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Posted January 29th, 2014 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.2133
GBP/USD – 1.6597
EUR/GBP – 0.8237
EUR/USD – 1.3675
GBP/AED – 6.0957
GBP/AUD – 1.8942
GBP/CAD – 1.8535
GBP/CHF – 1.4893
GBP/CNY – 10.049
GBP/DKK – 9.0550
GBP/HKD – 12.883
GBP/HUF – 371.19
GBP/INR – 103.46
GBP/JPY – 170.98
GBP/NZD – 2.0068
GBP/RUB – 57.832
GBP/SEK – 10.681
GBP/THB – 54.585
GBP/ZAR – 18.431

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Posted January 29th, 2014 by Charles Purdy

Sterling holds close to 12 month highs

Sterling continues to hold close to 12 month highs against the US dollar and the euro. Yesterday we had the release of UK growth figures for the final quarter of 2013. With the UK preliminary GDP figure coming out at the lower end of expectations at 0.7%, sterling weakened slightly before recovering some ground throughout the afternoon as investors digested the result, which showed the first year round expansion since 2007.

The main event from the UK today will be a speech from Bank of England (BoE) Governor Mark Carney, whose words had a significant impact on sterling markets at the end of last week. As such, investors will be keen to hear what he has to say and will dissect his words for any clues as to a longer-term view on sterling. The speech will also be of interest to businesses, particularly those making international money transfers, as his speech last week saw sterling weaken markedly.

At the moment sterling is holding its own but there doesn’t seem any obvious catalyst or energy to continue this trend in the short term. As we know this can soon change so please get in touch with your trader now for the latest rates, after yesterday’s positive data may well boost confidence going forward.

Posted January 29th, 2014 by Charles Purdy

The Euro has a quiet day

There was a lull in Eurozone news yesterday as little emerged from the eighteen-nation bloc in terms of data releases or influential policy developments. The single currency traded within a relatively narrow range against both sterling and the US dollar throughout the day.

Today could see similar movements for the euro unless the Money Supply figures see some divergence from expectations. These figures detail the volume of domestic currency in circulation within the Eurozone and are expected to detail an increase of 1.5%. The data set is positively correlated with interest rates and therefore higher-than-expected data will have a positive impact on euro performance.

Thinking of buying or selling euro? Contact your trader now for live rates.

Posted January 29th, 2014 by Charles Purdy

US dollar suffers some worries prior to the Federal Reserve meeting today

The US dollar struggled a little yesterday as data failed to enthuse investors ahead of today’s important decision from the Federal Open Market Committee (FOMC). The US currency was under a little pressure as the US core durable goods orders undershot predictions by a long way.

With this unable to provide some final encouragement to the FOMC to increase the level of their tapering of the quantitative easing as they did in December, the US dollar suffered some slight losses. These were made up for a little later on, however, as a Consumer Confidence figure beat its expectations, allowing a glimmer of hope for the currency.

Today’s decision from the FOMC is the only event of note, and investors will be looking ahead to the evening for this. As such, bets and speculation on this could rule the day’s trading.

Thinking of buying or selling US dollars? Call your trader now for the latest rates, on another important day for the long-term prospects of the currency.

Posted January 29th, 2014 by Charles Purdy

Emerging market currencies have a good day

The Canadian dollar weakened following increased buying of the US dollar and subsequently fell against sterling.

The Japanese yen’s recent slump against sterling seemed to level off yesterday although it continued to fall against the dollar. Retail sales and foreign investment figures due to be released today will have the biggest effect on the strength of the yen.

The rupee saw its most significant increase in value against sterling for two months after the Reserve Bank of India unexpectedly put up interest rates. With the US Federal Reserve due to conclude a two day meeting tomorrow, the rupee could see further increases if the Federal Reserve announces further tapering to their economic stimulus package.

Thinking of buying or selling currencies? Call your trader now for a rate that saves your business money on currency exchange costs.

Posted January 29th, 2014 by Charles Purdy

Emerging market currencies have a good day

The Canadian dollar weakened following increased buying of the US dollar and subsequently fell against sterling.

The Japanese yen’s recent slump against sterling seemed to level off yesterday although it continued to fall against the dollar. Retail sales and foreign investment figures due to be released today will have the biggest effect on the strength of the yen.

