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Posted October 31st, 2014 by Charles Purdy

Smart Daily Exchange Rates

(Last Week)                                          This Week
(GBP/EUR – 1.2677)                         GBP/EUR – 1.2717
(GBP/USD – 1.6030)                          GBP/USD – 1.5976
(EUR/GBP – 0.7885)                          EUR/GBP – 0.7861 
(EUR/USD – 1.2642)                          EUR/USD – 1.2560
(GBP/AED – 5.8860)                         GBP/AED – 5.8661
(GBP/AUD – 1.8289)                         GBP/AUD – 1.8137
(GBP/CAD – 1.7987)                         GBP/CAD-  1.7912
(GBP/CHF – 1.5289)                         GBP/CHF – 1.5339
(GBP/HKD – 12.435)                         GBP/HKD – 12.388
(GBP/INR – 98.039)                          GBP/INR – 98.085
(GBP/JPY – 173.39)                          GBP/JPY – 178.25
(GBP/NZD – 2.0469)                         GBP/NZD – 2.0335
(GBP/SEK – 11.643)                          GBP/SEK – 11.746
(GBP/TRY – 3.5902)                          GBP/TRY – 3.5101
(GBP/ZAR – 17.596)                         GBP/ZAR – 17.344

 

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Posted October 31st, 2014 by Charles Purdy

Sterling up against the euro, down against the US dollar

Even though UK data releases this week have been few and far between, sterling has seen some significant movement following data releases or announcements made elsewhere. The main event of the week came on Wednesday, with the announcement following the latest US Federal Reserve meeting which confirmed the end to quantitative easing. But it was the positive tone on employment that increased anticipation over an interest rate hike and saw the US dollar strengthen significantly with sterling falling to a fresh 2-week low against the US dollar. Sterling did recover slightly on Thursday, despite the latest economic growth forecast for the US economy exceeding expectations. Conversely, sterling recovered earlier losses against the euro as German inflation slipped to -0.3% to further fears over stagnation in the Eurozone’s largest economy.
We could see some movement in the euro today as investors focus on the Eurozone for the release of inflation data for the wider Eurozone area where further weak data could see sterling push close to 2-year highs against the euro.

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

Posted October 31st, 2014 by Charles Purdy

Euro suffers as data broadly disappointing

It was a relatively quiet start to the week for the Eurozone, with the majority of data out Thursday and today. Thursday saw weaker-than-expected Inflation figures for both Spain and Germany. The only positives for the week were Spanish growth figures coming out as expected, and the fall in German unemployment – which may lead to a positive outlook for Eurozone unemployment data out today. Germany, the Eurozone’s powerhouse, has been under the spotlight recently with less than impressive figures over the past few weeks, as well as talk that they may need to lower their tax revenue forecast due to weakening economic conditions.

This morning we may experience a busy day for the euro. With German retail sales and French consumer spending figures both forecasted to come out weaker than the previous month, any surprises could cause significant shifts in euro markets. The main focus be on the Eurozone’s inflation figures as well as on the unemployment rate. Out of the spotlight recently, Greece may see themselves in more trouble. Prime Minister Antonis Samaras has until February to pull together a supermajority in the national parliament to elect a new president. Failure to do so will allow the anti-bailout opposition parties to force a snap election.

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

Posted October 31st, 2014 by Charles Purdy

US Dollar has a good week

The dollar today pushed back up above the 1.60 level following a strong performance last night at the US Federal Reserve meeting, which saw the completion of the central bank’s quantitative easing programme. Despite this, the currency began to weaken throughout the day after jobless claims rose and growth was above expectations at 3.5% in the third quarter, higher than the forecast of 3% but down from the previous quarters 4.6%. Even though it was above forecast, with consumer and business spending decreasing this was not seen as positive news for the currency.

Yesterday jobless claims came out at 287,000, keeping below the 300,000 mark for 7 weeks in a row. This was slightly above the predicted figure of 283,000. Overall, the reports have proved the Fed’s view that the economy is strong at the moment, keeping an early rate hike possible for now.

