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Posted September 14th, 2012 by Charles Purdy

Daily Currency Note 14th September 2012

This week                         (Last week)
GBP/EUR -   1.2410       (GBP/EUR – 1.2604)
GBP/USD -  1.6191        (GBP/USD – 1.5928)
GBP/CHF -  1.5098        (GBP/CHF – 1.5232)
GBP/CAN – 1.5644         (GBP/CAN – 1.5638)
GBP/AUS -  1.5306        (GBP/AUS – 1.5436)
GBP/ZAR -  13.3132      (GBP/ZAR – 13.1431)
GBP/JPY -  125.68         (GBP/JPY – 125.82)
GBP/HKD – 12.5610      (GBP/HKD – 12.3628)
GBP/NZD -  1.9412       (GBP/NZD – 1.9844)
GBP/SEK -  10.5905     (GBP/SEK – 10.7429)
GBP/AED – 5.9465        (GBP/AED – 5.8506)
EUR/USD – 1.3034       (EUR/USD – 1.2641)
GBP/INR -  88.81          (GBP/INR – 88.38)

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Sterling has had a mixed week as the markets were moved by shifts in risk sentiment due to key events announced in the US and Europe. Sterling has been particularly strong against the US dollar briefly hitting 1.62 overnight (a 4 month high); whilst weakening towards 1.24 this morning against the euro (a 2 month low) as risk appetite drove the market. Labour data released this week revealed that 15,000  less people are claiming unemployment benefits compared to last month; however, the overall unemployment rate has risen by 0.1%. There is very little data out of the UK today; so, expect sterling to trade on the side-lines and to continue to be influenced from news out of the US and Europe. Call in now for the latest rates.

The euro performed well this week following the news that the German Federal Constitutional Court had ruled in favour of the €500 billion support fund known as the European Stability Mechanism (ESM), despite conditions being made stating that the Germans were only liable to €190 billion. More positivity came as the Dutch General Elections revealed voters in the Netherlands backed two pro-European parties which should create a little more stability for the single currency. Today, inflation data will be released in the morning and then the EU finance ministers will meet to discuss the state of Europe and the Eurozone in general. Whilst these meetings are closed to the public we often hear leaked information which can influence the markets. Call in now for the latest news

The US dollar was one of the worst performing currencies this week as the markets prepared itself for central bank intervention at yesterday’s Federal Open Market Committee (FOMC) announcement. As expected, the FOMC announced it will undertake a third round of quantitative easing in attempt to shore up the US economy and in particular the struggling labour market. The FOMC pledged to buy $40 billion long term securities a month with no specific end date in mind, whilst also committing to keep interest rates at an all-time low until the middle 2015 at the very least. In other news, Moody’s (one of the big three credit rating agencies) has also warned that the US could have its credit rating downgraded. It is another busy day in the US today with retail sales figure, inflation data and consumer confidence statistics all on the agenda. Get the latest news by calling in.

Elsewhere, the South African rand was one of the worst performing currencies this week as investors lost confidence in the currency due to the unrest that is evident in the mining industry. The Swiss franc has also slowly started to weaken against the euro this week breaking away from the EUR/CHF 1.20 peg set by the Swiss National Bank (SNB) and peaking at 1.2150. Call in now for the latest news and a live quote.

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Posted September 13th, 2012 by Charles Purdy

Daily Currency Note 13th September 2012

GBP/EUR – 1.2466
GBP/USD – 1.6101
EUR/USD – 1.2910
GBP/AED – 5.9058
GBP/AUS – 1.5421
GBP/CAN – 1.5738
GBP/CHF – 1.5088
GBP/HKD – 12.4831
GBP/INR – 89.31
GBP/JPY – 125.16
GBP/NZD – 1.9632
GBP/SEK – 10.5810
GBP/ZAR – 13.4951

 

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Sterling had a good day against the US dollar yesterday reaching 1.6125 and lost a little bit of ground against the euro following news surrounding the European Stability Mechanism (ESM) from Germany and in anticipation of today’s Federal Open Market Committee (FOMC) announcement. Data released yesterday showed that the number of people claiming unemployment benefits for last month had dropped by 15,000 which was positive, but, the overall unemployment rate had risen by 0.1%. With very little data out of the UK today, sterling’s relative strength will take its lead from news produced elsewhere and in particular the US. Call in now for the latest rates.

