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Posted November 27th, 2013 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.1941
GBP/USD – 1.6226
EUR/GBP – 0.8372
EUR/USD – 1.3587
GBP/AED – 5.9599
GBP/AUD – 1.7804
GBP/CAD – 1.7117
GBP/CHF – 1.4695
GBP/CNY – 9.8852
GBP/DKK – 8.9048
GBP/HKD – 12.578
GBP/HUF – 356.66
GBP/INR – 100.99
GBP/JPY – 164.94
GBP/NZD – 1.9804
GBP/RUB – 53.520
GBP/SEK – 10.639
GBP/THB – 52.120
GBP/ZAR – 16.473

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Posted November 27th, 2013 by Charles Purdy

Sterling boosted by US economic uncertainty

Sterling posted a quiet showing yesterday, with little data of note out of the country to trigger any major movements. The UK currency weakened at the start of the day despite nothing concrete to prompt these losses, but news from the US later in the day saw it end higher against the US dollar. It saw little change against the euro. This morning we have the release of the second estimate of the UK’s Gross Domestic Product for the third quarter to drive early movements. Given its prominence as an indicator of economic strength, the release has the potential to cause significant movement in sterling’s exchange rates. Other data released in the UK today includes figures showing the percentage change in business investment and realised sales statistics from the Confederation of British Industry. Call your trader now for the latest sterling rates.

Posted November 27th, 2013 by Charles Purdy

Will today’s Eurozone data undermine the euro?

The euro continued its start the week in an uneventful fashion with much less movement than in the week previous. Once again, the lack of Eurozone data and absence of influential market rumours meant that euro stimuli were weak. The movements that were experienced in euro pairings came largely as a result of events elsewhere as we saw the seventeen-nation currency trade within a narrow range against sterling but strengthen against the US dollar on the release of poor US data. The seventeen-nation currency also plateaued against the Japanese Yen after reaching a 4-year high over the weekend. Today we will see an increase in data releases as the German Consumer Climate figures and 10-year bond yields are released this morning. Call your trader now to plan for future fluctuations in euro pairings.

Posted November 27th, 2013 by Charles Purdy

Poor US consumer confidence undermines the US dollar

The US dollar had a mixed day with one major data release surpassing expectations and the other falling short. Building permits data was the first of these to be released and this showed that the number of applications for home construction issued in October was the highest monthly figure for five years. This result pushed the US dollar higher, although these gains were cancelled out after a measure of consumer confidence failed to reach its expected level. Today sees two more significant releases for the dollar issued simultaneously, with core durable goods orders and unemployment claims both to be heard later this afternoon. An improving labour market was noted to be a key factor before the Federal Reserve would consider tapering its quantitative easing program, as a result, these figures will be watched closely by investors as they try to second guess whether or not the central bank will taper at Decembers meeting. A few other less influential releases are also scattered throughout the afternoon and as such multiple strong results could further bolster opinions of an earlier than expected reduction in the bond buying process, something which has been holding back the US currency for some time. Call your trader now for the latest on the US dollar, as the longer term remains the focus.

Posted November 27th, 2013 by Charles Purdy

Is the Australian dollar overvalued?

Elsewhere yesterday, we saw the Australian dollar continue to struggle amid the notion that the currency is overvalued. There is a feeling among traders that the Reserve Bank of Australia will intervene in the currency markets to push down the value of the Australian dollar, which officials believe to be at elevated levels, hence posing a risk to the export-reliant economy. The Japanese yen strengthened against the majority of its major peers, as the evidence of an inverse correlation between the Japanese currency and the Japanese stock market continues. Comments made by the Bank of Japan suggested some officials saw certain risks to the outlook of the country’s economy. This triggered traders to sell off riskier stocks and buy into the traditionally safe-haven yen. Following on from comments in Monday’s market update, the Canadian dollar continued to be dragged down by falling oil prices. Looking forward to today we have little in the way of data releases, so markets will be susceptible to external factors. Get in touch with your trader for a live rate.

Posted November 26th, 2013 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.1941
GBP/USD – 1.6190
EUR/GBP – 0.8370
EUR/USD – 1.3554
GBP/AED – 5.9454
GBP/AUD – 1.7673
GBP/CAD – 1.7072
GBP/CHF – 1.4699
GBP/CNY – 9.8619
GBP/DKK – 8.9066
GBP/HKD – 12.548
GBP/HUF – 356.22
GBP/INR – 100.98
GBP/JPY – 164.08
GBP/NZD – 1.9702
GBP/RUB – 53.330
GBP/SEK – 10.596
GBP/THB – 51.745
GBP/ZAR – 16.358

Posted November 26th, 2013 by Charles Purdy

Sterling drifts lower

Sterling began the week in positive fashion before weakening against the majority of its trading partners after worse than expected mortgage approvals data was released. The data showed a surprise reduction in the number of mortgages approved for October when compared to September. Sterling has been pushing to year highs against the US dollar and multi-year highs against the Canadian and Australian dollars on the basis that the UK economy is in a sustainable economic recovery . The key test for sterling this week will be growth figure for the third quarter released tomorrow which is expected to be 1.5%. In the meantime, this morning sees the inflation report hearings from the Bank of England (BoE) which will include the central banks economic outlook. Call now for a live update on the market.

Posted November 26th, 2013 by Charles Purdy

Euro benefits from news elsewhere

Yesterday was a quiet day in terms of Eurozone influences and movements in euro currency pairings came largely as a result of events elsewhere. Today is similarly bereft of any Eurozone data releases of note and whilst market rumours and speculation always have the potential to influence euro performance it is likely that the fortunes of the seventeen-nation currency will again be largely determined by events elsewhere as we expect key figures from the UK and USA. This will all change later in the week when we have a raft of economic data releases for the Eurozone covering consumer confidence, inflation and unemployment. Call your trader now to discuss your euro requirements in more detail.

Posted November 26th, 2013 by Charles Purdy

Data disappoints but taper talk boosts the US dollar

The US dollar started the week in positive fashion strengthening against the majority of it counterparts throughout the day after the Federal Reserve hinted that it may begin tapering its quantitative easing program in the near future. This US dollar strength came in spite of data released showing that the number of homes pending sale fell for a fifth month in a row in October. Today’s US Consumer Confidence figures could have a significant impact on the strength of the US dollar when they are announced later. The bulk of other significant data releases for the US are due on Wednesday and strong results either way on these upcoming figures could have a knock on effect on the Federal Reserve’s plans for tapering its quantitative easing program. Call now for up to date US dollar prices from your trader.

Posted November 26th, 2013 by Charles Purdy

Historic Iran agreement reduces oil price

Elsewhere yesterday, a number of currencies were affected by the news out of Switzerland where diplomats from around the world met to discuss Iran’s nuclear weapons program. A deal was agreed that Iran would curb much of its nuclear activities, and in return would see the lifting of sanctions that have recently been imposed on the country’s international trade. As a key oil-producing nation, the news triggered a 2% drop in the price of Brent crude. Because of this, we saw the Canadian dollar drop to its lowest level in four months against its US counterpart. With oil being the primary commodity being shipped out of the export-reliant nation, any significant drop in price can heavily impact Canada’s trade balance. The Japanese yen also struggled yesterday, again in response to the Iran deal. Following the deal there was a renewed risk-aversion in the marketplace, which is bad news for the traditionally safe-haven yen. With the country importing around 80% of its oil from abroad, the Indian rupee had a strong day, gaining against the majority of its peers. A quiet day on the data front today means that markets will be susceptible to external factors. Get in touch with your trader for a live rate.

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