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Posted May 30th, 2014 by Charles Purdy

Smart Daily Exchange Rates

Last Week                                           This Week
(GBP/EUR – 1.2347)                            GBP/EUR – 1.2304
(GBP/USD – 1.6845)                            GBP/USD – 1.6744
(EUR/GBP – 0.8095)                            EUR/GBP – 0.8125
(EUR/USD – 1.3643)                            EUR/USD – 1.3609
(GBP/AED – 6.1858)                            GBP/AED – 6.1492
(GBP/AUD – 1.8234)                            GBP/AUD – 1.7976
(GBP/CAD – 1.8357)                            GBP/CAD – 1.8140
(GBP/CHF – 1.5075)                            GBP/CHF – 1.5024
(GBP/HKD – 13.062)                            GBP/HKD – 12.984
(GBP/INR – 98.532)                             GBP/INR – 98.897
(GBP/JPY – 171.33)                             GBP/JPY – 170.21
(GBP/NZD – 1.9682)                            GBP/NZD – 1.9710
(GBP/SEK – 11.160)                            GBP/SEK – 11.139
(GBP/TRY – 3.5057)                            GBP/TRY – 3.5030
(GBP/ZAR – 17.434)                            GBP/ZAR – 17.477

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Posted May 30th, 2014 by Charles Purdy

Sterling falls from recent highs

Following a strong performance in previous weeks, sterling has struggled this week as the euro and US dollar both recovered lost ground. Monday saw little market movement due to a bank holiday in the UK which reduced liquidity in sterling markets; however, Tuesday saw sterling struggle as both the euro and US dollar made gains. US strength was driven by economic data which pointed towards increased growth in the manufacturing industry, while euro markets continued to be influenced by speculation regarding next week’s interest rate decision by the European Central Bank (ECB). With the only data from the UK missing forecast levels throughout the rest of the week, sterling continued to slide, only rallying slightly on Thursday against the US dollar following a weaker-than-expected growth figure for the first quarter in the US.

Today sees no major economic data released from the UK or elsewhere, with investors positioning themselves for next week’s interest rate decisions from the UK and Eurozone.

Looking to buy or sell sterling? Contact your trader now for live rates, news and currency-purchasing strategies.

Posted May 30th, 2014 by Charles Purdy

All eyes on next week’s ECB meeting

After both the European elections and European Central Bank (ECB) President Mario Draghi’s addresses early in the week failed to have much of an impact on euro rates, it has proved to be a relatively quiet week for the single currency. Gains made against sterling were consistent yet unspectacular, while the euro weakened slightly against a resurgent US dollar. No interesting leaks were reported this week in the run up to the next ECB meeting on 5th June and investor activity seemed limited. Whilst there were a number of data releases during the week, they offered little in the way of impetus for rate movements. German Unemployment figures and French Consumer spending data were notably lower than expected, yet effects on performance were limited.

Rate movements in the run up to the next ECB meeting are not unexpected, but timing of such movements can be difficult to predict given the gravity of data releases and central bank meetings taking place on Thursday next week and the likelihood of trader activity in the build-up. German Retail Sales data, due out this morning, is the only data of note out today that has the potential to directly affect euro performance before the weekend.

Looking to buy or sell euros? Contact your trader now for live rates, news and currency-purchasing strategies.

Posted May 30th, 2014 by Charles Purdy

US Dollar has a good week

The US dollar fared well at the start of this week, as the core durable goods orders figure from the country beat expectations. This gave the currency a boost, notably reaching a ten-day high against sterling. This positivity rolled on into Wednesday, as the dollar made further ground despite the lack of fresh data to drive the markets. Yesterday saw this trend reverse somewhat, however, as the country’s economy saw a contraction for the first time in three years. As a result, hopes of a move away from the record-low borrowing costs were dampened, causing the dollar to weaken. Positive unemployment claims data, which was ahead of expectations, helped to reduce some of these losses, but negativity returned as the pending home sales figure missed its expectations.

Today is laid out as a calm end to the week, with no major releases due from the country.  However, a few smaller pieces of data, including the Chicago Purchasing Managers’ Index and revised University of Michigan Consumer Sentiment could combine to affect the markets, even as events slow down.

Looking to buy or sell US dollars? Contact your trader now for live rates, news and currency-purchasing strategies.

Posted May 30th, 2014 by Charles Purdy

Canadian and Australian dollar bounce back

The Japanese yen held firm yesterday following a rally late on Wednesday into yesterday morning. A subdued performance in the Japanese stock market on Wednesday evening pushed traders towards selling off their high-risk stocks, and to buy in to the traditionally safe-haven yen instead. With no significant recovery from the Nikkei yesterday, the Japanese currency held the gains achieved on Wednesday night.