The euro performed well yesterday reaching fresh four month highs of 1.2930 against the US dollar following the news that the German Federal Constitutional Court had ruled in favour of the €500 billion support fund known as the European Stability Mechanism (ESM). However, as expected the court did implement conditions on this ruling where by it limited the Germans liability to €190 billion. Furthermore, it was only a preliminary ruling where the final decision is expected to be approved in December. It is due to be quiet day for economic data in Europe today; but, the chance for volatility remains high as the markets look to the US for influence, whilst continuing to attempt to digest what all the news of the past week actually means for the future of the Eurozone. Call in now for the latest news.

The US dollar continued to weaken against the euro and sterling yesterday in anticipation of FOMC announcement today, whilst absorbing news from Europe. Today’s announcement from the Federal Reserve is expected to bring another round of quantitative easing to help the struggling labour market, whilst committing to keep interest rates at an all-time low until 2015. In an extremely busy day for the US, we will also hear economic projections and the Federal budget balance from the FOMC, whilst inflation data and figures showing the change in the number of people claiming unemployment benefits will also be announced. Lots happening, so get the latest update by calling in.

Elsewhere, the South African rand was by far the worst performing currency yesterday as investors lost confidence in the currency due to the unrest that is evident in the mining industry. The Swiss National Bank (SNB) meets today and this will be watched closely by investors as the Swiss franc has slowly started to weaken against the euro; furthermore, there have been rumours that the peg at EUR/CHF 1.20 may be raised to the 1.22 mark.  Call in now for the latest news and a live quote.

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Posted September 12th, 2012 by Charles Purdy

Daily Currency Note 12th September 2012


GBP/EUR – 1.2488
GBP/USD – 1.6068
EUR/USD – 1.2868
GBP/AED – 5.8974
GBP/AUS – 1.5362
GBP/CAN – 1.5648
GBP/CHF – 1.5104
GBP/HKD – 12.4772
GBP/INR – 88.86
GBP/JPY – 125.27
GBP/NZD – 1.9614
GBP/SEK – 10.6124
GBP/ZAR – 13.1181

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Sterling had a poor day yesterday weakening against the majority of currencies despite better than expected trade balance data being released. Sterling did strengthen to fresh highs of 1.6080 against the US dollar over worries of further quantitative easing in the US. Today, the main release from the UK will be the change in the number of people claiming unemployment benefits for last month. There is expected to be no change. News from Germany and the Netherlands will be the main focus of the markets as well as a look towards Thursdays Federal Open Market Committee (FOMC) announcement. Call in now for the latest rates.

The euro was relatively strong yesterday reaching fresh highs of 1.2865 against the US dollar as the markets anticipate that the German Federal Constitutional Court will rule in favour of the legality of the European Stability Mechanism (ESM) at 9am today. Without a positive ruling the proposed €500 billion firewall will not be in place to help Eurozone countries that are in trouble. Whilst the markets anticipate the eight judges to vote in favour of the ESM, many economists expect them to set restrictions in order for Germany to retain some power.  The market will also keep an eye on the Dutch Parliamentary election today to see how “euro-friendly” the new government will be. With such influential decisions being made today, there is the potential for a lot of volatility. Call in now for the latest news.

The US dollar had a very poor day yesterday and was one of the worst performers globally as markets continue to speculate that Thursday’s Federal Reserve meeting will bring another round of quantitative easing. Moody’s (one of the big three credit rating agencies) has also warned that the US could have its credit rating downgraded. Although trade balance figures beat market expectations yesterday they were largely ignored by the market as investors see Thursdays Federal Open Market Committee (FOMC) announcement as much more significant. Consumer confidence data will be announced today; expect news from Europe to play a much bigger part in the foreign exchange market movements.  Get the latest news by calling in.

