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Posted July 31st, 2014 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.2601
GBP/USD – 1.6878
EUR/GBP – 0.7934
EUR/USD – 1.3394
GBP/AED – 6.1992
GBP/AUD – 1.8165
GBP/CAD – 1.8431
GBP/CHF – 1.5333
GBP/CNY – 10.416
GBP/DKK – 9.3954
GBP/HKD – 13.079
GBP/HUF – 392.92
GBP/INR – 101.97
GBP/JPY – 173.66
GBP/NZD – 1.9897
GBP/RUB – 59.946
GBP/SEK – 11.618
GBP/THB – 54.017
GBP/TRY – 3.6018
GBP/ZAR – 18.058

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Posted July 31st, 2014 by Charles Purdy

Sterling continues to be at the mercy from news elsewhere

During the afternoon sterling fell to its lowest level in seven weeks against the US dollar, as it was buoyed by some excellent data from the States which showed that the US economy, unhampered by the poor weather seen at the start of the year, grew by 4% throughout the second quarter. This was then followed by employment data which showed that over 200,000 had found employment in the month of July. With events stateside dominating market focus, market movement for sterling versus the euro was again muted. With inflation data from Germany showing a better-than-expected increase during the past month, sterling did weaken very slightly against the single currency.

Today sees sterling once again overshadowed by events elsewhere, with an early inflation estimate from the Eurozone out in the morning, and labour data from the US in the afternoon.

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

Posted July 31st, 2014 by Charles Purdy

Key Eurozone inflation data to be released today

German inflation data came out almost exactly as expected yesterday, as the Consumer Price Index (CPI) figures were reported to be 0.3%. The single currency did not see any great movement against sterling, but continued to lose ground against the US dollar in response to a host of stronger data coming from the other side of the “pond”.

Further inflation figures are due out today in the form of the Flash CPI July estimate for the Eurozone at large. These figures are forecast to come out at around the 0.5% mark and have the potential to affect rate movements if different from expectations. Additionally, we expect an array of slightly less influential data sets from the Eurozone, including Eurozone unemployment figures. These indicated a level of 11.6% when released last month and are expected to remain around this level. Unemployment is another key indicator of the health of the economy and the Eurozone figures have remained well above those of the USA and the UK for some time due to the high levels of unemployment in its southern states.

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

Posted July 31st, 2014 by Charles Purdy

US Dollar continues its ascendancy

Wednesday saw the US dollar extend to 10 month highs against various other major currencies, following data on second quarter growth which highlighted that the economy bounced back strongly after a first quarter contraction. The Commerce Department report stated gross domestic product grew at an annual rate of 4%, outstripping forecasts of just under 3%. On top of this, personal consumption – predicted at 1.9% – grew well above predictions to 2.5%. The general consensus following Wednesday’s report is the U.S economic recovery is gaining momentum. We also saw over 200,000 jobs added to the US economy in July which was slightly under expectations but the third month in a row where the figure had exceeded 200,000. We also had the latest Federal Reserve meeting where the decisions were very much as expected; no change in interest rates and a further cut of US$10 billion in quantitative easing.

Looking to today, the most important release in the U.S. will be unemployment claims this afternoon. This will report the number of individuals who filed for unemployment insurance for the first time during the past week. Any surprises could cause shifts for the US dollar in currency markets

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 July 31st, 2014 by Charles Purdy

Swedish krona under pressure

  • The Canadian dollar lost out yesterday following on from robust growth data out of the States, which saw a sell-off of the Canadian currency as traders looked to buy into its US counterpart. Canadian inflation data released at the same time showed a fall of 0.1% on the previous month and left the door open for a central bank interest rate cut. Growth figures to be released this afternoon should give a little more clarity around the direction in which the Canadian economy is headed.
  • The Swedish krona also lost ground yesterday after a report which showed that the economy had expanded by less than forecasters had predicted last quarter. This suggests that the economy’s recovery had not been as comprehensive as many had hoped. As a result, we saw the krona drop by as much as half a per cent against some of its major peers.
  • The Japanese yen was the third casualty of yesterday, with industrial production figures coming in below forecast.

