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Posted August 27th, 2014 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.2565
GBP/USD  -1.6569
EUR/GBP – 0.7956
EUR/USD – 1.3188
GBP/AED – 6.0851
GBP/AUD – 1.7750
GBP/CAD – 1.8050
GBP/CHF – 1.5172
GBP/CNY – 10.178
GBP/DKK – 9.3662
GBP/HKD – 12.841
GBP/HUF - 392.84
GBP/INR  - 100.14
GBP/JPY  - 172.10
GBP/NZD - 1.9779
GBP/RUB - 59.890
GBP/SEK - 11.504
GBP/THB - 52.866
GBP/TRY - 3.5822
GBP/ZAR - 17.655

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Posted August 27th, 2014 by Charles Purdy

Sterling steady

A mixed day for sterling saw it trade within a narrow range against the euro, while ending largely unchanged against the US dollar despite early sterling strength. Following a slump to its lowest level against the US dollar in four months during the bank holiday Monday, sterling found itself gaining support on Tuesday morning, with investors looking to cash in on the recent strength in the US dollar. However, a reduction in mortgage approvals throughout July saw sterling stumble once more against a resurgent dollar. A higher-than-expected US consumer confidence reading compounded sterling’s decline, entirely erasing earlier gains.

A quiet day today sees little in the way of significant economic releases so it may well be news from elsewhere that affects sterling during the course of the day.

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

 

Posted August 27th, 2014 by Charles Purdy

Euro under pressure, key inflation data at the end of this week

We saw the euro drop off to fresh lows against the US dollar early yesterday morning, hitting its weakest level since this time last year. As the US dollar continues to gather momentum across the board, the euro, in turn, is increasingly undermined by European Central Bank (ECB) policy that is seemingly shifting further towards increased support measures.

We could see the euro somewhat range-bound this week as traders look towards Friday’s inflation data, with traders unwilling to make any significant bets before the release. Inflation has been singled out as the primary gauge for future monetary policy decisions, and the figures are forecast to come in at 0.3% year-on-year. This is a drop from the previous figure of 0.4% and way below the ECB’s target, so if we see a significant deviation from the forecast, we can expect markets to respond swiftly. Despite the euro’s drop against the dollar, it held relatively firm against sterling.

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

Posted August 27th, 2014 by Charles Purdy

The US Dollar is still the “leader of the pack”

The US dollar had a mixed day yesterday, trading within a fairly narrow range against a large number of its major partners. Data from stateside was mixed, leading to rises and falls in the dollar’s strength throughout the day. While the overall durable goods orders had shown a record rise, the figure was skewed by an increase in aircraft orders. As such, the normalised core figure which discounts aircraft orders actually showed a-greater-than expected decrease. Later in the day, we saw a little more encouragement as the consumer confidence figure came out above expectations.

Today is a lot quieter on the data front, as only the mildly important crude oil inventories are due, which might impact on the dollar from stateside. Otherwise, investors will be looking further ahead for reasons to keep the dollar near to its recent highs.

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 August 27th, 2014 by Charles Purdy

New Zealand and Canadian dollar downbeat

  • The New Zealand dollar is trading around six-month lows against the US dollar. This was due to downbeat trade data coming out from New Zealand, which saw demand for the kiwi dwindle. The official data which was released early on Tuesday stated that New Zealand’s trade balance had moved to a deficit of NZ$692 million for July whereas analysts had anticipated a deficit of NZ$475 million for last month.
  • The Royal Bank of Canada has stated the Canadian dollar has reached a technical level that could drive it to its weakest position since March against the US dollar . This was following the Canadian dollar reaching three-month lows against its US counterpart on Tuesday. The currency has continued to drop off, following comments by Stephen Poloz, Governor of the Bank of Canada, around slack in the country’s labour market.