Elsewhere, the Hungarian forint, Czech Koruna and Polish zloty performed extremely well yesterday, whilst the Turkish lira was one of the worst performers. Canadian trade balance data was worse than initially anticipated and the Canadian dollar struggled as a result. Australian consumer confidence data was released late last night; but, the main release today will be the Reserve Bank of New Zealand (RBNZ) interest rate decision which is expected to keep rates on hold at 2.5%. Call in now for the latest news and a live quote.

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Posted September 11th, 2012 by Charles Purdy

Daily Currency Note, September 11th 2012

GBP/EUR – 1.2511
GBP/USD – 1.6014
EUR/USD – 1.2792
GBP/AED – 5.8753
GBP/AUS – 1.5486
GBP/CAN – 1.5616
GBP/CHF – 1.5127
GBP/HKD – 12.4226
GBP/INR – 88.78
GBP/JPY – 125.26
GBP/NZD – 1.9778
GBP/SEK – 10.6110
GBP/ZAR – 13.0882

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Sterling remained fairly flat yesterday against the majority of currencies as very little significant data was released globally and the markets await key events later on in the week. Trade balance data released today will be the main release on the agenda, whilst one of the members of the Bank of England is speaking in the evening on what is otherwise scheduled to be another quiet day in the UK. Following yesterday’s lack of volatility, you would expect a similar pattern to emerge today; however, in such uncertain times anything could happen. Call in now for the latest rates.

The euro traded in a similar pattern to sterling yesterday and remained relatively flat due to the lack of significant data being released. Of the data that was released we saw French Industrial Production beat expectations showing slight growth of 0.2% and European investor confidence although higher than anticipated was still extremely pessimistic. Other data showed that the Italian second quarter GDP figures had been revised downwards showing a deeper recession than initially predicted. It is scheduled to be a quiet day on the data front in the Eurozone today with German inflation data and French employment figures being the main data released. However, with so much riding on The German Federal Constitutional Court ruling on Wednesday, we could see the markets very jittery leading up to the event. Call in now for the latest news.

The US dollar recovered some of its losses from Friday; but, like much of the market traded in a narrow range against the majority of currencies. Trade balance data released today will be the main release on the agenda, whilst consumer confidence data will also be announced. As with the Eurozone, the US will look to events later in the week for influence the most significant being the Federal Open Market Committee (FOMC) announcement on Thursday. Get the latest news by calling in.

Elsewhere, the Norwegian krone was one of the worst performing currencies yesterday as data released showed that inflation had slowed, whilst the South African rand was one of the best performers. Chinese trade balance data was much better than expected, but, this was due to a big drop in imports rather than a growing export market. Overnight we saw the release of Japanese manufacturing confidence, Australian business confidence and the total value of new loans issued in China in the previous month. Out later on today, Canadian trade balance data and the number of new residential houses that have begun construction in the previous month will be released. Call in now for the latest news and a live quote.

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Posted September 10th, 2012 by Charles Purdy

Daily Currency Note, September 10th 2012

GBP/EUR – 1.2504
GBP/USD – 1.5986
EUR/USD – 1.2776
GBP/AED – 5.8734
GBP/AUS – 1.5448
GBP/CAN – 1.5649
GBP/CHF – 1.5128
GBP/HKD – 12.4014
GBP/INR – 88.52
GBP/JPY – 125.16
GBP/NZD – 1.9732
GBP/SEK – 10.5982
GBP/ZAR – 13.0831

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Sterling struggled against the majority of currencies on Friday; but, broke through the 1.60 level against the US dollar for the first time since May as speculation mounted that the US Federal bank may look to increase quantitative easing in the near future. Industrial production and manufacturing figures released on Friday were higher than market estimates and manufacturing Producer Price Index (PPI) also showed that output grew by more than anticipated. The main releases this week are the trade balance data released tomorrow and the change in the number of people claiming unemployment benefits on Wednesday in what is a relatively thin week for UK economic news. As a result, expect sterling to be affected more by news from and what is happening in the US and Europe. Call in now for the latest rates.