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

Posted July 30th, 2014 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.2633
GBP/USD – 1.6934
EUR/GBP – 0.7911
EUR/USD – 1.3402
GBP/AED – 6.2198
GBP/AUD – 1.8060
GBP/CAD – 1.8395
GBP/CHF – 1.5361
GBP/CNY – 10.457
GBP/DKK – 9.4216
GBP/HKD – 13.123
GBP/HUF – 392.51
GBP/INR – 101.84
GBP/JPY – 173.00
GBP/NZD – 1.9901
GBP/RUB – 60.378
GBP/SEK – 11.656
GBP/THB – 53.960
GBP/TRY – 3.5778
GBP/ZAR – 17.951

Posted July 30th, 2014 by Charles Purdy

Sterling drifts lower on lack of UK data

A quiet day on the data front saw sterling once again struggle against its peers from the US and Europe, as investors appear to be cashing in on sterling’s strong performance over the past year. After hitting multi-year highs against the US dollar earlier in the month, sterling has steadily declined and hit fresh six-week lows against the US dollar yesterday as consumer confidence in the states was shown to have increased. Sterling proved to be more resilient against the euro, weakening only slightly as the pair traded within a narrow range throughout the day.

Little UK data out today so attention will again be focused overseas, with the German inflation figures out first thing and the latest interest rate decision from the US Federal Open Market Committee towards the end of our day looking to be the major events that could affect sterling.

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

 

Posted July 30th, 2014 by Charles Purdy

German inflation data may well disappoint

Little data of note was released from the Eurozone yesterday and as a result movements in rates came largely as a result of events elsewhere. The single currency lost further ground against a resurgent US dollar, while seeing movements in both directions against sterling.

The most important data set out in the Eurozone today is set to be the Preliminary German Consumer Price Index (CPI). This is a key indicator of inflation from the largest economy in the eighteen-nation bloc and is forecast to come out around the 0.2% mark. This is still well below the 2% target set by the European Central Bank (ECB) which has been one of the main driving influences behind the euro’s weakness in 2014. Lower-than-expected data will indicate that ECB President Mario Draghi has not succeeded with his recent policy initiatives, whereas higher figures will ease the pressure and may lend some strength to the single currency in the short term. We also expect flash CPI data from Spain today along with Spanish quarterly growth figures. Both have the potential to impact upon the performance of the euro should results differ greatly from forecasts.

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

Posted July 30th, 2014 by Charles Purdy

US Dollar still in the ascendancy

The US Dollar had a strong day today, continuing the good run it has been on for the past month. This was led by gains against Australia, New Zealand, Canada and Europe, hitting multi-month highs against all these currencies. Yesterday was a particularly good day for the US as consumer confidence came out much higher than the original forecast. Expected at 85, it registered at 90.9. This boosted the US dollar, which strengthened against sterling all day.

But will the good news for the dollar be short lived as we have a number of key releases today, tomorrow and Friday? Today we have the US Federal Reserve meeting statement where expectations are for no change in policy. Anything different will be a major shock. We also have data on growth and jobs released today so we can expect some movement for the US dollar during the course of today both in the run up to the data releases as market try to second guess and post when the markets digest the information.

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 July 30th, 2014 by Charles Purdy

New Zealand dollar continues to slide

  • The Russian rouble fell for the fourth day in a row, as did stocks and government bonds, as the European Union (EU) elected to impose new sanctions on trade yesterday evening. The sanctions will target a number of industries, with focus on the oil market and defence systems, EU sources said. This paints a bleak outlook for the Russian currency, with Morgan Stanley analysts voicing fear over the risk of further escalation.
  • The New Zealand dollar lost out yesterday, dropping off to the lowest levels seen in nearly seven weeks. The currency had the rug pulled from underneath it last week when central bank policy makers spoke of how they believed the currency to be significantly overvalued, which saw the kiwi dollar tumble. It was pushed down further yesterday after UBS spoke out saying that there could be much further to fall for the currency, which had seen consistent growth since the start of 2014 – something that is now looking increasingly unfounded.

Overnight last night we had building approvals data out of Australia which although positive didn’t have a major impact of the Australian dollar. Later this afternoon we have growth figures out of Canada.
Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.

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