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Posted September 29th, 2014 by Charles Purdy

New Zealand dollar weakening

  • A rebound from the Aussie dollar on Friday helped to stabilise the currency after it fell to levels not seen since February. However, the New Zealand Dollar did not benefit as it continued to remain around Thursdays levels, having weakened by around 2%, after the nation’s central bank Governor singled out how historically high the currency is.
  • The Canadian dollar remains under pressure against its major peer, the US dollar, as it remained at six-month lows. The Canadian central bank has serious concerns about the slowing growth and weakness across Europe. Weakness abroad does not look good for Canadian exports and this will be a large concern for the central bank Governor as exports to Europe were targeted to help the Canadian economy thrive. This week brings Canadian growth data on Tuesday and trade balance data on Friday, which could cause movement for the Canadian currency.

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

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Posted September 26th, 2014 by Charles Purdy

Smart Currency Daily Exchange Rates

(Last Week)                                         This Week

(GBP/EUR – 1.2768)                           GBP/EUR – 1.2800
(GBP/USD – 1.6463)                           GBP/USD – 1.6317
(EUR/GBP – 0.7827)                           EUR/GBP – 0.7812
(EUR/USD – 1.2892)                           EUR/USD – 1.2749
(GBP/AED – 6.0453)                           GBP/AED – 5.9919
(GBP/AUD – 1.8380)                           GBP/AUD – 1.8594
(GBP/CAD – 1.8042)                           GBP/CAD – 1.8138
(GBP/CHF – 1.5412)                           GBP/CHF – 1.5445
(GBP/HKD – 12.760)                           GBP/HKD – 12.655
(GBP/INR – 100.13)                            GBP/INR – 100.18
(GBP/JPY – 179.59)                            GBP/JPY – 177.80
(GBP/NZD – 2.0223)                           GBP/NZD – 2.0624
(GBP/SEK – 11.717)                           GBP/SEK – 11.774
(GBP/TRY – 3.6597)                           GBP/TRY – 3.6819
(GBP/ZAR – 18.176)                           GBP/ZAR – 18.233

 

Posted September 26th, 2014 by Charles Purdy

Sterling up against the euro, down against the US dollar

A quieter week for sterling following the high drama of the week before and the vote on Scottish Independence but we did see sterling reach a two-year high against the euro. Against the US dollar though sterling did lose ground. With little economic data out of the UK throughout the week to drive movements, sterling found itself influenced by events elsewhere. Performance against the euro was encouraging as manufacturing data and business sentiment from the bloc’s largest economy disappointed. An uncharacteristically candid Mario Draghi warned on Thursday that the European Central Bank (ECB) was considering quantitative easing measures – this news drove sterling to its highest level of the week against the euro.

Sterling struggled more against the US dollar which continues its strong run across the board. Despite Bank of England (BoE) Mark Carney saying on Thursday that the time for interest rates increases was nearer, sterling failed to gain on the dollar as further positive data was released from the US. A quiet day today sees the focus fall back on the US, with final economic growth figures for the previous quarter released.

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

Posted September 26th, 2014 by Charles Purdy

Euro slipping away

After starting on fairly stable footing, trading in quite a narrow range against sterling and the US dollar, the euro’s week took a turn for the worse on Wednesday. Business climate figures released from Germany, the bloc’s most influential member, came in well below forecasted and even further below the previous figures. As an immediate result, we saw the currency fall against the majority of its most-traded peers, and below 1.28 against the US dollar for the first time in 14 months.

On top of this, Wednesday also saw Barclays lower their 12-month forecast for the euro-US dollar pairing significantly from 1.25 to 1.10, indicating just how pessimistic sentiment is amongst some traders. Things did not get any better for the euro, with European Central Bank (ECB) President Mario Draghi leaning further towards an increase in stimulus measures, admitting in a speech yesterday morning that the recent interest rate cut had not had the desired effect. Combined with a particularly strong sterling, this announcement pushed sterling to fresh July 2012 highs against the euro.

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

Posted September 26th, 2014 by Charles Purdy

US Dollar still viewed positively

The dollar started the week in mildly disappointing fashion, as a lack of data gave it little opportunity for encouragement. The currency also suffered as words from members of the US Federal Reserve were pessimistic over interest rate rises, causing the dollar to fall. Hopes of any rate hikes coming sooner rather than later were dampened, with William Dudley saying that the current inflation levels gave pause for patience. Alongside this sentiment, the housing market showed consecutive disappointing figures to further add to the dollar’s struggles. Fortunes were reversed mid-week, however, thanks to the significant release of the day. The new home sales data came out much better than expected, with a strong increase from the month before. As a result, the dollar rose to a 14-month high against the euro, with hopes of interest rate rises returning.