The euro continued to perform well on Friday reaching two month highs against sterling and four month highs against the US dollar following the ECB’s announcement of its bond buying program on Thursday. German industrial production figures released on Friday were higher than expected, but, had little direct impact to the euro’s strength. One of the main events this week will be the benchmark Italian 10 year bond auction on Thursday and expectations will be high for a relatively low bond yield because of the promises made by the ECB last week. Wednesday could be very significant as we will hear the result of The German Federal Constitutional Court ruling on the constitutionality of the European Stability Mechanism (EMS). The expectation is for a “yes” vote which support a continued euro rally. If they vote “no” we should expects the euro to weaken dramatically as the ruling is needed to enable bailouts. The market will also keep an eye on the Dutch Parliamentary election this week to see how “euro-friendly” the new government will be. So a busy week in the Euro zone and please call in now for the latest news.

The US dollar was extremely weak on Friday as risk appetite dominated the market and traders fled the greenback to look for riskier investments. This shift in risk sentiment was caused by the release of Non-farm pay rolls data which showed the job market grew by much less than anticipated. This poor showing was particularly influential as the Chairman of the Federal Bank gave a strong hint that the next round of quantitative easing could be delivered if the labour market continued to struggle. It is an extremely busy week for data in the US. The main focus will be on the Federal Open Market Committee (FOMC) on Thursday where the markets currently expect the announcement of more quantitative easing; however it is not a foregone conclusion. Other data released this week includes consumer sentiment figures, inflation data and retail sales figures. With such a busy agenda this week and the potentially for central bank intervention on Thursday there is a high possibility of rapid exchange rate movements. Get the latest news by calling in.

Elsewhere, renewed risk appetite in the market saw the Hungarian forint, Swedish koruna and Polish zloty perform extremely well. Data released from Canada included better than expected building permits figures and manufacturing PMI; however, unemployment figures fell short of expectations. The Swiss National Bank (SNB) meet on Thursday and this will be watched closely by investors as the Swiss franc started to weaken against the euro for the first time since May last week. Furthermore, there have been rumours that the peg at EUR/CHF 1.20 may be raised to the 1.22 mark. Elsewhere, The Reserve Bank of New Zealand (RBNZ) is expected to keep interest rates on hold at 2.5% this week; but, the markets will closely watch the rate statement that follows for hints to future outcomes. Call in now for the latest news and a live quote.

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Posted September 7th, 2012 by Charles Purdy

Daily Currency Note, September 7th 2012

GBP/EUR – 1.2604
GBP/USD – 1.5928
GBP/CHF – 1.5232
GBP/CAN – 1.5638
GBP/AUS – 1.5436
GBP/ZAR – 13.1431
GBP/JPY – 125.82
GBP/HKD – 12.3628
GBP/NZD – 1.9844
GBP/SEK – 10.7429
GBP/AED – 5.8506
EUR/USD – 1.2641
GBP/INR – 88.38

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Sterling continued its strong run of form against the US dollar this week hitting a 4 month high of 1.5940 yesterday whilst staying relatively range bound against the euro. Stronger than expected services and manufacturing Purchasers Managers Index (PMI) data released this week has helped sterling’s strength and overshadowed the slightly worse than expected construction figures. The Bank of England voted to keep interest rates and quantitative easing on hold yesterday as was widely expected; but, the markets focus this week has been towards yesterday’s European Central Bank (ECB) announcements and the unemployment data released in the US. Out today, the main releases will be the change in the level of manufacturing production in the last month and inflation data will also be announced. Call in now for the latest rates.

The euro had a mixed week as traders remained cautious in the run up to the eagerly anticipated ECB announcement of its bond buying programme yesterday. The President of the ECB announced yesterday that it has agreed to buy unlimited amounts of short term government bonds with maturities of up to 3 years (“Monetary Outright Transactions”) to drive down governments borrowing costs which restored some confidence in the market. On a more negative tone for the single currency, the ECB downgraded its growth forecasts for the region for the rest of the year, Moody’s (one of the big three credit rating agencies) downgrading the entire regions outlook to negative and a string of poor PMI data was also released. The main release today will be figures showing the level of German industrial production; but, the market will look to the US labour data for influence whilst still trying to fully digest what yesterday’s announcements actually mean for the euro’s future. Call in now for the latest news.

