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Posted June 29th, 2012 by Charles Purdy

Daily Currency Note

This week – (Last week)
EURO/GBP 1.2410 – (EURO/GBP 1.2436)
US$/GBP 1.5628 – (US$/GBP 1.5596)
CHF/GBP 1.4916 – (CHF/GBP 1.4941)
CAN$/GBP 1.6022 – (CAN$/GBP 1.6041)
AUS$/GBP 1.5394 – (AUS$/GBP 1.5554)
ZAR/GBP 12.9788 – (ZAR/GBP 13.0567)
JPY/GBP 124.36 – (JPY/GBP 125.34)
HKD/GBP 12.1321 – (HKD/GBP 12.103)
NZD/GBP 1.9597 – (NZD/GBP 1.9828)
SEK/GBP 10.896 – (SEK/GBP 10.9446)
AED/GBP 5.7431 – (AED/GBP 5.7259)
US$/EURO 1.2595 – (US$/EURO 1.2531)
INR/GBP 88.06 – (INR/GBP 89.141)

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form

Sterling had a mixed week. It strengthened against the euro in the run up the EU Economic summit taking place on Thursday and Friday of this week but quickly lost ground on the overnight announcement that the Eurozone’s bailout fund would support struggling banks without adding to government debt. Against the US dollar the reverse trend was seen as risk aversion became the main driver in the market in the first half of the week with a rapid reversal overnight. The UK’s final GDP reading yesterday showed that the economy had contracted by much more than expected in the fourth quarter of 2011 outlining that the UK is in a deeper recession than originally anticipated. The Bank of England’s inflation report hearing outlined that all members of the Monetary Policy Committee shared the same sentiment that monetary policy should be kept loose causing increased speculation that we could see further monetary easing in July. The Governor of the Bank of England is speaking today whilst the central banks Financial Stability report is also released which should provide further insight into the state of the economy and possible further indication to the central banks plans for monetary policy going forwards. Call in now for the latest news and a live quote.

The euro had a very poor week until Friday morning and the announcement of Eurozone bailout funds support for the banks, struggling against the majority of currencies. Fears surrounding Spain were intensified due to the Spanish prime minister also hinting that a full government bailout may be required if borrowing costs continue to remain high. Italy’s bond yields also continued to rise this week causing the euro to weaken further as Italy’s total debt in more than twice Spain’s. Rumours also started to circulate this week that the European Central Bank may pause on its asset purchase facility and may cut the central bank rate instead next month. Cyprus also announced that it will seek a bailout to aid its failing economy. German employment data released yesterday also disappointed. It was also announced at the EU economic summit that a Eurozone supervisory body for banks would be formed. The EU economic summit continues today which could cause a lot of volatility if any further substantial news is released. Call in now for the latest news and a live quote.

The US dollar performed well in the first half of this week as investors sought safer havens for their money as risk aversion dominated the market and revised GDP data confirmed steady growth of 1.9%. Other data released showed that US consumer confidence had missed expectations; but, durable goods orders figures showed a vast improvement on last month’s figures where orders actually contracted. Other positive data included figures showing that the number of homes pending sale increased by more than anticipated. Revised consumer sentiment figures and inflation data is released today; but, expect any further news from Europe to have a much greater influence on the markets. Call in now for the latest news and a live quote.

Elsewhere, the Japanese yen was one of the stand out performers this weak due to its safe haven status as well as the news that the lower house of Japanese parliament passed a bill to double the consumption tax which has been outlined as a way to tackle part of the economic deficit. The other main piece of news came from China as rumours started to circulate that pro-growth policies could be implemented to help the world’s second largest economy. Canadian monthly GDP data is the main release on the agenda today; so, call in now for a live quote and the latest news.

