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Posted September 26th, 2013 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.1899
GBP/USD – 1.6090
EUR/GBP – 0.8401
EUR/USD – 1.3518
GBP/AED – 5.9101
GBP/AUD – 1.7119
GBP/CAD – 1.6590
GBP/CHF – 1.4627
GBP/CNY – 9.8451
GBP/HKD – 12.476
GBP/HUF – 356.68
GBP/INR – 99.999
GBP/JPY – 159.18
GBP/NZD – 1.9401
GBP/RUB – 51.814
GBP/SEK – 10.326
GBP/THB – 50.084
GBP/ZAR – 16.040

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Posted September 26th, 2013 by Charles Purdy

Positive data supports sterling

Sterling performed well yesterday, enjoying gains against all of its 16 most traded partners on the back of impressive retail sales data. The realised sales figures surprised many – especially considering last week’s disappointing data – and came out much better than anticipated prompting sterling to strengthen and started to head back towards its recent 8 month highs against the US dollar. Today could also be important for sterling as the final second quarter GDP figures will be released – current estimates suggest we should see a final growth figure of 0.7% although any significant variation from this figure would spark a big reaction in the markets. At the same time we will see the release of the current account figures, showing the difference between imports and exports. Call your trader now for the latest on sterling, on what could prove the most significant day of the week.

Posted September 26th, 2013 by Charles Purdy

German consumer confidence buoys the euro

The single currency experienced a reasonably positive day yesterday as German Consumer Climate data climbed to its highest point since the 2008 crash. These figures were widely expected and caused the euro to see little in the way of appreciation against sterling, however the survey of German consumers in conjunction with poorer data emanating from the USA did cause steady gains to be made against the US dollar. This morning sees the release of Eurozone Money Supply data from the European Central Bank. These figures detail the total quantity of euros in circulation and deposited at banks. A greater increase in money supply would bode well for the currency as a boost in supply is usually closely correlated with central bank interest rates. Call your trader now and see if this morning’s data can spur the euro into continuing positive movements.

Posted September 26th, 2013 by Charles Purdy

Will todays US employment data upset the US dollar?

The US dollar remained relatively quiet yesterday, with few big developments to affect the strength of the currency. New home sales were in line with expectations, while the core durable goods orders was slightly behind its estimate, slightly harming the dollar. Today, unemployment claims are the most important figures expected, especially given that an improving labour market was cited as important in relation to the Federal Reserve tapering its quantitative easing program. Good figures are likely to give backing to the Federal Open Market Committee (FOMC) voting in favour of tapering in October and could cause a reaction in the relative strength of the US dollar. We also have the final second quarter GDP figures, which are currently expected to confirm growth of 2.7%, pending home figures and another member of the FOMC is due to speak. Get in touch with your trader now, to hear an up to the minute price on the US dollar, with data releases liable to be influential.

Posted September 26th, 2013 by Charles Purdy

Japanese yen buoyed by safe haven status

Elsewhere yesterday we saw Australian and New Zealand dollars continue to struggle. A recent slump in global equity markets have curbed demand for the high-risk, commodity-backed currencies, as traders look to buy into safer assets. The New Zealand dollar showed the biggest slide yesterday, losing out against all of its 16 major trading partners following the statement from the Fronterra Group (New Zealand’s biggest company and the largest dairy export in the world) warning earnings could fall sharply for the second half of the year. We saw the Japanese yen continue to build upon the momentum it has brought into this week, logging further gains yesterday as markets bought into the safe-haven currency. A quiet day on the data front today, so markets will be beholden to external factors. Get in touch for a live rate.

Posted September 25th, 2013 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.1863
GBP/USD – 1.5998
EUR/GBP – 0.8426
EUR/USD – 1.3483
GBP/AED – 5.8766
GBP/AUD – 1.7092
GBP/CAD – 1.6489
GBP/CHF – 1.4591
GBP/CNY – 9.7930
GBP/HKD – 12.404
GBP/HUF – 355.28
GBP/INR – 100.17
GBP/JPY – 157.84
GBP/NZD – 1.9425
GBP/RUB – 51.094
GBP/SEK – 10.251
GBP/THB – 50.105
GBP/ZAR – 15.743

Posted September 25th, 2013 by Charles Purdy

Sterling slips from highs

Sterling had a relatively quiet day yesterday with few noteworthy events to cause drastic movements for the currency. Early morning saw mortgage approvals data from the country, but results were in line with expectations, leading to little reaction in the markets. The only other events relating to the pound were speeches from members of the Monetary Policy Committee and with no significant revelations, once again there was little impact to the markets. We continue today with the quiet trend of the week, with data releases again sparse. The only significant piece of data released today is the realised sales from the Confederation of British Industry (CBI), which could be mildly influential on the currency’s strength should they be well ahead or behind expectations. With nothing else going on for sterling today, it could prove to be an uneventful one. Get in touch with your trader now for the latest price, on a potentially timid day.

Posted September 25th, 2013 by Charles Purdy

Euro has a steady day

Yesterday was a quieter day for the seventeen-nation currency as the euro traded within a narrow range against its major trading partners. German Business Confidence data – which is compiled by surveying business leaders across the Eurozone’s largest economy and is a leading indicator of economic health – came through slightly weaker than expected, but still represented an increase on the previous month and in fact showed figures are at their highest level since April 2012. As a result the single currency showed little net movement over the day against sterling and the US dollar despite some small fluctuations. Today further German data is likely to have a bearing on euro performance. Consumer Climate data, whilst being slightly less influential than Business Climate data in general, is closely correlated to the level of consumer spending, which is a key component of economic health. Call your trader now to see what impact the figures have on the performance of the single currency throughout the day.

Posted September 25th, 2013 by Charles Purdy

US dollar has a good day

The US dollar performed well yesterday, despite no significant or unexpected data releases from stateside. With consumer confidence coming out at the expected level, it was only speculation on the ever present tapering situation that buoyed the currency yesterday, as investors followed the mind-set that the Federal Reserve would start reducing the bond buying process sooner rather than later. Following comments from more members of the Federal Open Market Committee (FOMC), speculation rose that tapering could commence next month countering the US dollar sell off we saw last week when the FOMC decided against implementation. Today could give further support to this idea, with more physical data due. Both the monthly core durable goods orders and the new home sales data are due to be released, and any positive economic data is sure to give investors more confidence that tapering is viable. Call your trader now for the up to the minute price on the US dollar, with tapering still at the forefront.

Posted September 25th, 2013 by Charles Purdy

Canadian dollar has a good day

Elsewhere, yesterday saw the Canadian dollar climb against the majority of its peers following the release of strong retail sales data for July. Sales jumped 0.6% from June and followed improvements in the nation’s wholesale and manufacturing data across the same period. These are all positive signs for the Canadian economy, and something which has been reflected in recent demand for the currency. Both the Australian and New Zealand dollars weakened yesterday following a depression in global stock markets. With equity markets on a softer footing, we see demand for riskier assets (such as the Australian and New Zealand dollars) decline, as traders look to play it safe. In turn we saw the Japanese yen perform well yesterday, with the cautious market backdrop having helped the yen to gain some 2% since the seven-week lows it hit on September the 11th. Today is a fairly quiet one data-wise, with the only release of note being a financial stability review from the Reserve Bank of Australia. Get in touch with your trader for a live rate.

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