The US dollar was on the side-lines for the early part of this week due the Labour Day bank holiday on Monday and the markets looking to Europe for greater influence. Data released this week showed that Manufacturing PMI fell short of initial estimates; but, the non-manufacturing release was much better than expected. Positive unemployment data released yesterday was well received by the market and investors will now expect that today’s highly influential Non-farm pay rolls data to be equally positive. This release often caused a lot of volatility in the past; but, it carries even more weight this month following the Chairman of the Federal Bank’s comments which specifically indicated that is the labour market continued to struggle he would see good reason to increase quantitative easing. Get the latest news by calling in.

Elsewhere, the Australian dollar continued to struggle this week after a sting of poor data was released which included weaker than expected GDP figures, much worse than excepted retail sales figures and extremely poor figures depicting the change in the number of employed people during the previous month. In other news, the Bank of Canada’s decided to keep interest rates on hold at 1% which was widely expected. Out today we see a raft of data out of Canada which includes unemployment data, building permits figures and manufacturing PMI. Call in now for the latest news and a live quote.

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Posted September 6th, 2012 by Charles Purdy

Daily Currency Note, September 6th 2012

GBP/EUR – 1.2608
GBP/USD – 1.5896
EUR/USD – 1.2622
GBP/AED – 5.8407
GBP/AUS – 1.5546
GBP/CAN – 1.5749
GBP/CHF – 1.5191
GBP/HKD – 12.3391
GBP/INR – 88.91
GBP/JPY – 124.70
GBP/NZD – 1.9961
GBP/SEK – 10.6871
GBP/ZAR – 13.3472

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

Sterling continued to perform fairly well yesterday hitting a 4 month high against the US dollar following the positive Services Purchasers Managers Index (PMI) which grew at its fastest pace for five months. The Bank of England’s decision on interest rates and quantitative easing is the main release from the UK today and both are widely expected to be kept on hold. The main focus will be on the European Central Bank (ECB) as the markets second guess to what extent the central bank will look to intervene in government borrowing costs. Call in now for the latest rates.

The euro performed well yesterday as the markets speculate that the ECB today will announce its plan to buy in unlimited amounts short term government bonds with maturities of up to 3 years (“Monetary Outright Transactions”) to drive down governments borrowing costs. Renewed confidence was evident in the markets even though the benchmark German 10 year bond auction was not particularly well received and the euro actually strengthened against the Swiss franc for the first time since April moving slightly above the 1.20/Chf1 peg enforced as a lower limit by the Swiss National Bank (SNB). On the data front yesterday, Services PMI data released across the Euro zone was worse than expected; but, this was largely ignored by the markets. The ECB’s interest rate decision and Press Conference that follows will have the eyes of the financial world on it today and expectations are high for decisive action. Expect markets to be tentative through the morning; but, we could see a lot of volatility in the afternoon. Call in now for the latest rates.

The US dollar had a mixed day yesterday as the market focus remained elsewhere. On the data front, the non-farm productivity figures in the second quarter were unexpectedly revised up to 2.2% from 1.8 % last quarter. Today we will see the first raft of unemployment data released which includes figures showing the change in the number of new people claiming unemployment benefits and the estimated change in the number of people employed during the previous month. These releases should indicate what sort of figures we can expect to see from Friday’s highly influential Non-farm pay rolls data which is expected to have a significant influence on the Chairman of the Federal Banks decision to potentially increase quantitative easing. Other data out today includes PMI statistics which excludes the manufacturing industry. Get the latest news by calling in.

Elsewhere, the Australian dollar struggled after weaker than expected GDP figures were released showing that the economy only grew by 0.6%, down from 1.4% last quarter. The Australian dollar has been struggling for a few weeks and overnight we will see the release of unemployment rate and employment change figures. In other news, the Bank of Canada’s decided to keep interest rates on hold at 1% which was widely expected; but, hinted at a potential increase if the economy keeps expanding. Call in now for the latest news and a live quote.