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Posted June 27th, 2012 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.2506
US$/GBP – 1.5630
CHF/GBP – 1.5026
CAN$/GBP – 1.6024
AUS$/GBP – 1.5548
ZAR/GBP – 13.1824
JPY/GBP – 124.31
HKD/GBP – 12.1234
NZD/GBP – 1.9792
SEK/GBP – 11.0421
AED/GBP – 5.7389
US$/EURO – 1.2486
INR/GBP – 89.39

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form

Sterling was relatively strong against the euro being viewed as a "relative" safe haven asset; but, remained fairly range bound against the majority of other currencies as public sector borrowing figures were worse than expected. The Bank of England’s inflation report hearing suggested that all members of the Monetary Policy Committee shared the same sentiment that monetary policy should be kept loose; but, how loose it should be kept varied between individual members as was seen from the minutes of the Bank of England’s last meeting which showed a 5-4 vote to keep quantitative easing unchanged in June. We will have to wait and see if the members vote to inject more money into the economy in July. The only news of note today is mortgage approval data and the Confederation of British Industry (CBI) realised sales figures; so, call now for the latest news and a live quote.

The euro was one of the worst performing currencies yesterday weakening off against the majority of currencies as fears surrounding Spain intensified as bond yields continued to rise. Italy also sold bonds yesterday; but, similarly to Spain these auctions ended with much higher yields than previous. German Chancellor Merkel reiterated her stance that she would not be willing to accept the idea of euro bonds which also weakened the single currency further. German preliminary inflation data is the main news on the agenda today; but, the markets will pay much closer attention to the developments in Spain and any announcements in the run up to the EU Economic summit later this week. Clearly the EU Economic summit is going to be very key for the euro as markets expect it to result in a commitment to greater unity; fiscal, banking and economic.  Call in now for the latest news and a live quote.

The US dollar had a mixed day yesterday with the worlds focus on the developments in Europe and as data released showed that US consumer confidence had missed expectations. The main news on the US economic calendar today will be the core durable goods orders with the hope they show an improvement from the disappointing March and April figures and the number of pending homes sales; so, call in now for the latest news and a live quote.

Elsewhere, the Japanese yen was one of the best performing currencies yesterday after the lower house of Japanese parliament passed a bill to double the consumption tax which has been outlined as a way to tackle part of the economic deficit. Trade balance data from New Zealand was released late last night; but, very little other data is released today as the markets look elsewhere for influence. Call in now for the latest news and a live quote.

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Posted June 26th, 2012 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.2448
US$/GBP – 1.5582
CHF/GBP – 1.4962
CAN$/GBP – 1.6022
AUS$/GBP – 1.5548
ZAR/GBP – 13.1741
JPY/GBP – 124.24
HKD/GBP – 12.0926
NZD/GBP – 1.9748
SEK/GBP – 10.9912
AED/GBP – 5.7240
US$/EURO – 1.2508
INR/GBP – 88.97

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form

Sterling held its own against the euro and the commodity backed currencies yesterday; whilst weakening slightly against the US dollar and Japanese yen as risk aversion drove the market. Public sector net borrowing figures and the Bank of England’s inflation report hearing will be the main news on the UK’s economic calendar today. Both have caused volatility in the past; so, call in now for the latest news and a live quote.

The euro traded in a similar fashion to sterling yesterday holding its own the commodity back currencies, but, was weak against the US dollar and the Japanese yen. Spain officially announced that it was requesting a bailout for its banking sector yesterday; however, the amount has yet to be specified which caused Spanish bond yields to push higher. Cyprus also announced that it will seek a bailout to aid its failing economy; but, again no specifics surrounding the amount have been revealed. More bad news came as the Greek finance minister resigned just 4 days into the job due to health issues; causing issues for the newly formed coalition Government as they seek to renegotiate the terms of their bailout package. German consumer climate data is the only news of note today with the markets tentative before the EU economic summit on Thursday and news from Spain and Greece shifting the markets sentiment. Call in now for the latest news and a live quote.

