls by major newspapers seem to show that the majority of the public are in favour of the veto. The PM speaks to the Commons later today on the veto and reasons behind it. Later this week we have inflation, unemployment and retail sales figures so call in now for a live exchange rate.

In the euro zone, leaders made decent progress towards a solution to the debt crisis at last week’s summit. The measures include a new treaty aimed at a ‘genuine fiscal stability union’ and the adoption of a new rule that the annual structural deficit may not exceed 0.5% of GDP. In addition, punitive measures kick in if this is deviated from. It is already widely known that the UK was the only member of the EU not to sign up to the new measures and it remains to be seen what the impact of this is likely to be. Later this week there is further discussion over amendments to the EFSF so call in now for a live exchange rate.

In the USA, the US dollar was very volatile last week with the market trading back and forth ahead of the EU summit. In the end, investors were somewhat disappointed at the lack of a comprehensive solution to the crisis and the US dollar ended the week marginally down. Market sentiment is set to remain subdued in the coming days as investors and analysts digest the details of the summit. Released this week we have retail sales and inflation figures so call in now to avoid losing out.

Elsewhere, with market movements and concerns over the EU summit, sterling has performed well against the commodity currencies including the New Zealand dollar. Sterling has held above $2.00/£1 for the past few days, but sentiment is fragile and it could easily drop back below 2. 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 December 9th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.1730 
US$/GBP - 1.5636
CHF/GBP – 1.4489
CAN$/GBP - 1.6009
AUS$/GBP – 1.5502
ZAR/GBP12.9288
JPY/GBP – 121.46
HKD/GBP12.1724
NZD/GBP2.0384
SEK/GBP – 10.6314
AED/GBP - 5.746
US$/EURO – 1.3322

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 euro yesterday and was set to make further gains after investors sold the euro on concerns that the ECB had not taken more drastic action to solve the euro zone crisis. Whilst the Bank of England made no further changes to monetary policy this month, the ECB cut interest rates by 0.25% and offered long term lending to banks, but many analysts felt this was not enough. The releases of the minutes from the Bank of England’s meeting are expected to show discussions around the introduction of further Quantitative Easing in 2012. QE is normally seen as negative for a currency, but many feel that in the face of the euro crisis, markets may start to reward proactivity from central banks.

In the euro zone, markets were not particularly happy about the lacklustre action from the ECB ahead of the EU summit later today. Yet again, there is an expectation from markets that only a comprehensive solution will suffice, but many are expecting to be disappointed. A clear plan towards fiscal integration is the aim, but most analysts expect a half-baked compromise that will fail do achieve very much. Either way prepare for euro weakness by speaking to one of the team now to avoid losing out.

In the USA, the US dollar has taken a back seat in the last week as investors focus predominantly on the crisis in the euro zone. The US dollar has been a barometer of market sentiment, strengthening against the riskier currencies in the face of the crisis. Released later today is trade balance data, but this is likely to be relatively insignificant compared to what happens in the euro zone.

Elsewhere, the Japanese yen strengthened on the ECB’s news, showing that the yen is still a go-to safe haven currency. This morning sterling is performing well against commodity based currencies so call in if you have any currency requirements for those currencies.

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 December 8th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1701
US$/GBP – 1.5698
CHF/GBP – 1.4493
CAN$/GBP - 1.5849
AUS$/GBP – 1.5270
ZAR/GBP – 12.6355
JPY/GBP – 121.81
HKD/GBP – 12.2093
NZD/GBP – 2.0096
SEK/GBP – 10.5531
AED/GBP - 5.768
US$/EURO - 1.3412

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 euro yesterday of €1.1748/£1, coming close to the highest level since March after a German official played down market expectations of a comprehensive solution to the euro crisis being announced on Friday. Weak industrial data for the UK was largely ignored as the focus intensifies on the outcome of Friday’s summit. Industrial output slipped at the fastest pace in 6 months in October, raising further concerns over the UK recovery as the economic picture deteriorates further. The Bank of England announces this week’s interest rate decision later today and is not expected to make any changes to monetary policy this month.

In the euro zone, the euro fell after a German official said that Berlin was becoming pessimistic over the likelihood of a comprehensive solution being announced on Friday as many governments failed to grasp the gravity of the situation. A key focus of the summit is the level of progress towards fiscal integration whilst minimising the moral hazard of any political changes. The European Central Bank is widely expected to cut interest rates today so call in now for a live exchange rate.

In the USA, the US dollar yet again took a back seat to the European debt crisis and the build up to Friday’s EU summit and today’s (expected) interest rate cut. Barclays Capital yesterday amended their US dollar/ sterling forecasts to reflect a general movement from euros towards the US dollar over the coming months, meaning that sterling is now expected to drop steadily towards $1.50/£1 over the next 12 months. Call in now to avoid losing out.

Elsewhere, the Australian dollar strengthened yesterday after GDP growth figures came in at 2.5% – beating expectations by nearly 1%. Australian growth has been strong, yet the Reserve Bank of Australia has begun to cut interest rates to cope with potential slowing demand from China.