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Posted September 5th, 2012 by Charles Purdy

Daily Currency Note, September 5th 2012

GBP/EUR – 1.2646
GBP/USD – 1.5852
EUR/USD – 1.2528
GBP/AED – 5.8212
GBP/AUS – 1.5551
GBP/CAN – 1.5662
GBP/CHF – 1.5195
GBP/HKD – 12.2988
GBP/INR – 88.56
GBP/JPY – 124.29
GBP/NZD – 1.9961
GBP/SEK – 10.6542
GBP/ZAR – 13.3442

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

Sterling hit fresh highs against the US dollar yesterday breaking though the 1.59 mark for only the second time in 4 months before weakening off after the Construction Purchasers Managers Index (PMI) missed market estimates. The index showed that the construction sector was contracting when a slight expansion had been initially predicted. The Services PMI will be released today (the most influential release due to the services sector making up close to 80% of GDP) and is expected to show the UK’s largest sector continued to expand steadily. If the figures fall short you can expect to see sterling sold off against the majority of currencies. Call in now for the latest rates.

The euro struggled yesterday following Moody’s (one of the big three credit rating agencies) downgrading the entire regions outlook to negative underlining the fragility of the region. Today we will see the results of the benchmark German 10 year bond auction which in particular should show the markets confidence in the region as investors look to buy German bonds when looking for safe havens for their money. Other data released today includes Europe wide retail sales statistics and Europe wide Services PMI figures. However, the markets focus is firmly on Thursdays ECB’s interest rate decision and the statement that will follow as investors try to second guess what action may be taken to support the ailing southern states. If this action is bold and decisive, unlikely given all the different political pressures that exist, then the euro will benefit and strengthen. If not then we could see further weakening against sterling. Some economists are suggesting that another cut in interest rates may be on the way. Call in now for the latest rates.

The US dollar performed well yesterday as risk aversion dominated market movements due to fears surrounding the stability of the Eurozone as well as the disappointing manufacturing PMI figures which were released. The markets continue to speculate that the Federal Bank will look to loosen monetary policy by potentially introducing a third round of quantitative easing and the Non-farm pay rolls data released on Friday may be particular influential following the Chairman of the Federal Bank specifically mentioning that high unemployment was one of the main driving factors behind the call for further easing. Get the latest news by calling in.

Elsewhere, we saw another bad day on the data front for Switzerland which saw its economy contract for the first time in 9 months. Early this morning we saw the release of quarterly GDP data from Australia and inflation data from Switzerland will also be released first thing. The main news throughout the rest of the day will be the Bank of Canada’s interest rate decision which is widely expected to be kept on hold at 1%. Call in now for the latest news and a live quote.

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Posted September 4th, 2012 by Charles Purdy

Daily Currency Note, September 4th 2012

EURO/GBP – 1.2598
USD/GBP – 1.5892
CHF/GBP – 1.5138
CAN/GBP – 1.5665
AUS/GBP – 1.5485
ZAR/GBP – 13.2754
JPY/GBP – 124.63
HKD/GBP – 12.3304
NZD/GBP – 1.9909
SEK/GBP – 10.5862
AED/GBP – 5.8343
USD/EURO – 1.2614
INR/GBP – 88.19

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

Sterling had a mixed day yesterday following much better than expected manufacturing data with the Purchasers Managers Index (PMI) showing a figure of 49.5 when only 46.1 had been anticipated. Whilst this release is above market expectations, the figures still show that the manufacturing industry is contracting, albeit by less than it was last month. Construction PMI released today is expected to show a slight expansion of 50.1; but, the markets will hope for even better figures following yesterday’s positive release. Call in now for the latest rates.

The euro performed fairly well yesterday despite the release of Europe wide manufacturing PMI data which was worse than expected. Spanish unemployment data will be the main release today; however, the markets will be paying closer attention to the ECB’s interest rate decision on Thursday; as a result, any rumours or increased speculation regarding central bank intervention could cause a lot of volatility. Call in now for the latest rates.

