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Posted November 28th, 2014 by Charles Purdy

Smart Daily Exchange Rates

(Last Week)                                                          This Week
(GBP/EUR – 1.2550)                                            GBP/EUR – 1.2612
(GBP/USD – 1.5648)                                            GBP/USD – 1.5698
(EUR/GBP – 0.7964)                                            EUR/GBP – 0.7925
(EUR/USD – 1.2468)                                            EUR/USD – 1.2446
(GBP/AED – 5.7458)                                           GBP/AED – 5.7651
(GBP/AUD – 1.8156)                                           GBP/AUD – 1.8457
(GBP/CAD – 1.7719)                                            GBP/CAD – 1.7872
(GBP/CHF – 1.5093)                                           GBP/CHF – 1.5155
(GBP/HKD – 12.136)                                           GBP/HKD – 12.170
(GBP/INR – 96.752)                                           GBP/INR – 97.273
(GBP/JPY – 184.51)                                            GBP/JPY – 185.38
(GBP/NZD – 1.9897)                                            GBP/NZD – 2.0012
(GBP/SEK – 11.598)                                            GBP/SEK – 11.696
(GBP/TRY – 3.4823)                                            GBP/TRY – 3.4708
(GBP/ZAR – 17.168)                                            GBP/ZAR – 17.326

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Posted November 28th, 2014 by Charles Purdy

Sterling holds steady

Although it looks as if sterling has moved sideways this week, there were moments where it had made reasonable gains which have subsequently been given back, which highlights the importance of keeping in touch with your trader so as to take advantage of those opportunities.

Sterling started the week quietly, with little major data released on Monday. Tuesday saw sterling struggle to make ground, with Bank of England (BoE) Governor Mark Carney assuring investors that recent discussions had centred on the pace and timing of an eventual rate hike. Sterling gained value against the US dollar following the hearing, but continued to struggle against a euro supported by strong data from the 18-country bloc. Thursday saw sterling make broad gains across the board, with general market sentiment pointing to a late 2015 interest rate rise having already been priced into the markets. Sterling rose to a two-week high against the dollar on the back of this, but fell again on Thursday with lower trade volumes due to the Thanksgiving holiday in America, which harmed sterling performance.

Today looks to be relatively quiet for sterling based on UK data releases with only housing inflation data released in the morning but we could see some reaction to the Eurozone inflation data due out today.

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

Posted November 28th, 2014 by Charles Purdy

Euro also holds steady

After a difficult previous week, the euro managed to stabilise on Monday and find some firmer footing off the back of better-than-expected German business climate data. This was built upon on Tuesday, with more German data, this time growth figures, providing further support and causing the single currency to gain against a weak US dollar. Wednesday and Thursday saw the single currency trade in a fairly narrow range, with data releases coming in much in line with forecasts, while a speech by European Central Bank President Mario Draghi yesterday did little to move the markets. Despite this, the euro made up some ground in the late session against a weaker sterling.

Inflation figures today from across the bloc will be closely watched by traders, with Draghi having cited waning inflation levels as being the primary driver behind any decision to ramp up quantitative easing.

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

Posted November 28th, 2014 by Charles Purdy

US Dollar benefits from Thanksgiving

The US dollar had a mixed week, with a dip mid-week, which was sandwiched by more positive days. The week started in solid fashion, holding near its four-and-a-half-year highs against a basket of major partners after a positive end to last week.

Mixed data releases on Tuesday saw the dollar decline. The most significant result was arguably the growth figure which showed an unexpected increase to 3.9%. However, this failed to add to the dollar’s performance, and lower-than-anticipated consumer confidence ultimately saw it lose ground.

A busy Wednesday also brought results that were largely disappointing. The key results from the durable goods orders, unemployment claims and new home sales were all behind the predicated levels, again weighing down on the currency. Less significant data did little to help the dollar, as the Chicago Purchasing Managers’ Index and the University of Michigan’s Consumer Sentiment continued the poor form. Yesterday saw the dollar gain slightly, despite its own markets being closed due to Thanksgiving. Today is similarly quiet, with no further data due to affect the dollar directly. As such, events elsewhere have the potential to influence dollar strength.