The US dollar performed well yesterday due to investors looking for a safer haven to lodge their money as risk aversion dominated the market. New home sales data released yesterday was positive, posting a much better than expected value and was the only significant data released globally. The main data on the agenda today is the monthly consumer confidence figures; so, call in now for the latest news and a live quote.

Elsewhere, the Japanese yen was one of the stand out performers yesterday strengthening due to its safe haven status; whilst the commodity backed currencies were particularly weak. The Indian rupee also performed fairly well due to its central bank increasing the amount of rupee-denominated government bonds that can be owned by overseas investors by US$5 billion after weakening to historic lows against a range of currencies last week. With very little data out today, the market will look elsewhere for influence; so, call in now for the latest news and a live quote.

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Posted June 25th, 2012 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.2439
US$/GBP – 1.5582
CHF/GBP – 1.4962
CAN$/GBP – 1.5985
AUS$/GBP – 1.5556
ZAR/GBP – 13.1381
JPY/GBP – 124.64
HKD/GBP – 12.082
NZD/GBP – 1.9768
SEK/GBP – 10.9759
AED/GBP – 5.7178
US$/EURO – 1.2498
INR/GBP – 87.94

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form

Sterling had a poor day on Friday weakening off against the majority of currencies with trading volumes low due to the lack of data released globally. Sterling has been trading in a fairly narrow range against the € [1.23 to 1.245] and against the US$ [1.55 -1.575] for the last couple of weeks and we wait to see what catalyst will cause it to break out of these fairly narrow ranges.   A fairly full economic calendar in the UK this week includes public sector net borrowing figures, the inflation report hearing and current account figures. The Governor of the Bank of England is also speaking later this week. Call in now for the latest news and a live quote.

The euro had a mixed day on Friday as a growth package of €130 billion was agreed by European leaders; however, very few details have been released. The European Central Bank also announced that it was relaxing the collateral rules for a greater number of assets to help the banking sector. On a more negative note, German business climate data was worse than expected. The main news this week will revolve around the EU Economic Summit towards the end of the week which could cause a lot of volatility if any shock announcements are made. The markets will also pay close attention to the bench mark 10 year Italian bond auction this week, which will give a clear indication of investors’ confidence in the nation. Call in now for the latest news and a live quote.

The US dollar was quite weak on Friday dropping against the majority of currencies despite very little data being released. It is another busy week for data in the US which includes key releases in the form of the number of new homes sold, the number of homes pending sale, the change in the number of people claiming unemployment benefits, consumer confidence figures and core durable goods orders. With a low of data released there is the potential for a lot of volatility; so, call in now for the latest news and a live quote.

Elsewhere, the Japanese yen was particularly weak on Friday as speculation started to mount that its central bank may look to loosen its monetary policy shortly. Canadian inflation data was also lower than expected. The main releases this week are business confidence figures from New Zealand and GDP data from Canada. Call in now for the latest update and a live quote.

If you haven’t opened a Smart account yet, call on 0808 163 0102 (+44 0207 898 0541) or fill out our online Account Form

Posted June 22nd, 2012 by Charles Purdy

Daily Currency Note

This week – (Last week)
EURO/GBP 1.2436 – (EURO/GBP 1.2302)
US$/GBP 1.5596 – (US$/GBP 1.5534)
CHF/GBP 1.4941 – (CHF/GBP 1.4778)
CAN$/GBP 1.6041 – (CAN$/GBP 1.5903)
AUS$/GBP 1.5554 – (AUS$/GBP 1.5512)
ZAR/GBP 13.0567 – (ZAR/GBP 13.0204)
JPY/GBP 125.34 – (JPY/GBP 122.56)
HKD/GBP 12.103 – (HKD/GBP 12.0542)
NZD/GBP 1.9828 – (NZD/GBP 1.9834)
SEK/GBP 10.9446 – (SEK/GBP 10.901)
AED/GBP 5.7259 – (AED/GBP 5.7051)
US$/EURO 1.2531 – (US$/EURO 1.2624)
INR/GBP 89.141 – (INR/GBP 86.61)