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 December 7th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1624
US$/GBP – 1.5616
CHF/GBP – 1.4439
CAN$/GBP - 1.5761
AUS$/GBP – 1.5207
ZAR/GBP – 12.4588
JPY/GBP – 121.33
HKD/GBP – 12.1472
NZD/GBP – 1.9942
SEK/GBP – 10.4926
AED/GBP - 5.741
US$/EURO - 1.3422

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 as it followed the euro downwards after credit rating agency S&P put 15 out of the 17 euro zone countries on notice for a potential credit rating downgrade. Poor retail sales figures and housing surveys contrasted with stronger than expected industrial data from Germany, highlighting the fragility of the UK economy.  Survey by the British Retail Consortium showed that retailers suffered their biggest annual drop in like for like sales since May. UK data has been particularly poor of late and as a result, sterling has taken a punishment as the euro crisis deepens. Call in now for a live exchange rate.

In the euro zone, the euro fell against the US dollar as investors focussed on the unprecedented warning issued by rating agency S&P. With the credit warning including France and Germany, investors are increasingly concerned over these perceived ‘safer’ countries and their abilities to repay their debts. With the ECB widely expected to cut interest rates on Thursday and the EU summit set to deliver a day of volatility it is set to be an interesting few days on the currency markets. Call in now for a live exchange rate.

In the USA, it was a fairly quiet day in terms of data with no real significant releases. With markets waiting for the EU Summit on Friday and the ECB interest rate decision tomorrow morning, there is no clear direction as to the US dollar’s direction ahead of the New Year. Friday will be a key day that decides the movement for the coming months so call in now to ensure you don’t lose out.

Elsewhere, the Swiss franc continues to come under pressure after an array of poor figures and talk of the Swiss National Bank increasing its floor on Euro/ Swiss franc to €1.25/€1 or more. Call in now to ensure you are protecting yourself ahead of Friday’s summit.

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 December 6th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1681
US$/GBP – 1.5614
CHF/GBP – 1.4501
CAN$/GBP - 1.5902
AUS$/GBP – 1.5328
ZAR/GBP – 12.6180
JPY/GBP – 121.42
HKD/GBP – 12.1514
NZD/GBP – 2.0128
SEK/GBP – 10.5901
AED/GBP - 5.741
US$/EURO - 1.3371

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 yesterday after an agreement between France and Germany on proposals to help the euro zone crisis helped give a boost to the perceived ‘riskier’ currencies. In addition sterling was given a boost by stronger data in the form of services sector activity that defied expectations to show an expansion in the last month. Despite the increase in activity, the survey showed that employers shed jobs at the fastest pace in more than a year. Earlier this morning house price data showed that prices fell by 0.9% which was less than expected. Markets are extremely volatile at the moment so call in to avoid losing out. 

In the euro zone, whilst there was news over an agreement between France and Germany to solve the crisis, the euro dropped last night on the announcement by credit rating agency S&P that it may carry out a Europe-wide credit rating downgrade if leaders fail to move decisively on solving the region’s debt crisis this Friday. Despite the proposed Franco-German initiative on budgetary discipline, the credit rating agency took the unprecedented action of putting all euro countries on warning (aside from Cyprus and Greece that are already either downgraded heavily or on a warning). A lot is expected of Friday, so call in now to ensure you are protected from any volatility.

In the USA, despite losing ground yesterday on the news of an agreement between France and Germany, the US dollar strengthened back after the move by S&P to warn the 15 European countries. The US dollar is the benchmark of market sentiment – strengthening up and down with the news.

Elsewhere, the Australian dollar weakened overnight as the Reserve Bank of Australia cut interest rates by 0.25%, putting riskier currencies under pressure. 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 December 5th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1632
US$/GBP – 1.5651
CHF/GBP – 1.4396
CAN$/GBP - 1.5907
AUS$/GBP – 1.5326
ZAR/GBP – 12.5180
JPY/GBP – 121.95
HKD/GBP – 12.1621
NZD/GBP – 2.0028
SEK/GBP – 10.5348
AED/GBP - 5.748
US$/EURO – 1.3441

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 off against the euro on Friday afternoon after better than expected employment figures in the USA gave a boost to risk appetite globally and contrasted with the gloomy economic outlook in the UK. Sterling held its ground against the euro but did look vulnerable given the weakening outlook in the UK. In terms of data, there are key figures released this week in the form of services PMI data which will give an idea as to activity in the sector. Many analysts expect this figure to fall marginally and given the large proportion services activity plays in GDP, a low number could significantly impact 4th quarter growth. Elsewhere this week, we have manufacturing production figures and the Bank of England’s monthly meeting. Call in now for a live exchange rate.

In the euro zone, markets are still concerned over the debt crisis in the region and the euro weakened on Friday following talk of a potential downgrade to Spain’s credit rating. Over the weekend, new Italian leader Mario Monti’s cabinet approved austerity measures totalling €30bn and the package is set to be presented to Parliament today in an attempt to cut the country’s deficit after borrowing costs have topped 7% in recent weeks. It is a big week of events, with the European Central Bank’s interest rate decision on Thursday and the conclusion to the EU Summit on Friday. Call in now for an exchange rate as there is set to be some large volatility ahead of that meeting.