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

Posted August 26th, 2014 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.2559
GBP/USD – 1.6569
EUR/GBP – 0.7959
EUR/USD – 1.3191
GBP/AED – 6.0926
GBP/AUD – 1.7822
GBP/CAD – 1.8183
GBP/CHF – 1.5173
GBP/CNY – 10.194
GBP/DKK – 9.3636
GBP/HKD – 12.841
GBP/HUF – 393.24
GBP/INR – 100.28
GBP/JPY – 172.15
GBP/NZD – 1.9883
GBP/RUB – 59.897
GBP/SEK – 11.489
GBP/THB – 52.615
GBP/TRY – 3.5996
GBP/ZAR – 17.726

Posted August 26th, 2014 by Charles Purdy

Sterling still unsure of where to go next

While we were enjoying a typical August Bank holiday of rain and then even more rain, sterling seemed to have a moment in the sun gaining round against the euro. This was on the back of comments made by the President of the European Central Bank (ECB) at the summit in Jackson Hole where he made it clear that the ECB would do all it could to increase the fortunes of the Eurozone and minimise the risk of deflation. This hasn’t really changed sterling’s trend against the euro which has been one of moving sideways for the last month, it simply moved sterling towards the higher end of the recent range. Against the US dollar and other major currencies the medium term trend is more clear cut and one of continuing weakness.

UK data this week is limited and mainly focussed on housing. Mortgage approvals are released this morning and on Friday we have the release of the Nationwide House Price Index which will give an indication of the general strength in the housing industry, after remaining at a low of 0.1% in June. Between these, we see further data from the retail sector in the form of the Confederation of British Industry Realised Sales data. Therefore it is more likely news from elsewhere that will move sterling this week.

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

Posted August 26th, 2014 by Charles Purdy

Euro under pressure as ECB worries about deflation

The euro continued to wane towards the end of last week and lost further ground against sterling and the US dollar over the bank holiday Monday, notably being pushed back above the 1.25 threshold by sterling. Comment made by the President of the European Central Bank (ECB) in Jackson Hole made it very clear how worried he is about the state of the Eurozone economy and the low level of inflation and that they were geared up to “do whatever it takes” to ensure that the Eurozone economy didn’t suffer deflation. This weakened the euro across the board.

Influential data releases are more evenly spread this week. This morning, we are offered another insight into sentiment within Germany as Business Climate figures are due out. This index is produced as a result of a survey of German businesses and provides a useful insight into the economic outlook of Europe’s largest economy. Such figures often have an immediate impact on euro rates. Inflation data from Germany as well as from the Eurozone as a whole are due out on Thursday and Friday respectively. Low interest rates and the remaining threat of deflation have been key factors in determining the monetary policy of the European Central Bank (ECB). ECB President Mario Draghi has stated that more aggressive action to tackle this threat is still a possibility and poor Consumer Price Index (CPI) figures are likely to intensify fears that such action may materialise and therefore weaken the single currency further.

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

Posted August 26th, 2014 by Charles Purdy

US Dollar stays strong

The US dollar had a mostly positive end to last week, thanks to some encouragement by the US Federal Reserve Chair Janet Yellen. In a speech at the Jackson Hole Symposium, Ms Yellen’s address paid particular attention to the labour market. She made note of the past five years’ gains, throughout the economic recovery, while also maintaining some slack at present. As a result, the dollar rose to an 11-month high against the euro.

Yesterday saw the new home sales released from the US, while today continues events with both the core durable goods orders and the consumer confidence by the Conference Board. Mid-week is a quieter affair, before Thursday reignites investors’ interests with a number of key releases. Growth figures from the country come from the preliminary growth figure, as well as ever-important labour market data in the form of the unemployment claims. Following this is then the pending home sales, before Friday closes out the week at a slower pace. No hugely significant events are scheduled, but some smaller events could combine to provide cause for movement.

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 August 26th, 2014 by Charles Purdy

Quiet week for data

The Canadian dollar had a mixed day on Friday, logging gains against the majority of its most-traded peers but then dropping off. Monthly retails sales released in the afternoon came in significantly above expectation, coming in at an impressive 1.5% (forecasted at 0.4%). The impact of the figures was slightly muted, however, as inflation figures came in below forecast, showing a 0.1% contraction month-on-month. The inflation figures will be a worry for central bank policy makers, and will boost speculation that we could see rates cut from the current 1% level. Growth figures released this Friday will provide more indication of the direction in which the economy is headed.

This is another relatively quiet week for other events and data releases. Out of New Zealand we have trade balance and business confidence figures, and out of Australia we have quarterly private capital expenditure data.

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

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