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Posted June 30th, 2014 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.2468
GBP/USD – 1.7021
EUR/GBP – 0.8018
EUR/USD – 1.3651
GBP/AED – 6.2496
GBP/AUD – 1.8093
GBP/CAD – 1.8179
GBP/CHF – 1.5149
GBP/CNY – 10.555
GBP/DKK – 9.2969
GBP/HKD – 13.191
GBP/HUF – 386.09
GBP/INR – 102.21
GBP/JPY – 172.54
GBP/NZD – 1.9471
GBP/RUB – 57.649
GBP/SEK – 11.455
GBP/THB – 55.209
GBP/TRY – 3.6153
GBP/ZAR – 18.037

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Posted June 30th, 2014 by Charles Purdy

Will this week’s key PMI data support sterling?

Sterling ended last week slightly down against most of its major partners but is holding close to its recent highs against both the US dollar and the euro. Last week’s UK growth figures showed an expansion of 0.8% which was as expected – significantly better than the US’s surprise figures showing a 2.9% contraction. The real surprise of last week in the UK was the back tracking of Mark Carney, the Governor of the Bank of England, who was less certain as to when UK interest rates would be increased than he had been the previous week which had been the cause of sterling sudden surge. Therefore there is an increased level of uncertainty as to the robustness of sterling’s recent strength and what will happen if the doubts of increasing UK interest rates begins to spread.

This week’s activity begins tomorrow, with the Purchasing Managers Index (PMI) from the manufacturing sector to kick things off. Wednesday continues the trend with the construction variety of this, before the trio is completed on Thursday with the services sector, the UK’s largest contributor. These pieces of influential data will be closely monitored as they will give an insight into how the UK economy is performing and the likelihood of increased interest rates rather sooner than later. They will be followed by the mildly important house price index, which closes out the week on Friday.

If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted June 30th, 2014 by Charles Purdy

Key inflation Eurozone data to be released this week

Last week ended in an uneventful fashion for the euro, with little movement against the US dollar and just creeping below the 1.25 mark against sterling. Claude Juncker, despite strong disapproval from David Cameron and the UK, was named as the new President of the European Commission, although this did not have a notable bearing on the performance of the single currency.

Looking to the week ahead, today sees the release of Eurozone Flash Consumer Price Index (CPI) data, which offers an early indication of expected levels of inflation in the eighteen-nation bloc. German CPI data on Friday had a limited effect as it was very much as expected, but if today’s figures deviate from the 0.6% forecast then we may see more in the way of rate movements. Beyond this, the European Central Bank (ECB) is set to deliver its monthly interest rate decision on Thursday. After rates were lowered to an all-time low last month, we are not expecting to see another change just yet – however sentiments expressed in the following press conference are likely to give rise to greater activity.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted June 30th, 2014 by Charles Purdy

US Dollar expected to be affected by multiple releases this week

The US dollar ended last week with a continuation of its recent slump, but did manage to end the day higher than it started thanks to a drifting sterling. This extended decline of the dollar was thanks to run of negative sentiment emanating from the US, most notably the growth figures for the country which showed a surprise decline of 2.9% especially when the provisional figures had shown a growth 0f 0.1%!. As a result, the dollar lost ground against many, with three consecutive days of losses against the yen.

This week, the US will start to look for more positivity from this afternoon, with the pending home sales being the first data release of many. Tomorrow holds the Purchasing Managers’ Index figures from the manufacturing sector, before Wednesday brings the first of the monthly labour figures. This comes in the shape of the independent version of the non-farm employment change, ahead of words from Chairwoman of the Federal Reserve Janet Yellen. Thursday is expected to be a busy one, with four highly influential pieces due simultaneously. The official non-farm employment change, an ever important figure, comes alongside further labour figures in the unemployment claims and unemployment rate, as well as the trade balance. Later that afternoon is the non-manufacturing PMI, before Friday closes a truncated week with nothing, as a bank holiday for Independence Day ends the week.

If you are looking to buy or sell US dollars, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted June 30th, 2014 by Charles Purdy

Strong performing week expected for the Australian dollar

The Swedish krona lost yet more ground on Friday, dropping off against the majority of its 16 most-traded peers, and taking its quarterly losses to 4% against the US dollar. The Scandinavian currency lost ground mid-week, amid rumours that the central bank will boost monetary stimulus measures, and these losses were furthered on Friday after below-forecast retail sales data.

Looking forward to this week, we expect an interesting performance from the the Australian dollar. The currency has had a strong start to the year, gaining almost 8% against the US dollar, and with a string of strong recent data releases it could leave the central bank with scope to raise interest rates on Wednesday. Most traders are forecasting rates to be held at their current 2.5% level, but with the economy performing well, along with good data out of China, Australia’s biggest trading partner, there is a chance we could see a rise. Other data releases out of Australia this week include trade balance, retail sales and building approvals figures, as well as a speech from the governor of the central bank on Thursday. Other releases this week include Canadian GDP figures, economic health data out of China, interest rate decision from the Swedish central bank and May’s industrial production figures for Japan.