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form

Sterling has had a mixed week as global risk sentiment shifted following the Greek elections and announcements from the UK’s and US central banks. At the beginning of the week lower than anticipated inflation figures drove sterling weaker as speculation grew that next month could bring another round of quantitative easing. This speculation increased as the minutes of the Bank of England’s last meeting were released  and they showed a 5-4 vote to keep quantitative easing unchanged in June, a big change from last month’s 8-1 vote implying that policy makers sentiment towards injecting more money into the economy has increased significantly. Monthly retail sales data released yesterday were much better than expected providing some respite for sterling; but, the state of the UK’s economy remains extremely fragile. With very little data out today, the markets will look elsewhere for influence; so, call in now for the latest news and a live quote.

The euro had a strong start to the week following the Greek elections on Sunday. A “pro-bailout” coalition government  has been formed between the New Democracy, Pasok and Democratic Left parties ending the current round of political uncertainty. Spanish benchmark 10 year bonds yields hit a euro era high of 7.285% this week stoking fears that a full Spanish government bailout may be required; but, yields dropped as the week progressed. Weak services and manufacturing data was released yesterday across Europe demonstrating that the region remains in recession. Today, German business climate figures are released; furthermore the Economic and Financial Affairs Council (ECOFIN) meet to discuss the current state of the Eurozone economy and the potential policies that could be implemented. Call in now for the latest news and a live quote.

The US dollar had a strong end to the week benefiting from increased risk aversion and its safe haven status. The Federal bank decided to expand its “Operation Twist” program (selling short dated bonds and buying long dated bonds to lower long term interest rates) by $267 billion; but, this came  instead of introducing a new round of quantitative easing which disappointed the markets somewhat. Poor data from the US came in the form of much worse than expected figures from manufacturing data whilst home sales also dropped. On a more positive note, the number of new residential building permits granted grew by slightly more than anticipated. It is a quiet day on the data front; but, the markets remain extremely jittery; so, call in now for the latest news and a live quote.

Elsewhere, the main news this week was the Chinese manufacturing (PMI) dropped to an 8 month low stoking fears that growth is slowing in world’s second largest economy. Other data released showed that quarterly GDP data from New Zealand was much better than expected. The main data on the agenda today is inflation data from Canada.

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Posted June 21st, 2012 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.2364
US$/GBP – 1.5678
CHF/GBP – 1.4863
CAN$/GBP – 1.6026
AUS$/GBP – 1.5446
ZAR/GBP – 12.9247
JPY/GBP – 124.85
HKD/GBP – 12.1641
NZD/GBP – 1.9668
SEK/GBP – 10.9310
AED/GBP – 5.7554
US$/EURO – 1.2668
INR/GBP – 88.42

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form

Sterling weakened off sharply in the morning as the Bank of England’s policy meeting minutes revealed that the MPC members voted 5-4 to keep quantitative easing unchanged. This a big shift from last month’s 8-1 vote suggesting that we will see more quantitative easing announced in July which clearly undermined sterling. The main release today is the retail sales data which investors hope will show a 1.1% growth from last month’s extremely poor reading of  -2.3%. We also have the benchmark 10 year bond auction today which will reveal investors’ confidence in the UK economy at present. Call in now for the latest news and a live quote.

It was a mixed day for the euro yesterday as the current round of political uncertainty in Greece came to an end yesterday as a coalition government was formed made up of the New Democracy, Pasok and Democratic Left parties. Whilst a coalition government has now been formed it remains to be seen if they will be able to renegotiate the terms of their bailout. The main data on the agenda today is the services and manufacturing Purchasing Managers’ Index (PMI) across Europe which investors will hope show an improvement on last month’s worse than expected release. In the background we have continued talk of how to reduce the stress on Spanish and Italian fund raisings as rates continue to be excessive. Call in now for the latest news and a live quote.