The rupee saw its most significant increase in value against sterling for two months after the Reserve Bank of India unexpectedly put up interest rates. With the US Federal Reserve due to conclude a two day meeting tomorrow, the rupee could see further increases if the Federal Reserve announces further tapering to their economic stimulus package.

Thinking of buying or selling currencies? Call your trader now for a rate that saves your business money on currency exchange costs.

Posted January 28th, 2014 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.2147
GBP/USD – 1.6600
EUR/GBP – 0.8228
EUR/USD – 1.3662
GBP/AED – 6.0965
GBP/AUD – 1.8851
GBP/CAD – 1.8438
GBP/CHF – 1.4901
GBP/CNY – 10.044
GBP/DKK – 9.0637
GBP/HKD – 12.887
GBP/HUF – 369.81
GBP/INR – 104.11
GBP/JPY – 170.81
GBP/NZD – 2.0020
GBP/RUB – 57.293
GBP/SEK – 10.681
GBP/THB – 54.559
GBP/ZAR – 18.359

Posted January 28th, 2014 by Charles Purdy

Call now to find out how today’s UK growth data has affected sterling

Sterling had a positive day yesterday, despite a lack of significant UK data releases. The UK currency made gains against most of its major partners, thanks largely to speculation over today’s key data, the UK preliminary growth figures. Investors have been looking to this figure as the most important data for the week, with analysts believing that this will show another expansion, with growth for the quarter of 0.7% and for the year of 1.9%, which will be the first full year of growth since 2007 and the start of the financial crisis. As a result, all eyes will be on this sole release of interest from the UK for the day and we may well see rapid movements in sterling around the time of the release at 9.30am.

We saw last week how quick sterling could move on the release of good news or on comments from Mark Carney on what factors will influence interest rate decisions. And these movements were significant and you need to be in the best position to handle and/or benefit from those moves by talking to us sooner rather than later. Therefore if you are thinking of buying or selling sterling, get in touch with your trader now for the latest rates, as investors hope to see further evidence of the sustained UK economic recovery.

Posted January 28th, 2014 by Charles Purdy

Interest rate worries undermine the euro

German Business Climate data failed to have any significant effect on the performance of the single currency yesterday as figures were only marginally better than expected. The euro weakened against sterling during the morning, causing the rate to move back towards the highs seen last week, whilst fluctuations were more limited against the US dollar.

The European Central Bank (ECB) still remains under pressure as interest rates in the Eurozone remain volatile. ECB President Mario Draghi stated last week that further policy decisions would be taken should interest rates keep climbing above the Central Bank’s 0.25% benchmark. Further interest rate reductions or a further loosening of monetary policy would have a negative impact on euro strength so the discussions at the next ECB meeting on 6th February are likely to be a cause of volatility.

Today sees little in the way of data releases for the Eurozone, but fluctuations may continue in response to the day’s Economic and Financial Affairs Council (ECOFIN) meetings in Brussels and on-going speculation.

Thinking of buying or selling euro? Call your trader now for live rates.

Posted January 28th, 2014 by Charles Purdy

US dollar awaits Wednesdays Federal Reserve meeting

The US dollar had a quietly mixed day, with no overriding trend emerging in the dollar markets. The US currency fell once again versus sterling towards last week’s two-and-a-half year lows as investors bet on positive UK data. This was the most significant movement of the day for the dollar, with lower-than-expected New Home Sales figures from stateside reflecting negativity on the US currency.

Today we see two main points of interest, firstly in the form of the core durable goods orders, followed by the Consumer Confidence Index from the Conference Board. With tomorrow’s Federal Open Market Committee meeting at the fore of investors’ minds, data is sure to be closely scrutinised as investors look for encouragement that the US Federal Reserve will decide to further increase the level of their tapering.

This decision, as well as the size of any such action, would be a key long-term event for the currency, and will be likely to have effect on the markets. Tapering as a result of an improving US economy may eventually lead to a rise in interest rates and higher borrowing costs for businesses, so businesses may want to decide whether to buy or sell US dollars in advance.

Thinking of buying or selling US dollars? Get in touch with your trader now for the latest US dollar rates, as data precedes the main event of the week.

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