Smart Daily Exchange Rates
GBP/EUR – 1.2096
GBP/USD – 1.6641
EUR/GBP – 0.8263
EUR/USD – 1.3753
GBP/AED – 6.1104
GBP/AUD – 1.8026
GBP/CAD – 1.8407
GBP/CHF – 1.4755
GBP/CNY – 10.349
GBP/DKK – 9.0309
GBP/HKD – 12.909
GBP/HUF – 372.38
GBP/INR – 99.686
GBP/JPY – 171.30
GBP/NZD – 1.9218
GBP/RUB – 59.255
GBP/SEK – 10.820
GBP/THB – 53.929
GBP/ZAR – 17.627
Very busy week for data, will sterling benefit?
The first week of any month is usually a busy one for data and this week, being the first week of April, is no different. It usually brings with it increased currency movements as we see how different economies are performing and with a number of key data releases this week we could well see some significant currency movements. Even though last week ended with a surprise increase in the UK current account deficit to £22.4 billion, sterling managed to finish the week relatively strongly. This week the key UK data are the March purchasing managers’ indices (PMI) for manufacturing, construction and the service industries which are released throughout the week, providing indications of UK output and, by association, of economic growth. Of these, the services PMI is likely to be the most influential as it makes up a large portion of the UK economy. Construction and Services are expected to show increasing expansion whereas manufacturing is expected to show a pull back from last month’s better than expected figures. Elsewhere, labour data out of the US towards the end of the week could have an influential effect on price of the US dollar against sterling.
Looking to buy or sell sterling? Contact your trader now for live rates and updates, as well as guidance on currency-purchasing strategies.
Key data could force the ECB’s hand on interest rates
A busy week for Eurozone data starting today with the release of the “flash” inflation figure for March which is expected to show a fall to 0.6%. This will obviously be of concern to the European Central Bank (ECB). Tomorrow we will see the release of the Manufacturing Purchasing Managers’ Index (PMI) and unemployment data for the Eurozone. These are then followed on Wednesday by the Services Purchasing Managers’ Index and retail sales figures..
The big event of the week is likely to be the interest decision published by the European Central Bank (ECB) on Thursday. Although worries about possible deflation and the speed of the recovery in certain Eurozone countries, any change by the ECB on Thursday is considered unlikely. So any different outcome will have a significant effect on the euro.
Looking to buy or sell euros? Contact your trader now for live rates and updates, as well as guidance on currency-purchasing strategies.
This week’s employment data could boost the dollar
The US dollar continued the week’s trend of varied results on Friday, with data from stateside on the quiet side. The biggest movement came against the euro, where the dollar weakened following positive data from Germany.
A very busy week for US data starting today with minor data in the shape of the Chicago Purchasing Managers’ Index (PMI), as well as words from Federal Reserve Chairwoman Janet Yellen, which are likely to be more influential. Tomorrow then brings the March purchasing managers’ indices (PMI) for manufacturing, before Wednesday’s independent non-farm employment change figure. More data on Thursday with the release of trade balance figures, labour data in the form of unemployment claims plus the non-manufacturing PMI. Friday could well be the most important for the dollar, as the ever-anticipated official non-farm employment change is released alongside the unemployment rate in the crucial labour market. These many types of data are indicators of economic health, the result of which will be reflected in the strengthening or weakening of the US dollar against other currencies.
Looking to buy or sell US dollars? Contact your trader now for live rates and updates, as well as guidance on currency-purchasing strategies.
Will the Australian dollar consolidate recent gains?
The Japanese yen lost ground on Friday, sliding by over one percent against sterling. Data released in the morning showed yearly household spending levels came in worse than forecast, contracting by two-and-a-half per cent. The Canadian dollar also lost ground late on Friday, eradicating some of the gains achieved earlier in the week. This suggests that traders believed that the currency had been over-bought over the previous days.
We could see some significant movement from the Canadian dollar this week, with growth figures today, trade balance figures on Thursday, and employment and economic health data on Friday. We could also expect some Australian dollar movement given an interest rate decision, a speech from the central bank governor, as well as retail sales, trade balance, and building approvals figures to be released. We also have Chinese manufacturing figures and New Zealand business confidence data to look forward to, so it should be a busy week for global currencies.