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 October 31st, 2014 by Charles Purdy

Canadian dollar and Japanese yen suffering

  • The Governor of the Bank of Canada, Stephen Poloz, stated on Thursday that the depreciation of the Canadian dollar is the ‘icing on the cake’ for struggling exports, and said monetary stimulus is needed in order to claw back the country’s economic health. Recent strength of the U.S dollar has seen its Canadian counterpart decline. The Bank of Canada estimates that the economy will depend more heavily on exports to spur on growth, taking over from indebted consumers. Looking at other factors that may hinder the Canadian recovery, the recent depreciation in value of crude oil could potentially slow output growth next year.
  • The Japanese yen also suffered at the hands of a strong US dollar on Thursday as upbeat growth data – along with the Federal Reserve’s decision on Wednesday to draw an end to quantitative easing – saw the greenback continue what has been a positive week.

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

Posted October 30th, 2014 by Charles Purdy

Smart Currency Daily Exchange Rates

GBP/EUR – 1.2711
GBP/USD – 1.5967
EUR/GBP – 0.7864
EUR/USD – 1.2558
GBP/AED – 5.8641
GBP/AUD – 1.8163
GBP/CAD – 1.7887
GBP/CHF – 1.5328
GBP/CNY – 9.7622
GBP/DKK – 9.4640
GBP/HKD – 12.384
GBP/HUF – 393.36
GBP/INR – 98.149
GBP/JPY – 174.28
GBP/NZD – 2.0452
GBP/RUB – 69.301
GBP/SEK – 11.791
GBP/THB – 51.991
GBP/TRY – 3.5441
GBP/ZAR – 17.553

Posted October 30th, 2014 by Charles Purdy

Sterling plummets against the US dollar

The main event of the day came late with the announcement from the Federal Reserve following their monthly meeting in which they confirmed that quantitative easing was at an end. They also confirmed that the pace of recovery in the labour market was positive. This increased the perception that interest rate increases were likely in the not too distant future and as such we saw the US dollar gain nearly two cents against sterling in very short order.

The day had started quietly for sterling when UK mortgage approvals disappointed, falling to 61k against a consensus forecast of 63k. With markets tentative ahead of the release of the FOMC statement, this saw sterling lose value across the board before stabilising over the afternoon. Today will see the focus remain on the US, with advance economic growth figures expected early afternoon, and Federal Reserve chair Yellen speaking in the evening. We will also see further inflation data from Germany, where euro speculators will be hoping for some good news from Europe’s largest economy.

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

Posted October 30th, 2014 by Charles Purdy

How will today’s and tomorrow’s Eurozone data effect the euro?

Yesterday was another unremarkable day for the euro until the US Federal Reserve meeting announcement late last night which caused the euro to fall very quickly against the US dollar, as the spectre of rising US interest rates increased.

Today promises to have more local influences with European data coming thick and fast over the next 48 hours. Out of Germany today we have inflation and unemployment data, and out of Spain we have inflation and growth data. There is a lot of uncertainty towards the releases; forecasts are wide-ranging as recent releases have been very inconsistent. As a result, we could see some significant movements in euro markest today, with the possibility of some unexpected releases.

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

Posted October 30th, 2014 by Charles Purdy

US dollar boosted by Federal reserve announcement

The Federal Reserve monthly meeting announcement surprised the markets last night. It wasn’t that they confirmed the end of quantitative easing, this was widely expected, it was the language they used to describe the US labour situation which had shifted from that of saying there was significant underutilization to stating that they saw labour resources gradually diminishing. This increased the markets belief that interest rates were coming sooner rather than later which immediately say the US dollar gain significant ground across the board and head back towards four year highs against a basket of major currencies.

This is the second last Federal reserve meeting of the year, the next one is on December 16th. This – and reports from two more monthly jobs reports out early November and December – will be the key drivers to shape the outlook of the changing of interest rates.

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 October 30th, 2014 by Charles Purdy

The Rouble continues to weaken

  • Wednesday saw the Russian rouble continue its disastrous few months as it fell once again to new all-time lows against the euro and the US dollar. There were a number of key reasons for this, with the ongoing tensions in eastern Ukraine and broad based risk aversion towards Russia being among the most significant.
  • Tensions between Ukraine and Russia remained high after Moscow stated on Monday that it intends to recognize the outcome of elections over the weekend by pro-Russian separatists in eastern Ukraine. The dramatic fall in the price of oil has also damaged the country’s economy, as Russia is the world’s second largest exporter of oil and relies heavily on taxes generated on energy exports. Russia’s central bank has so far spent approximately $55 billion of its international reserves this year in a bid to prop up the rouble.

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

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