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Posted October 31st, 2013 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.1692
GBP/USD – 1.603
EUR/GBP – 0.8548
EUR/USD – 1.3709
GBP/AED – 5.8879
GBP/AUD – 1.6866
GBP/CAD – 1.6768
GBP/CHF – 1.4415
GBP/CNY – 9.7686
GBP/HKD – 12.4265
GBP/HUF – 344.05
GBP/INR – 98.374
GBP/JPY – 157.54
GBP/NZD – 1.9383
GBP/RUB – 51.3258
GBP/SEK – 10.2732
GBP/THB – 49.823
GBP/ZAR – 15.9421

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Posted October 31st, 2013 by Charles Purdy

Sterling drifts lower against the US dollar

Sterling had an uneventful day yesterday, with events further afield taking precedence as the UK data flow gave no cause for volatility. While earlier in the week had brought speculation of weaker UK data, pushing sterling down, this had relented somewhat, allowing these losses to level off. On top of this, a weakening dollar saw sterling reverse its losses against it, ahead of the results of the Federal Open Market Committee meeting which would set out their plans on the tapering program. Following the meeting we have seen sterling weaken against the US dollar as the FOMC decided not to start tapering. Today also sees the UK draw a blank with regards to data, and as a result volatility could be low, dependant on the wider events and its repercussions, and any further speculation over tomorrows manufacturing data from the country. Get in touch with your trader now for the latest sterling prices, as we await the end of the week and the most significant UK data release covering manufacturing Purchasing Managers Indices.

Posted October 31st, 2013 by Charles Purdy

Mixed data doesn’t undermine the euro

It was another fairly stable day for the euro yesterday as mixed stimuli resulted in little net movement against major trading partners. The single currency remained at a very steady level against sterling throughout the day and appreciated only slightly against the US dollar. Positive news was seen from the Eurozone as preliminary quarterly GDP figures from Spain suggested that Europe’s fourth largest economy has finally begun to emerge from the recession that it has been mired in for the last few years. Spain’s economic outlook has looked bleak amidst the high levels of debt and unemployment that have plagued the Iberian Peninsula and Southern Europe in recent years, so some investors are likely to see these figures as a the first small step towards sustainable recovery in Spain. This more positive news was counterbalanced by less promising data from Germany in the form of monthly unemployment figures and inflation data. Both sets were slightly worse than expected with unemployment numbers rising and Consumer Price Index data showing slight contraction. The single currency appears to be reaching a plateau after strengthening considerable throughout the month of October. Traders will be watching the markets closely to see if we will see continued euro-strength in November. Today’s Eurozone data releases include monthly German retail sales data and Consumer Climate information. Call your trader now to help you manage your exposure for the coming months.

Posted October 31st, 2013 by Charles Purdy

No tapering in the short term boosts the US dollar

There were a number of key US data releases yesterday which came out largely in line with market expectations. The only notable surprise came in the form of ADP employment data which measures the change in the number of employed people within the US. Analysts had forecasted +150,000 growth which turned out to be higher than the actual figure of +130,000. The US dollar weakened slightly but further losses were limited as attention turned to the evenings FOMC policy meeting. The Committee decided against tapering the current quantitative easing program as it waits for more “evidence” to do so. It also acknowledged a gradual improvement in the US economy but noted the recent slowdown in the housing market. The US dollar gained substantially against all major trading counterparties after the announcement but interestingly there was no mention of the recent 16-day government shutdown. Many economists believe the event has forced the Federal Reserve to reconsider any tapering until early 2014.

Posted October 31st, 2013 by Charles Purdy

Mexican peso has a strong day

Elsewhere yesterday we saw the Canadian dollar continue with the strength it had been showing since the start of the week in anticipation of last night’s statement from the US Federal Reserve. The strength came about amid speculation in the market that sluggish growth in the states will prompt the Federal Reserve to announce a decision to maintain monetary stimulus. Any US monetary stimulus is good news for the Canadian dollar, with the US being Canada’s primary export destination. We saw the Swiss franc perform well after the release of a forward-looking survey on the economy’s prospects in coming quarters came in with significantly higher-then-forecast results. Domestic spending and a growth in exports were the main drivers of the brightened sentiment. The Mexican peso also had a particularly strong day. Late last night we had an interest rate decision and consumer confidence figures out of New Zealand, as well as building approvals data out of Australia. Looking forward to today we have a Bank of Japan press conference and GDP figures out of Canada. Get in touch with your trader for live rates.