Looking to buy or sell currencies? Contact your trader now for live rates and updates, as well as guidance on currency-purchasing strategies.
Smart Daily Exchange Rates
Last Week This Week
(GBP/EUR – 1.1953) GBP/EUR – 1.2116
(GBP/USD – 1.6479) GBP/USD – 1.6622
(EUR/GBP – 0.8364) EUR/GBP – 0.8251
(EUR/USD – 1.3784) EUR/USD – 1.3714
(GBP/AED – 6.0508) GBP/AED – 6.1033
(GBP/AUD – 1.8140) GBP/AUD – 1.7949
(GBP/CAD – 1.8498) GBP/CAD – 1.8294
(GBP/CHF – 1.4554) GBP/CHF – 1.4774
(GBP/HKD – 12.790) GBP/HKD – 12.894
(GBP/INR – 100.62) GBP/INR – 99.865
(GBP/JPY – 168.25) GBP/JPY – 169.82
(GBP/NZD – 1.9247) GBP/NZD – 1.9130
(GBP/SEK – 10.570) GBP/SEK – 10.777
(GBP/ZAR – 17.938) GBP/ZAR – 17.655
Retail sales data boosts sterling
Sterling has had a strong week, arresting the recent slide seen against both the euro and the dollar. Inflation fell in line with economic forecasts throughout the past year, dropping to 1.7%, which provided a welcome boost for sterling on Tuesday. With little significant data out of the Eurozone this week, sterling was able to reach a three-week high against the euro on Thursday. This further strengthening came in response to retail sales figures from the UK, which rose more throughout February than forecast, to 1.7%. With strong economic figures out of the US, performance against the dollar was more measured, although sterling still finds itself in a stronger position against the dollar at the end of the week.
Today sees the release of final growth figure for the final quarter of 2013. No change from previous releases is expected but it does offer another chance for sterling to strengthen its position.
Looking to buy or sell sterling? Contact your trader now for the latest rates and updates, as well as for guidance on currency-buying solutions.
The Euro has a difficult week
The common currency has weakened this week, much in line with the intention of the rhetoric communicated by the European Central Bank (ECB), even though it has been debated that their actions are too ‘weak’. The main development in the rhetoric came from the German Bundesbank who seem more inclined to consider Quantitative Easing (QE) than previously, a measure they have consistently criticised in the past. Quantitative Easing has a direct weakening effect on currency and the statement is likely one of the drivers for the slight euro slide noticed this week. Positive retail data out of the UK yesterday saw the euro reach a three week low against sterling.
Today holds limited data releases from the euro-zone with only French growth figures and consumer spending statistics worth of note. Both these data sets have potential to influence the direction of the euro heading into the weekend.
Looking to buy or sell euros? Contact your trader now for the latest rates and updates, as well as for guidance on currency-buying solutions.
US Dollar holds steady
The US dollar had a largely quiet week, with little movement of note at the start of the week. An indicator of health in the manufacturing sector came out slightly behind expectations, but had little impact on the dollar’s performance. Consumer confidence figures out on Tuesday were ahead of expectations, while new home sales failed to meet predictions, which left the dollar trading within a narrow range.
Wednesday saw some more variation, with the dollar making gains against most other currencies but dropping against sterling. Yesterday then saw further mixed results, resulting in varying fortunes against the other currencies. The main movement was a weakening against sterling, given positive UK data. The US countered this with better-than-expected unemployment claims, but pending home sales were less impressive, leaving the dollar without strong bias in either direction. Today ends the week in a quiet fashion, with no major data due.
Looking to buy or sell US dollars? Contact your trader now for the latest rates and updates, as well as for guidance on currency-buying solutions.
Australian and New Zealand dollars enjoy a good week
There was a quiet start to the week in terms of global data. Both of the interest rate decisions in Norway and South Africa left rates unchanged, resulting in little impact on the respective currencies. The Australian and New Zealand dollars had good weeks as their economies were boosted by positive economic data.
Today we look forward to Swedish retail sales figures, following on from a week in which the Swedish krona has been sliding significantly, losing out against most of its major currency partners.
Looking to buy or sell currencies? Contact your trader now for the latest rates and updates, as well as for guidance on currency-buying solutions.