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

Posted June 27th, 2014 by Charles Purdy

Smart Daily Exchange Rates

Last Week                                           This Week
(GBP/EUR – 1.2528)                            GBP/EUR – 1.2497
(GBP/USD – 1.7050)                            GBP/USD – 1.7024
(EUR/GBP – 0.7979)                            EUR/GBP – 0.7999
(EUR/USD – 1.3608)                            EUR/USD – 1.3622
(GBP/AED – 6.2608)                            GBP/AED – 6.2513
(GBP/AUD – 1.8122)                            GBP/AUD – 1.8066
(GBP/CAD – 1.8445)                            GBP/CAD – 1.8199
(GBP/CHF – 1.5243)                            GBP/CHF – 1.5200
(GBP/HKD – 13.216)                            GBP/HKD – 13.195
(GBP/INR – 102.64)                             GBP/INR – 102.33
(GBP/JPY – 173.76)                             GBP/JPY – 172.65
(GBP/NZD – 1.9560)                            GBP/NZD – 1.9428
(GBP/SEK – 11.405)                            GBP/SEK – 11.479
(GBP/TRY – 3.6451)                            GBP/TRY – 3.6166
(GBP/ZAR – 18.238)                            GBP/ZAR – 18.066

Posted June 27th, 2014 by Charles Purdy

Sterling recovers at the end of a tough week

A tough week for sterling saw it lose ground across the board as more members of the Bank of England’s (BoE) monetary policy committee sought to distance themselves from comments hinting at a hike in interest rates later this year. With little economic data released on Monday, sterling had already slipped from its multi-year highs even before inflation report hearings on Tuesday. Drawing particular attention to record low unemployment, BoE Governor Carney alluded that there was more spare capacity in the British economy than previously realised. This saw sterling fall against the majority of its trade partners as investor confidence thanks to a possibility of an increase in interest rates vanished.

Yesterday, however did see a turn-around for sterling, with Governor Carney unveiling the Bank of England’s new measures to cool the housing market. He outlined a sterner cap on lending levels and a tougher screening processes for prospective buyers. The sentiment that these measures would not derail the economy enabled sterling to recover most of the losses suffered earlier in the week. Today sees the release of figures outlining growth in the UK economy which, with growth expected to remain consistent at 0.8%, provides a stark contrast to the situation in the US.

If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted June 27th, 2014 by Charles Purdy

Quiet week for the euro

The euro bucked recent trends in the early part of this week, making gains, albeit moderate ones, against both sterling and the US dollar. Despite this, yesterday’s shaper rate movements in the opposite direction reversed this. In general, data releases from the Eurozone have had a muted influence this week, as trader activity and events elsewhere have provided stimulus for rate movements. We are likely to see this change as data releases start to provide a more clear-cut picture of how European Central Bank (ECB) President Mario Draghi’s recent policy changes are affecting the recovery of the eighteen-nation bloc. However, this week the figures have been mixed and largely predictable.

One set of figures that do have the potential to have a greater impact on the euro’s performance are today’s German Consumer Price Index (CPI) digits. CPI is a key indicator of inflation, and as Draghi’s recent policy changes were taken in response to falling inflation levels, these will likely play a role in determining future Central Bank Policy.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted June 27th, 2014 by Charles Purdy

US Dollar experiences varied fortunes throughout the week

The US dollar has seen varying fortunes this week, thanks to conflicting sentiment emanating from the country. Monday started with continuing negative reaction to the words from Janet Yellen last week. As Chairwoman of the Federal Reserve, her view that the current low interest rates would be maintained caused the dollar to stay on its downwards path, even with the existing home sales figure beating its expectations. This trend was halted on Tuesday, however, as the new home sales also beat expectations to give more positivity for the dollar. This was short lived though, mid-week saw the two influential releases both miss their expected levels. The durable goods orders showed an unexpected decline, whilst the revised first quarter gross domestic product showed a contraction of 2.9%, the worst since the depths of the recession. Yesterday was a quieter affair, with no one clear movement. The only release was the unemployment claims, but came in as expected markets this did not have much of an effect on the market.

Today sees out the week in a continued subdued fashion, with little of note to effect the dollar. The only minor figure due is the consumer sentiment from the University of Michigan, and as such the dollar could have little to go on.

If you are looking to buy or sell US dollars, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted June 27th, 2014 by Charles Purdy

Manufacturing data from China impacts global currencies

The market favoured high-yielding, risker currencies at the start of the week, as manufacturing data released from China early Monday came in above forecast. This has a significant impact on the Australian dollar, as the world’s second largest economy is the primary destination of commodities shipped out of Australia.

The South African rand also took strength from the Chinese figures, with the highly volatile asset particularly susceptible to market conditions. The currency was further supported by confirmation from the country’s AMC union that the six-month platinum production strike was finally over, ending the longest work stoppage in the country’s history. Platinum is one of the country’s major exports, and with the economy so commodity-reliant, cutting out the production of platinum has had a marked impact on the economy. Yesterday saw the Russian rouble continue with Wednesday’s strength, and the New Zealand dollar climbed to near record-highs against the US dollar.

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

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