In the USA, US data continues to impress the markets and Friday was no exception. Although non-farm payroll data came in less than expected, it still increased on last month and there was also a decline in the rate of unemployment, falling to 8.6% from 9.0% in the previous month. The US dollar is very closely correlated to the level of market sentiment and risk. Given the EU Summit on Friday, expect the US dollar to be fairly volatile this week. Call in now to ensure that you don’t miss out. 

Elsewhere, the Australian dollar fell overnight on speculation that the Reserve Bank of Australia will cut interest rates as the European debt crisis impacts global growth. In contrast, the Canadian dollar continues to strengthen and is turning into a new safe haven for investors. The currency benefits from a lack of budget deficits and political stability, both of which are lacking in most other major currencies. 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 December 2nd, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.1641
US$/GBP - 1.5696
CHF/GBP - 1.4380
CAN$/GBP - 1.5910
AUS$/GBP - 1.5347
ZAR/GBP - 12.6690
JPY/GBP - 122.05
HKD/GBP - 12.1980
NZD/GBP - 2.0051
SEK/GBP - 10.6059
AED/GBP - 5.768
US$/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  

Sterling strengthened against a weaker US dollar yesterday after risk appetite improved following good demand at a Spanish bond auction. Sterling slipped from earlier highs against the euro after poor manufacturing figures showed that the sector had contracted for a second month in a row. Whilst there is improved risk appetite, sterling could be set for gains against the euro if European policymakers fail to address the crisis effectively in the coming days. This week has seen poor prospects for sterling as the outlook for growth was slashed in George Osborne’s autumn statement. In terms of data, there is construction sector activity data released later today which is expected to show a contraction. Call in now for a live exchange rate.

In the euro zone, despite Spain’s borrowing costs hitting the highest levels for 14 years, there was widespread relief that the country managed to sell the full amount of debt at a closely watched bond auction yesterday. This was important as it was a key gauge for investors as to market sentiment over Spain’s ability to cover its debts. Analysts expect sterling to strengthen over the coming months against the euro as investors move funds into UK government bonds, which remain AAA rated by all major rating agencies. Call in now to ensure you are in a position to take advantage.

In the USA, the US dollar slid against the euro for the 4th day in a row as risk appetite steadily improved over the week. With many investors positioning themselves for today’s key employment number – non farm payrolls – it was a relatively quiet day for the US dollar. US data has been better than expected this week, which has added to the improving picture for the US recovery. Call in now for a live exchange rate.

Elsewhere, the commodity backed currencies have had a strong week making gains off the back of improved risk appetite despite the crisis in Europe. Wednesday’s co-ordinated action by central banks to ease the US dollar swap rate improved sentiment globally. 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 December 1st, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1638
US$/GBP – 1.5645
CHF/GBP – 1.4291
CAN$/GBP - 1.5974
AUS$/GBP – 1.5371
ZAR/GBP – 12.7861
JPY/GBP – 121.49
HKD/GBP – 12.1678
NZD/GBP – 2.0181
SEK/GBP – 10.6088
AED/GBP - 5.751
US$/EURO - 1.3440

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

Sterling jumped by 0.8% against the US dollar yesterday after co-ordinated emergency action by several central banks saw risk appetite jump and investors return to riskier assets. The Federal Reserve, European Central Bank, Bank of England and central banks of Canada, Japan and Switzerland agreed to cut the cost of US dollar swaps to help boost liquidity and help European banks hurt by the euro zone crisis. Despite the gloomy outlook outlined in Tuesday’s autumn statement, sterling rallied against the US dollar, but slipped against ‘riskier’ currencies as investors felt happier taking risks. Out later today there is manufacturing activity data which will be key in painting a picture of the UK recovery. Call in now for a live exchange rate.

In the euro zone, the euro surged against the US dollar on the news of the co-ordinated action, in essence a huge injection of Quantitative Easing on a global scale. Liquidity – or the availability of borrowing – has been squeezed by the escalation of the European debt crisis. The measures are in no way a solution to the crisis and the euro faces a make or break 10 days. With rumours circulating of firms implementing assessments of the impact of a euro break up, European policymakers have until the December 9th summit to deliver an effective solution that delivers a long term fix to the problems. Call in now for a live exchange rate.

In the USA, the US dollar weakened off against most of its major counterparts as the measures were announced. With cheaper US dollars now widely available, investors took advantage and bought into higher yielding ‘commodity backed’ currencies. Aside from this, there was some surprisingly positive data released in the US yesterday that showed that US private sector jobs increased by 206,000 in the previous month. Business activity data jumped and US pending home sales jumped by 10% in October. Combined with last week’s strong retail sales, the figures painted a much better than expected picture of the US recovery than many had thought. Call in now for a live exchange rate.

Elsewhere, commodity currencies surged as investors took advantage of increased risk appetite. The South African rand jumped by over 2% against the US dollar and the Australian dollar made similar gains. If you are moving those currencies into sterling, now is a great time so call in now to take advantage. 


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