Yesterday saw maintained strength for the dollar, thanks to the belief that US interest rate rises will come before of those in other countries. This helped the currency to extended its record level against the euro to the best since November 2012, while also gaining against the majority of its other main currency partners. Other data was largely as expected, with both the durable goods orders and the unemployment claims steadying the currency. Today holds one final significant release being updated growth figures for quarter 2. As a good all round measure of economic health, investors will be keen to see the update especially given the fact that interest rate rises have been said to be data-led.

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 September 26th, 2014 by Charles Purdy

New Zealand dollar weakens

  • The New Zealand dollar weakened greatly today to its lowest levels in more than a year, after Reserve Bank of New Zealand Governor Graeme said he still considered the currency strength to be ‘unjustified and unsustainable’. The currency – as well as the Australian and Canadian dollars – has fallen significantly as the US dollar continues to strengthen. 
  • Yesterday the Canadian dollar fell to six-month lows against the US dollar. It weakened to similar levels last seen in March, with a lot of pressure coming from the US dollar. Part of the weakness was the expectation of the US Federal Reserve to tighten their policy before the bank of Canada – this will keep the Canadian dollar under pressure for the foreseeable future.

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

Posted September 25th, 2014 by Charles Purdy

Smart Currency Daily Exchange Rates

GBP/EUR – 1.2826
GBP/USD – 1.6302
EUR/GBP – 0.7786
EUR/USD – 1.2708
GBP/AED – 5.9870
GBP/AUD – 1.8504
GBP/CAD – 1.8099
GBP/CHF – 1.5488
GBP/CNY – 10.007
GBP/DKK – 9.5470
GBP/HKD – 12.639
GBP/HUF – 397.27
GBP/INR – 99.597
GBP/JPY – 178.20
GBP/NZD – 2.0494
GBP/RUB – 62.557
GBP/SEK – 11.764
GBP/THB – 52.630
GBP/TRY – 3.6614
GBP/ZAR – 18.253

Posted September 25th, 2014 by Charles Purdy

Sterling up against the euro but down against the dollar

A mixed day for sterling saw it make moderate gains against the euro but fall away against the US dollar throughout the day. Sterling started the day in positive spirits following comments from a member of the US Federal Open Market Committee (FOMC) overnight warning against a premature rate hike in the states. Further support was found against the euro as the Ifo German Business Climate survey posted its worst result in 15 months. With the threat of stagnation in Europe’s largest economy, and the European Central Bank mulling over further monetary stimulus in the Eurozone, sterling pushed close to a 5-year high against the euro. in contrast to this, sterling fell away against the US dollar throughout the day as the number of new home sales in the US grew by 18% throughout August – its largest monthly rise since January 1992. This saw the dollar strengthen across the board, and push sterling further from its post-referendum highs.

Today’s main event sees Bank of England (BoE) Governor Mark Carney speaking during the afternoon. Following a quiet week for sterling, investors will be keen to hear Carney’s views in his first speech following the Scottish independence vote.

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

Posted September 25th, 2014 by Charles Purdy

Poor data put the Euro under pressure

The euro had a tough time yesterday, dropping below 1.28 against the US dollar for the first time in 14 months as German business confidence figures came in below forecast. The single currency dropped off against the majority of its 31 most-traded peers, with speculation in the market growing that European Central Bank (ECB) President Mario Draghi will look to further stimulus measures over the coming months. To add insult to injury, Barclays aggressively lowered their 12-month forecast for the euro-US dollar pairing from 1.25 to 1.10 – indicating how negative sentiment is amongst traders and further pushing down the value of the currency.

The release to keep an eye on today are yearly private loan figures from the Eurozone as a whole. The figures are forecast to come in at -1.5%, marginally better than the previous month’s -1.6%.

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

Posted September 25th, 2014 by Charles Purdy

The US Dollar in the ascendancy

The US dollar had a largely positive day, driven mostly by a single data release beating its expectations. The dollar managed to rise to a 14 month high against the euro, thanks to the new home sales figure from stateside being much better than expected, showing a strong increase from last month. As such, investors gained further encouragement that interest rates could rise sooner than expected.

Today holds a number of further crucial figures, which could help continue this trend. The durable goods orders are due, alongside the ever-important unemployment claims. With the recent suggestion that interest rate rises will be data driven, strong economic figures could help the dollar along, with the labour market in particular routinely at the forefront of investors’ minds. Elsewhere, the ongoing situation in Syria will remain on people’s radars, as developments there could affect US dollar sentiment.

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

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