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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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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.

Posted October 29th, 2013 by Charles Purdy

Smart Daily Currency Rates

GBP/EUR – 1.1681
GBP/USD – 1.6082
EUR/GBP – 0.8557
EUR/USD – 1.3764
GBP/AED – 5.9058
GBP/AUD – 1.6925
GBP/CAD – 1.6778
GBP/CHF – 1.4431
GBP/CNY – 9.7941
GBP/HKD – 12.4687
GBP/HUF – 342.11
GBP/INR – 98.742
GBP/JPY – 157.02
GBP/NZD – 1.9482
GBP/RUB – 51.39
GBP/SEK – 10.243
GBP/THB – 49.892
GBP/ZAR – 15.886

Posted October 29th, 2013 by Charles Purdy

Sterling continues to weaken

Sterling started the week weakly with little data of significance released and therefore little to benefit the UK’s currency as it continues to slide away, falling below 1.17 against the euro. An industry report came in favour of the pound, showing October brought a ninth month of increases in UK house prices. On the reverse side of this, weak retail sales indications from the realized sales figure gave a less encouraging view on the economy, and as a result of these two arguments we saw sterling continue to weaken against the euro and US dollar. Today is equally quiet in terms of UK data, as net lending to individuals is expected to be the most influential data released which will be of medium influence over the markets. This level of activity continues for much of the week, with the most significant loaded for the tail end. Get in touch with your trader now to see if sterling continues to weaken.

Posted October 29th, 2013 by Charles Purdy

No bad news benefits the euro

In the absence of any notable data emanating from the Eurozone yesterday, the euro had a quiet day although it did strengthen below the 1.17 level against sterling. There was little movement seen against most major trading partners, with only minor fluctuations against both sterling and the US dollar. In general this month the euro has seen consistent appreciation against sterling and has made sharp gains against the US dollar during the second half of the month, reaching new highs for the year. This trend has continued, albeit at perhaps a slightly more moderate pace. Speculation continues to abound as to how long the single currency can maintain this trajectory. Today sees the release of German Consumer Climate data which has some capacity to impact on performance of the seventeen-nation currency. It should also be noted that a deluge of data from the US is being released today and is likely to play a determinate role in the movements of the euro. Call your trader now to see how long euro strength continues.

Posted October 29th, 2013 by Charles Purdy

Will todays data releases weaken the US dollar

The US dollar managed to hold a steady level yesterday, with a relatively quiet day on the data front. Pending home sales was the major release of the day, and despite coming in a long way behind expectations, failed to provoke any major shifts in the currency’s strength. Many investors will look to tomorrow, when the results of the Federal Open Market Committee’s two-day meeting will be heard. While many now believe tapering is not likely to be seen before the first months of next year, this meeting remains a highly interesting gauge to investors. Before that, however, today is filled with influential data from the US. Core retail sales, producer price index, retail sales and consumer confidence are all in the pipeline and with each being significant in their own right. A trend of results either way could see a significant reaction in the markets. Call your trader now, for the latest US dollar rates at an important point of the week.

Posted October 29th, 2013 by Charles Purdy

Commodity backed currencies hope for no US “tapering”

Elsewhere yesterday, the Swedish krona was particularly weak after its central bank decided not to raise interest rates whilst downgrading its growth forecasts for the year. After a difficult week last week and off the back of a three-day slide, the Canadian dollar held its ground yesterday. Investors were speculating that the currency had declined too far too fast after the Bank of Canada dropped its bias towards higher interest rates in a statement last week. Markets were also anticipating the US Federal Reserve meeting over the next few days, during which it is widely expected a decision to maintain monetary stimulus will be reached which would be positive news for the higher yielding currencies. Similarly we saw the Australian dollar perform well, as the export-reliant economy thrived off the market speculation surrounding the Federal Reserve meeting. The New Zealand dollar logged gains as traders look forward to Wednesday’s interest rate decision, as many are predicting a rise. Overnight, we saw the Governor of the Revere bank of Australia speaking as well as retail sales figures out of Japan. Later on today we will have inflation data from Canada. Get in touch with your trader for a live rate.

Posted October 28th, 2013 by Charles Purdy

Smart Daily Currency Rates

GBP/EUR – 1.1725
GBP/USD – 1.6196
EUR/GBP – 0.8526
EUR/USD – 1.3811
GBP/AED – 5.9408
GBP/AUD – 1.6848
GBP/CAD – 1.6907
GBP/CHF – 1.4463
GBP/CNY – 9.8558
GBP/HKD – 12.556
GBP/HUF – 342.81
GBP/INR – 99.719
GBP/JPY – 158.04
GBP/NZD – 1.9492
GBP/RUB – 51.488
GBP/SEK – 10.224
GBP/THB – 49.905
GBP/ZAR – 15.873

Posted October 28th, 2013 by Charles Purdy

Positive growth data doesn’t boost sterling

Sterling had a positive end to the week following growth figures for the UK coming out as expected. The statistics revealed that growth was 0.8% in the third quarter reinforcing the view that the UK’s economic recovery is well underway. Manufacturing Purchasing Managers Index (PMI) figures released on Friday represent the most significant data release this week with the construction and services figures will be released on Monday and Tuesday of the following week respectively. September’s Money Supply figures will be released on Tuesday but otherwise the week ahead is a quiet one as far as UK data influencing the pound is concerned. So little to change the downward trend of sterling against the euro and the positive note against the US dollar. Call in now for the latest news and up to date prices from the market.

Posted October 28th, 2013 by Charles Purdy

Poor data doesn’t undermine the euro

The euro had an impressive morning on Friday, posting gains against a basket of currencies, most notably a high not seen since November 2011 against the US dollar. These gains were short lived as the euro gave back some of these gains as German business confidence for October unexpectedly fell. This may suggest the euro’s recent resurgence is not down to its own strength and its performance could falter in the coming weeks. The euro has some important data releases in the coming week. German employment figures on Wednesday with the overall rate of unemployment in Europe released on Thursday. We also have Spanish GDP figures, German retail sales figures and inflation data released this week. Speak to your trader now to see if the euro can continue on its current run of form.

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