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Posted February 26th, 2014 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.2140
GBP/USD – 1.6689
EUR/GBP – 0.8234
EUR/USD – 1.3746
GBP/AED – 6.1302
GBP/AUD – 1.8519
GBP/CAD – 1.8490
GBP/CHF – 1.4811
GBP/CNY – 10.222
GBP/DKK – 9.0587
GBP/HKD – 12.949
GBP/HUF – 375.36
GBP/INR – 103.40
GBP/JPY – 170.73
GBP/NZD – 2.0010
GBP/RUB – 59.927
GBP/SEK – 10.853
GBP/THB – 54.285
GBP/ZAR – 17.886

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Posted February 26th, 2014 by Charles Purdy

Sterling benefits from positive talk

Expectations of a quiet day yesterday were not met as comments from Bank of England policymaker Ian McCafferty, who claimed that an interest rate hike could happen in 2015, saw sterling make steady gains against its major trade partners. At one stage we saw sterling rise to a level of 1.672 against the US dollar, not that far off the four-year-highs seen earlier this month.

Today we look forward to the release of the second estimate of UK growth for the fourth quarter of last year. The initial estimate of 0.7% growth is not expected to be revised, although a possible rebalancing in net trade figures due to a fall in imports may provide a positive effect for sterling.

Wonder when to buy or sell sterling given market movements? Call your trader now for live rates and guidance on currency-buying strategies.

Posted February 26th, 2014 by Charles Purdy

Eurozone inflation forecasts fall

The euro experienced more limited movement in the absence of any overly influential data. European Commission Economic Forecasts put Eurozone inflation based on consumer prices at 1% for 2014, which is a significant reduction November’s estimate of 1.5%, and dangerously below the European Central Bank (ECB)’s 2% target. Whilst this aspect of the forecast certainly does not bode well for the single currency, its effect on the performance of the euro throughout the day was not significant given that low inflation in the Eurozone is already a recognised problem.

Looking to today’s events, it is this morning’s German Consumer Confidence data that is the most notable release from the Eurozone. Figures released at the end of January caused the euro to strengthen as the data showed a marked improvement, so today’s figures could have a significant impact on euro movements in currency markets. Traders will also bear in mind key data released elsewhere that are likely to affect the euro, such as the second estimate of UK growth for the fourth quarter of last year, as well as US Home Sales data.

Thinking of buying or selling euros? Call your Smart Currency Business trader now for live rates and updates.

Posted February 26th, 2014 by Charles Purdy

US dollar weakens

The US dollar suffered a disappointing day yesterday, weakening against the currencies of major trade partners. There had been significant market confidence ahead of the release of results from the US consumer confidence survey in the US but this optimism soon evaporated as the results were weaker than forecast, rapidly wiping out previous gains for the US currency.

Today sees the release of new home sales in the US, which may influence markets. Greater attention may be drawn to the UK however, where revised fourth quarter gross domestic product figures for 2014 will be released. With sterling pushing back towards a four-year high against the dollar, an improved forecast could see the dollar suffer further losses.

Wondering whether to buy or sell US dollars given market movements? Contact your trader now for live rates and further information.

Posted February 26th, 2014 by Charles Purdy

Difficult times for currencies across the globe

Canadian Gross Domestic Product (GDP) figures set to be released at the end of the week has provided a negative outlook for the Canadian economy; this caused the dollar to fall against sterling yesterday. The fall in value was fuelled by an appetite from traders for short-term Canadian dollar positions, acting on selling opportunities ahead of this Friday’s figures.

Meanwhile, continuing political unrest in Turkey saw significant weakening of the lira against sterling. Opposition leaders have called for the resignation Prime Minister Recep Tayyip Erdogan, who is under pressure following allegations of financial impropriety. One aspect of the fallout from these allegations has been the damage done towards sentiment for the emerging market’s assets, which has triggered a significant fall in value of the lira this year.

Elsewhere, positive movement for the Australian dollar on Monday was weakened by news that Toyota would cease the production of their motor vehicles in the country. Adding to a raft of recent withdrawals from other major manufacturers like Holden and Ford, Toyota’s news means more predicted job losses for the already struggling economy, and suggests further weakening of the Australian dollar against its major peers.