The Canadian and Australian dollar also performed well yesterday, buoyed by some positive data releases. In Canada, current account figures showed a reduction in deficit of over C$3bn on the previous quarter’s figures – better than the majority of forecasters had predicted. In Australia, despite capital expenditure figures coming in below forecast, business spending data was generally encouraging. As a result, the recently underperforming Australian currency showed strength. Looking forward to today, the main release of note will be Canadian growth figures, but it is also worth keeping an eye on industrial production data from Japan.

Looking to buy or sell currencies? Contact your trader now for live rates, news and currency-purchasing strategies.

Posted May 29th, 2014 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.2287
GBP/USD – 1.6704
EUR/GBP – 0.8136
EUR/USD – 1.3591
GBP/AED – 6.1348
GBP/AUD – 1.7984
GBP/CAD – 1.8134
GBP/CHF – 1.4998
GBP/CNY – 10.434
GBP/DKK – 9.1712
GBP/HKD – 12.949
GBP/HUF – 372.91
GBP/INR – 98.331
GBP/JPY – 169.64
GBP/NZD – 1.9703
GBP/RUB – 57.834
GBP/SEK – 11.092
GBP/THB – 54.731
GBP/TRY – 3.5046
GBP/ZAR – 17.514

Posted May 29th, 2014 by Charles Purdy

No supportive data sees Sterling struggle

Sterling struggled again as lack of economic data from the UK saw the currency continue to slide across the board. This saw sterling fall for a fourth straight day against the euro, and near a two-week low against the US dollar as investors’ enthusiasm for sterling waned. The only data of note from the UK showed that an index of retail sales growth had slowed throughout May, missing its forecast target. Despite this, sterling continues to be the best-performing of the major currencies throughout the past year, and remains attractively positioned against both the euro and US dollar. The focus will today be on the US, where growth figures and labour data are likely to have the largest impact on markets. This could, in turn, affect sterling strength.

Looking to buy or sell sterling? Contact your trader now for live rates, news and currency-purchasing strategies.

Posted May 29th, 2014 by Charles Purdy

Eurozone data disappoints but euro gains against sterling

The performance of the single currency was once again mixed yesterday. The euro lost ground against the US dollar in response to some sub-par data releases from the Eurozone. German unemployment figures were worse than expected, detailing a rise in the number of unemployed people for the first time in six months, rather than the slight fall that was expected. Additionally, monthly French consumer spending data was down on predictions and showed a decrease rather than the expected increase. Both factors caused the euro to weaken against the US dollar, yet did not have enough influence over euro strength to cause a similar reaction in the sterling-euro rate. In fact, the single currency strengthened against sterling as Realised Sales data from the Confederation of British Industry dampened the sterling ascension.

Today is a bank holiday across much of Europe, hence the lack of notable data due out today and indeed for the rest of the week. German Retail Sales figures, set to be released on Friday morning, are the only ones worth remarking on. However, we expect continued rate movements as we move ever-closer to the next weeks European Central Bank (ECB) meeting.

Looking to buy or sell euros? Contact your trader now for live rates, news and currency-purchasing strategies.

Posted May 29th, 2014 by Charles Purdy

Will todays data help to continue the US dollar’s good run?

On a quiet day for worldwide events, the US dollar managed to make steady gains against most of its major partners. This came despite a distinct lack of data, particularly from stateside, with no major releases to give investors any guidance. As such, it was the aftereffects of positive data on Tuesday, coupled with the longer term relative prospects for the US economy, which bolstered the dollar’s strength.

Today is a stark contrast in terms of activity, with a number of key releases to interest investors. Firstly, we will hear from two crucial areas, with preliminary growth figures and unemployment claims data due. Both are good indicators of the overall economic strength, and as such could be very influential in determining the currency’s performance. Later in the afternoon, there will also be pending home sales data to supplement these two figures, in what could be a busy day for the dollar.

Looking to buy or sell US dollars? Contact your trader now for live rates, news and currency-purchasing strategies.

Posted May 29th, 2014 by Charles Purdy

Indian rupee continues to benefit from the election outcome

It was another relatively quiet day in markets elsewhere yesterday, with few significant data releases. Normal business resumed yesterday for the Indian rupee as post-election trader confidence returned to the Indian market and we saw the rupee strengthen against its most-traded peers. Other movers included the New Zealand dollar, which lost ground against all of its major peers following the release of below-forecast business confidence figures, and the Russian rouble, which gained strength, building on a strong May performance over the latter parts of this month.

It is another relatively quiet day today, with this morning’s Australian private capital expenditure data being the only release of note.

Looking to buy or sell currencies? Contact your trader now for live rates, news and currency-purchasing strategies.

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