The US dollar was under pressure in the run up to the Federal Open Market Committee’s (FOMC) press conference, economic projections and monetary policy statement released yesterday. It was announced that the Federal bank will expand its “Operation Twist” program (selling short dated bonds and buying long dated bonds to lower long term interest rates) by $267 billion. This is thought to be a softer form of monetary easing, rather than opting for a new round of quantitative easing. A busy day on the data front includes existing home sales data, Philly manufacturing index figures and the change in the number of people claiming unemployment benefits; so, call in now for the latest news and a live quote.

Elsewhere, the Norwegian krone performed well yesterday after its central banks left rates unchanged, whilst the Indian rupee weakened off to a 5 year low against sterling. Quarterly GDP data from New Zealand was released late last night and Chinese manufacturing (PMI) was released first thing this morning. This afternoon we see the release of retail sales data from Canada whilst the Governor of the Bank of Canada is also speaking. Call in now for the latest update and a live quote.

If you haven’t opened a Smart account yet, call on 0808 163 0102 (+44 0207 898 0541) or fill out our online Account Form

Posted June 20th, 2012 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.2393
US$/GBP – 1.5726
CHF/GBP – 1.4891
CAN$/GBP – 1.6026
AUS$/GBP – 1.5429
ZAR/GBP – 12.8865
JPY/GBP – 124.16
HKD/GBP – 12.2061
NZD/GBP – 1.9775
SEK/GBP – 10.9615
AED/GBP – 5.7741
US$/EURO – 1.2684
INR/GBP – 87.90

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form

Sterling had a mixed day yesterday weakening by 0.75 cents against the euro but strengthened against the US dollar and Japanese yen. Much lower than anticipated Consumer Price Index (CPI) inflation data drove sterling weaker in the morning which led to increased speculation that the Bank of England could look to inject more money into the economy in July. The MPC meeting minutes released today will show how close the Bank of England were to increasing quantitative easing in June with the decision expected to be a very close call. Data showing the change in the number of people claiming unemployment benefits is also released today. The MPC meeting minutes have caused a lot of volatility in the past; so, call in now for the latest news and a live quote.

The euro performed well yesterday despite German and Eurozone economic sentiment figures coming in much lower than expected. The euro strengthened as rumours started to circulate that the EU may allow Greece some extra time to meet the targets set to receive the next tranche of its bailout package. Spanish benchmark 10 year bonds yields retraced back below the 7% mark providing some respite to the nation; however, 12 and 18 month bills were sold with yields well above the rate paid in May. With very little data released in Europe today, the markets will look elsewhere for influence whilst still keeping a close eye on any developments in Greece and Spain. Call in now for the latest news and a live quote,

The US dollar had a particularly poor day yesterday weakening off against the majority of currencies as speculation began to mount that further quantitative easing could be implemented shortly. On the data front, the number of new residential building permits granted grew by slightly more than anticipated. The dollar continued to be sold off in anticipation of what could be included in the Federal Open Market Committee’s (FOMC) press conference, economic projections and monetary policy statement released today; so, call in now for the latest news and a live quote.

Elsewhere, the Japanese yen had a poor day yesterday weakening off against the majority of currencies. The latest Australian monetary policy meeting minutes said the decision to cut interest rates last month was “finely balanced”. Trade balance figures from New Zealand were released late last night and the Governor of the Bank of Japan is also speaking first thing this morning; but, very little other data is released throughout the day. Call in now for the latest news and a live update.