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 November 28th, 2014 by Charles Purdy

Oil price fall hits commodity backed currencies

  • The currencies of oil-producing nations continued to fall at a significant rate, with the Norwegian krone being Thursday’s biggest loser as it reached five-year lows against the US dollar. Norway is Europe’s largest oil producer and has thus been hit one of the hardest in the recent crude oil crisis. Norway’s currency weakened well over half a percent against all 16 of its major peers as crude prices fell to their lowest point since 2010. This recent news also saw the rouble continue its drastic downwards spiral as it fell 2.5% against the dollar.
  • The Canadian dollar also bore the brunt of today’s fall in crude oil as it saw its biggest decline in over a month against its U.S counterpart as it fell almost a percent.

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

Posted November 27th, 2014 by Charles Purdy

Smart Currency Daily Exchange Rates

GBP/EUR – 1.2635
GBP/USD – 1.5771
EUR/GBP – 0.7911
EUR/USD – 1.2480
GBP/AED – 5.7925
GBP/AUD – 1.8383
GBP/CAD – 1.7767
GBP/CHF – 1.5190
GBP/CNY – 9.6818
GBP/DKK – 9.4009
GBP/HKD – 12.227
GBP/HUF – 387.43
GBP/INR – 97.544
GBP/JPY – 185.20
GBP/NZD – 1.9996
GBP/RUB – 75.256
GBP/SEK – 11.704
GBP/THB – 51.694
GBP/TRY – 3.4933
GBP/ZAR – 17.310

Posted November 27th, 2014 by Charles Purdy

Sterling gains a little bit of ground

A stronger day for sterling saw it make gains against the euro and the US dollar, despite poor UK data releases. UK economic growth failed to improve from an earlier 0.7% growth estimate and exports and business investment fell more than expected, although overall economic performance remained positive. Despite these surprise failings, sterling rallied strongly, making a third straight day of gains against the US dollar which was probably more the result of disappointing US data. Also the recent shift in expectations for a UK interest rate hike to not take place until late 2015 has now been priced into the markets. Having dropped to a 14-month low against the US dollar last week, this seems to be limiting further short term downside risk for sterling.

A quiet day for the UK on the data front today could see sterling continue its recent strong form. Better-than-expected inflation data from Germany could see sterling suffer, however, especially if there are further signs of the Eurozone’s largest economy coming out of its slump.

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

Posted November 27th, 2014 by Charles Purdy

Today’s Eurozone inflation data could impact the euro

It was another relatively ordinary day for the euro yesterday, with no real notable data releases. German bond auction and import prices figures came in largely in line with forecasts, and as a result we saw the single currency hold firm against many of its peers. A small amount of ground was gained against a weaker US dollar, and it saw some small losses against a stronger sterling, but on the whole the euro was mainly unchanged.

Expect a more eventful day today, with a raft of inflation data being released from the bloc. Mario Draghi, President of the European Central Bank (ECB), has cited waning inflation levels as being the primary driver behind any decision to ramp up quantitative easing, and as a result traders will be watching the release closely.

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

Posted November 27th, 2014 by Charles Purdy

Is the US Dollar stalling?

The US dollar had a disappointing day yesterday, enduring its first consecutive daily decline in November. This fall came amidst a number of poor showings from economic data, in a variety of areas.

Firstly the durable goods orders and the unemployment claims both came out behind expectations, weighing down on the dollar. The labour market is a key area, and poor results in this area push back timescales over any potential interest rate rises. Following on from this, data continued to miss expectations, with the Chicago Purchasing Managers’ Index and University of Michigan’s consumer sentiment both showing worse figures. The final major release of the day was the new home sales, and both it and its pending counterpart followed the pattern of the day. All of this led the dollar to drop against most of it’s major peers, including sterling and the euro.

Today is set to be a quieter day stateside, as the Thanksgiving bank holiday is upon us. As such, there is no data released; thus, the dollar looks likely to struggle to harbour support of its own.

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 November 27th, 2014 by Charles Purdy

Australia’s Reserve Bank tries to talk down its currency

  • The Australian Dollar continued to struggle, particularly against the US dollar as it moved back to four-year lows. The currency reached this level after the central bank said the Australian dollar had been overvalued, and would gain from having a weaker currency to help its exports. Poor growth in China and weakening pricing for iron ore have put the dollar in a tough spot. The long-term forecast for the Australian currency remains positive as the Federal Reserve are likely to raise interest rates next year.
  • Canada’s currency steadied this week as retail sales data came out better than expected. On Friday crucial growth figures are released. Previously at 3.1%, they are expected at 2.1%. Any significant changes could influence the strength of the Canadian 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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