Want to minimise risk and save money when purchasing currency? Contact Smart Currency Business today for currency-buying strategies tailored to your company.

Posted February 25th, 2014 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.2125
GBP/USD – 1.6677
EUR/GBP – 0.8245
EUR/USD – 1.3752
GBP/AED – 6.1236
GBP/AUD – 1.8501
GBP/CAD – 1.8452
GBP/CHF – 1.4789
GBP/CNY – 10.214
GBP/DKK – 9.0487
GBP/HKD – 12.944
GBP/HUF – 376.39
GBP/INR – 103.28
GBP/JPY – 170.63
GBP/NZD – 2.0018
GBP/RUB – 59.426
GBP/SEK – 10.828
GBP/THB – 54.286
GBP/ZAR – 18.028

Posted February 25th, 2014 by Charles Purdy

On a quiet day for data, sterling holds steady

No major economic news was released from the UK yesterday, although sterling did move against the US dollar throughout the day, hitting a high of 1.667 against the dollar before dropping to 1.658 in the afternoon and then regaining ground overnight. The positive momentum which has been driving sterling higher over the past month is now fading; however, if sterling can hold above the 1.660 level then it could result in longer term gains. Today sees no significant data releases from the UK, although the release of a consumer confidence survey from the US may result in market movement that could affect sterling.

Wondering whether to buy or sell sterling? Call your trader for live rates and to inquire about currency-purchasing strategies designed to help you minimise risk and save money on currency conversions.

Posted February 25th, 2014 by Charles Purdy

Eurozone inflation data increases worries over deflation

The single currency started the week by seeing depreciation in a number of major pairings. The euro’s slightly poorer performance was caused by unimpressive Consumer Price Index (CPI) figures and subsequent comments and speculation. A measure of the change in prices of goods and services purchased by consumers in the Eurozone, the CPI is a key indicator of overall inflation and low figures – such as the 0.8% published yesterday – and is contributing to mounting pressure on the European Central Bank (ECB) to act as worries over Eurozone deflation increase.

Conversely, better-than-expected German Business Climate data played a role in limiting single currency losses. These figures are derived from a survey of manufacturers, builders, wholesalers and retailers in the Eurozone’s largest economy and revealed the highest levels of optimism in over two years when they were released yesterday morning. There are fewer data releases due out today, but continued speculation concerning ECB action in wake of yesterday’s inflation data may continue to provoke volatility. Additionally, the results of the European Commission’s tri-annual Economic Forecasts may also serve to hamper or enhance investor confidence depending on what they divulge.

Wondering whether to buy or sell euros given these latest updates? Contact your trader for live rates and to inquire about currency-purchasing strategies designed to help you minimise risk and save money on currency conversions.

Posted February 25th, 2014 by Charles Purdy

Lack of data keeps US dollar steady

Yesterday proved to be a flat day for the US dollar, although it did weaken slightly against its major trade partners following the release of better-than-expected German Business Climate survey results, which revealed increasing optimism in Germany. Today’s market promises more movement, with the release of the Consumer Confidence Survey in the US. This survey of consumer spending will provide a strong indicator of financial confidence in the US and is forecast to have fallen this month following severe snow storms across the US.

Wondering whether to buy or sell US dollars? Get in touch with your trader for live rates and to inquire about currency-purchasing strategies designed to help you minimise risk and save money on currency conversions.

Posted February 25th, 2014 by Charles Purdy

Poor Chinese housing data undermines Australian dollar

The impact of poor housing data released from China was felt by a number of currencies. The Australian dollar, having declined at the end of last week, weakened further. The figures from China triggered a decline in global iron ore prices – a significant export commodity of Australia – and the result was the biggest decline in Australian government bond yields in over a week. Traders are nervous that growing Chinese stockpiles on iron ore could substantially drive down the price of the steelmaking material.

Conversely, we saw the Japanese yen rally early in the day yesterday as the news from China hiked up demand for safe-haven assets. Some of these gains were eradicated in the afternoon, however, as we saw a flow into North American equities instead.

A quiet day on the data-release front today means that these markets could be impacted by news from elsewhere.

Wondering whether to buy or sell currencies given these latest updates? Contact your trader for live rates and to inquire about currency-purchasing strategies designed to help you minimise risk and save money on currency conversions.

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