If you haven’t opened a Smart account yet, call on 0808 163 0102 (+44 0207 898 0541) or fill out our online Account Form

Posted June 19th, 2012 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.2446
US$/GBP – 1.5678
CHF/GBP – 1.4954
CAN$/GBP – 1.6038
AUS$/GBP – 1.5485
ZAR/GBP – 13.0285
JPY/GBP – 123.91
HKD/GBP – 12.1696
NZD/GBP – 1.9814
SEK/GBP – 11.0031
AED/GBP – 5.759
US$/EURO – 1.2595
INR/GBP – 87.85

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form

Sterling strengthened by 1 cent against the euro yesterday as the mild euphoria surrounding the Greek election results on Sunday quickly faded away. The main news on the UK’s economic calendar today is inflation data in the form of the Consumer Price Index (CPI). It is expected to be less than 3% as petrol prices have fallen. This level of inflation would make it easier for the Bank of England to increase the UK’s quantitative easing from its current level of €325bn. The G 20 meetings also continue today with investors hoping that some foundations are put in place before the summit in Brussels at the end of the month that will help the global economy and the Eurozone in particular. Call in now for the latest news and a live quote.

The euro struggled yesterday as the relief rally following the Greek parliamentary election was only short lived as some investors suggest that it has only delayed the inevitable Greek exit from the euro. Spanish benchmark 10 year bonds yields hit a euro era high of 7.285% stoking fears that a full Spanish government bailout may be required. German and Eurozone economic sentiment figures are released today; whilst Greece and Spain both have bond auctions which will give a clear indication of investors’ confidence in the two nations. Call in now for the latest update and a live quote.

The US dollar had a mixed day yesterday as markets sentiments fluctuated following the Greek elections on Sunday and the rising Spanish bond yields. Monthly figures showing the number of new residential building permits granted and the number of new residential building’s that began constriction will be the main news on the agenda data today; so, call in now for the latest update and a live quote.

Elsewhere, the Australian and New Zealand dollar performed particularly well yesterday afternoon whilst the Canadian dollar struggled. Early this morning, minutes from the latest Australian monetary policy meeting were released and Canadian figures showing the change in the total value of sales at the wholesale level are announced this afternoon. Call in now for the latest news and a live quote.

If you haven’t opened a Smart account yet, call on 0808 163 0102 (+44 0207 898 0541) or fill out our online Account Form

Posted June 18th, 2012 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.2362
US$/GBP – 1.5692
CHF/GBP – 1.4853
CAN$/GBP – 1.6010
AUS$/GBP – 1.5526
ZAR/GBP – 12.9612
JPY/GBP – 124.32
HKD/GBP – 12.1718
NZD/GBP – 1.9784
SEK/GBP – 10.9313
AED/GBP – 5.7689
US$/EURO – 1.2682
INR/GBP – 87.34

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form

Sterling was fairly range bound on Friday as the markets were fairly quiet due to traders taking a cautious stance in the run up to Sunday’s Greek election. The G 20 meeting on Monday and Tuesday is expected to provide more information about increasing liquidity in the financial markets, similar to the way that the Bank of England announced its credit easing measures last week. An important week of data in the UK includes the MPC meeting minutes which will show how MPC members voted with regards to an interest rate change and further quantitative easing. Expectations are that it was a close vote with regard to increasing quantitative easing from £325bn – any increase is usually negative for sterling. Other releases include inflation data, retail sales data and the change in the number of people claiming unemployment benefits. Call in now for the latest news and a live quote.

The euro had a mixed day on Friday with investors nervous about what effect Sunday’s Greek elections could have on the make-up of the single currency going forwards. The euro strengthened on Sunday evening after exit polls from the Greek election showed that a pro-bailout coalition could form a parliamentary majority therefore suggesting that Greece would remain in the euro at present. However, at present the complete picture is still unknown and the underlining problems in Greece still remain. The most influential figures on the agenda this week are expected to be the German economic sentiment and business climate figures; whilst services and manufacturing Purchasing Managers’ Index (PMI) across Europe could also have an impact. The markets will keep a close eye on the developments in the aftermath of the Greek elections; as well as looking to news from Spain and Italy for influence; so, call in now for the latest news and a live quote.