The US dollar traded relatively flat yesterday with the US markets shut due to the Labour Day bank holiday. Manufacturing PMI data released today will be the main release on the agenda and is expected to show very slight industry expansion. Get the latest news by calling in.

Elsewhere, the Swedish krona was one of the worst performing currencies yesterday as manufacturing PMI data was much worse than expected posting a contraction figure of 45.1 when slight industry expansion had been expected. The Australian dollar also struggles as retails sales figures were much worse than excepted dropping by 0.8% when 0.3% growth had been anticipated. Other data released included worse than expected retail sales figures from Switzerland. The worse than expected Chinese manufacturing PMI released on Saturday led investors to believe that the central bank may look to loosen monetary policy shortly to give the economy a boost. First thing this morning the Reserve Bank of Australia’s announced its interest rate decision and GDP data from Switzerland was also announced. Call in now for the latest news and a live quote.

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Posted September 3rd, 2012 by Charles Purdy

Daily Currency Note, September 3rd 2012

EURO/GBP – 1.2610
US$/GBP – 1.5855
CHF/GBP – 1.5154
CAN$/GBP – 1.5638
AUS$/GBP – 1.5468
ZAR/GBP – 13.3174
JPY/GBP – 124.18
HKD/GBP – 12.3005
NZD/GBP – 1.9812
SEK/GBP – 10.5641
AED/GBP – 5.8246
US$/EURO – 1.2564
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 relatively strong day on Friday as the markets looked towards the annual Jackson Hole symposium and data released showed the change in house prices had increased by much more than expected reaching 1.3% from -0.8% last month. Manufacturing, construction and services Purchasers Managers Index (PMI) figures are released throughout the week which will be closely monitored by investors. The main event this week will be the Bank of England’s decision on interest rates and quantitative easing which are both expected to be kept on hold. The statement that follows should provide some insight into the central banks opinion on the state of the UK’s economy. After a quite few months, trading volumes should start to pick up again and with a busy month for data globally we could see a lot of volatility. Call in now for the latest rates.

The euro continued its strong run against the US dollar on Friday despite the news that Standard and Poor’s (one of the big three credit rating agencies) has downgraded the Catalonia region in Spain. Other data released included poor unemployment data and inflation estimates rose from 2.4% last month to 2.6%. The ECB’s interest rate decision on Thursday will be the main event; but, is widely expected to be kept on hold at 0.75%. Services and manufacturing PMI data will be released and the President of the ECB is also speaking. Call in now for the latest news.

The US dollar was weak on Friday as the Chairman of the Federal Bank hinted at the annual Jackson Hole symposium that more quantitative easing could be implemented to shore up the US economy especially if unemployment level remains high; however, he made no suggestion regarding the timing. The Chairman made clear his feelings that the positives of more quantitative easing outweighed the negatives; however, provided little new information for the markets to digest. It is a bank holiday today in the US; so, volatility should remain relatively low. Manufacturing and non-manufacturing PMI data will be released later on this week alongside a raft of unemployment data which includes the highly influential non – farm pay roll data which will be announced on Friday. All of these especially the non-farm payroll figures will be watched extremely closely following the comments made by Chairman of the Federal Bank. Get the latest news by calling in.

Elsewhere, Canadian GDP figures released on Friday were marginally better than expected showing growth of 0.2% when only 0.1% had been anticipated and Chinese Manufacturing PMI released on Saturday showed a contraction for the first time in 2012. A busy week for Australia includes the Reserve Bank of Australia’s interest rate decision which is expected to be kept on hold at 3.5%, GDP figures are expected to have dropped to 0.9% and unemployment data and trade balance figures will also be announced. The Bank of Canada is also expected to keep interest rates on hold at 1% this week and unemployment data and PMI data will also be released. From Switzerland, retail sales will be announced and the Chairman of the Swiss National Bank (SNB) is also speaking. Call in now for the latest news and a live quote.

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