Posted October 30th, 2013 by Charles Purdy

Smart Daily Currency Rates

GBP/EUR – 1.1663
GBP/USD – 1.6058
EUR/GBP – 0.8571
EUR/USD – 1.3766
GBP/AED – 5.8978
GBP/AUD – 1.6872
GBP/CAD – 1.6785
GBP/CHF – 1.4411
GBP/CNY – 9.7869
GBP/HKD – 12.451
GBP/HUF – 342.24
GBP/INR – 98.512
GBP/JPY – 157.71
GBP/NZD – 1.938
GBP/RUB – 51.3397
GBP/SEK – 10.2368
GBP/THB – 49.844
GBP/ZAR – 15.841

Posted October 30th, 2013 by Charles Purdy

Sterling continues to drift lower against the US dollar and the euro

Sterling continues to disappoint. Speculation yesterday leant towards the upcoming data from the UK being worse than anticipated, and as a result we saw sterling rates drop, hitting a two month low versus the euro and falling for a third day in a row against the US dollar. Investors feelings were that house-price growth and manufacturing expansion will be slower this month than last, and as a result the currency will struggle to maintain levels. These results will not be seen until tomorrow, and no other data means today is likely to remain fairly quiet, while further speculation over these results could be the main internal driver. Get in touch with your trader now for the latest on sterling, as we look to whether it can maintain its recent form.

Posted October 30th, 2013 by Charles Purdy

The euro continues to hold its own

The euro had a mixed day yesterday, maintaining its momentum and making further gains against sterling, but losing ground against the US dollar. Those with market orders in place may have benefited from a spike in the euro – US dollar rate which saw it rise very briefly above the 1.38 mark during the afternoon before retreating throughout the rest of the day. With little in the way of data from the Eurozone yesterday, todays data should have a greater bearing on the performance of the single currency. From Germany, preliminary inflation and monthly unemployment numbers are set to be released along with Spanish quarterly GDP data. These releases are unlikely to have a high impact, but may have some influence over whether or not we see a continuation of euro strength. Call your trader now to keep pace with market movements.

Posted October 30th, 2013 by Charles Purdy

Data benefits US dollar

The US dollar had a quietly convincing day yesterday, enjoying a third straight gain against sterling, and making ground on the euro as well. This came about as the Federal Open Market Committee begun their two day meeting, with its conclusion and results due out later today. After the recent government shut down and its surrounding issues, it is highly unlikely that any tapering by them will start until the new year, and this is expected to be confirmed by the members following this meeting. However, the dollar gained ground, as many may have been lowering their risk positions before this. Yesterday was also busy for the dollar in terms of data, where we saw core retail sales and producer price index figures just slightly behind expectations. Before this evenings meeting results, the non-farm employment change figure is liable to cause some volatility given its significance as a strong economic indicator. Call your trader now for the latest US dollar rates, on an important day in its week.

Posted October 30th, 2013 by Charles Purdy

Canadian dollar finally enjoys a good day

Elsewhere yesterday, we saw the Canadian dollar strengthen against the majority of its most traded peers and, after a difficult few weeks, finally begin to make up some ground against sterling. The strength came about amid speculation in the market that the US Federal Reserve will announce a decision to maintain monetary stimulus later today. Any US monetary stimulus is good news for the Canadian dollar, with the US being Canada’s primary export destination. The Australian dollar weakened against all of its 16 most-traded peers after Monday night’s statement from the governor of the central bank, in which he signalled that the currency’s recent strength was not an accurate representation of economic fundamentals. Despite better-than-forecast retail sales, the Japanese yen struggled as confidence in the marketplace suppressed demand for the safe-haven currency. A fairly quiet day data-wise today means that traders will be looking towards any announcement from the Federal Reserve to drive market movements. Late this evening we have a decision on interest rates from the Bank of New Zealand. Get in touch with your trader for a live rate.

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