The US dollar struggled on Friday as a string of bad data was released including consumer sentiment figures missing expectations, the empire state manufacturing index dropping and a worse than expected change in industrial production. The Federal Open Market Committee (FOMC) press conference, economic projections and monetary policy statement will take centre stage mid-week by providing insight on the state of the economy in the US. Other data out this week includes building permits and existing home sales data; as well as figures showing the change in the number of people claiming unemployment benefits. Call in now for the latest update and a live quote.

Elsewhere, the Japanese yen performed well on Friday following the Bank of Japans decision to leave rates unchanged. A busy week of data head includes the minutes from the latest Australian monetary policy meeting; quarterly GDP data and trade balance figures from New Zealand; Chinese manufacturing (PMI); and retail sales and inflation data from Canada.  Call in now for the latest news and a live quote.

If you haven’t opened a Smart account yet, call on 0808 163 0102 (+44 0207 898 0541) or fill out our online Account Form

Posted June 15th, 2012 by Charles Purdy

Daily Currency Note

This week – (Last week)
EURO/GBP 1.2302 – (EURO/GBP 1.2367)
US$/GBP 1.5534 – (US$/GBP 1.5449)
CHF/GBP 1.4778 – (CHF/GBP 1.4857)
CAN$/GBP 1.5903 – (CAN$/GBP 1.5939)
AUS$/GBP 1.5512 – (AUS$/GBP 1.5679)
ZAR/GBP 13.0204 – (ZAR/GBP 12.9965)
JPY/GBP 122.56 – (JPY/GBP 122.45)
HKD/GBP 12.0542 – (HKD/GBP 11.9841)
NZD/GBP 1.9834 – (NZD/GBP 2.0236)
SEK/GBP 10.901 – (SEK/GBP 11.104)
AED/GBP 5.7051 – (AED/GBP 5.6710)
US$/EURO 1.2624 – (US$/EURO 1.2486)
INR/GBP 86.61 – (INR/GBP 85.61)

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form

Sterling had a mixed week staying fairly range bound against the majority of currencies as risk appetite and risk aversion fluctuated. The main data out this week was the monthly manufacturing production figures which were much worse than expected, leading to speculation that the UK could fall into a deeper recession meaning further quantitative easing could be required to try and boost the economy. Today, there is very little data on the UK’s economic calendar except Trade Balance data which may give some further indication into the state of the economy. Expect the markets to be very jittery today in the final day of trading before this weekend’s general election in Greece. Investors are very tentative/worried about what Monday may bring; call in now for a live quote and the latest news.

It has been a turbulent week in Europe with the euro starting the week relatively strong following the announcement that Spain had requested a €100 billion bailout to help its struggling banking sector. However, investors were left unimpressed by the details surrounding the bailout and Fitch (one of the big three credit rating agencies) downgraded Spain’s credit rating by two notches (placing it just three levels above ‘junk’ bond status) whilst also downgrading 18 Spanish banks. More worries came as Spanish benchmark 10 year bonds yields hit 7% on Thursday (the first time since the euro was formed); whilst Italian bond yields are also pushed higher. The President of the European Central Bank is speaking first thing this morning; but, the markets will be on edge with the Greek election on Sunday potentially deciding Greece’s future within the Eurozone and the make-up of the Eurozone. Call in now for the latest news and a live quote.

The US dollar has been fairly weak following a string of bad data released including unemployment claims, retail sales figures and the monthly Producer Price Index (PPI) which were all below markets estimates, whilst core inflation data came in as expected.  Much like in the UK, the weaker than expected data released led to investors speculating that the Federal bank may look to inject more money into the economy. Today, the main data on the agenda is the consumer sentiment figures; so, call in now for the latest news and a live quote.

Elsewhere, the Australian and New Zealand dollar performed well this week strengthening against the majority of currencies following the positive Chinese trade balance data released on Sunday. This week, the Reserve bank of New Zealand and Swiss National Bank decided to keep interest rates on hold. There is very little data released today except the Canadian manufacturing sales figures; so, call in now for a live quote and the latest news.

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