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Posted November 26th, 2014 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.2593
GBP/USD – 1.5708
EUR/GBP – 0.7940
EUR/USD – 1.2472
GBP/AED – 5.7688
GBP/AUD – 1.8463
GBP/CAD – 1.7709
GBP/CHF – 1.5139
GBP/CNY – 9.6422
GBP/DKK – 9.3674
GBP/HKD – 12.181
GBP/HUF – 385.20
GBP/INR – 97.154
GBP/JPY – 185.07
GBP/NZD – 2.0068
GBP/RUB – 73.258
GBP/SEK – 11.661
GBP/THB – 51.494
GBP/TRY – 3.4880
GBP/ZAR – 17.231

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Posted November 26th, 2014 by Charles Purdy

Sterling has a mixed day!

Sterling suffered a mixed day in which it lost ground against the euro while making marginal gains against the US dollar as members of the Bank of England (BoE)’s Monetary Policy Committee spoke about inflation. Following mixed messages from the BoE recently, Governor Carney assured MPs that recent monetary policy discussions had centred on the pace and timing of interest rate rises, and that economic ‘slack’ had fallen over the previous quarter. Sterling saw little effect from these hearings, however, with lingering concerns over downside inflation risks expressed by some members serving to blunt any impact.

Movement was seen against the US dollar during the afternoon, however, with sterling weakening on the back of US economic growth being upwardly revised to 3.9%. Sterling soon recovered, with consumer confidence in the States falling to its lowest level since June, which sent the dollar falling across the board.

Today sees UK economic growth in the spotlight, with the second estimate for the previous quarter’s growth released this morning. With the markets currently sensitive to negative UK news, any downward revision could see sterling fall weaken.

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 26th, 2014 by Charles Purdy

Euro steady

The euro built upon Monday’s steadiness with a subdued fight-back throughout the day yesterday, clawing back some of the ground lost at the end of last week. German growth figures in the morning came in line with most forecasts estimating 0.1% compared to the previous quarter’s reading, which provided a firmer footing upon which to enter the day’s trading. As a result, we saw the single make currency some gains against its US counterpart, particularly in the afternoon session.

Today is a quiet day on the data front, although German 10-year bond auctions may have some impact. Expect a relatively range-bound euro, however, as traders look with anticipation toward the retail sales and, more significantly, inflation data from across the bloc on Thursday and Friday.

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 26th, 2014 by Charles Purdy

Lots of data likely to impact the US Dollar

The US dollar had a largely disappointing day yesterday, despite some positive growth figures from the country. The main data release of the day was the preliminary US growth figure. This came out better than expected, showing an unexpected increase to 3.9%. However this failed to boost the currency, and worse-than-expected consumer confidence data later in the afternoon weighed down on the currency’s performance.

Today holds a raft of releases to potentially affect the dollar, as plenty is squeezed in before Thursday’s Thanksgiving bank holiday. The most influential data of the day are likely to be the durable goods orders, unemployment claims, and new home sales. With each of these a good indicator to economic health in varying key areas, there is plenty of opportunity for activity.

Supporting these are many less important releases, which still have the power to combine to have a large impact on dollar strength on the whole. These include the personal spending levels, the Chicago Purchasing Managers’ Index and the pending home sales figures. These could potentially help the dollar gain back some ground before the Thanksgiving break.

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 26th, 2014 by Charles Purdy

Japanese yen enjoys a respite

  • Tuesday saw the Japanese yen attempt to claim back some of its recent lost ground against the US dollar as it climbed just over a quarter of a percent. The yen has had an awful month against the US dollar so it will be hoping to maintain Tuesday’s momentum. The main driver of this movement was after a disappointing report on US consumer confidence, which was released on Tuesday afternoon. The official figures stated that the consumer confidence index fell to 88.7 this month, a long way off analysts’ expectations of an increase to 95.9 for November.
  • In a report released on Tuesday, Statistics Canada stated that retail sales rose 0.8% in September, up from the expected 0.6%. This strong retail sales data boosted the Canadian currency

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

Posted November 25th, 2014 by Charles Purdy

Smart Currency Daily Exchange Rates

GBP/EUR – 1.2603
GBP/USD – 1.5675
EUR/GBP – 0.7931
EUR/USD – 1.2436
GBP/AED – 5.7561
GBP/AUD – 1.8345
GBP/CAD – 1.7723
GBP/CHF – 1.5154
GBP/CNY – 9.6182
GBP/DKK – 9.3772
GBP/HKD – 12.157
GBP/HUF – 385.74
GBP/INR – 97.044
GBP/JPY – 185.04
GBP/NZD – 2.0095
GBP/RUB – 70.925
GBP/SEK – 11.667
GBP/THB – 51.453
GBP/TRY – 3.4993
GBP/ZAR – 17.309

Posted November 25th, 2014 by Charles Purdy

Sterling starts the week positively

Sterling enjoyed a positive day against the majority of its major trade partners yesterday, with only the euro holding ground following better than expected German business climate data. The positive nature of the day saw sterling rising close to a six-year high against the Japanese yen and gaining half a cent on the US dollar.

Today sees testimony from Bank of England Governor Carney and other members of the central bank to Parliament’s Treasury Committee. This will focus on inflation, and provide a keen insight into their view on the economic outlook for the UK. With the speakers likely to mention the currency markets we can expect increased volatility during the hearing.

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 25th, 2014 by Charles Purdy

German business confidence boosts the euro

After Friday saw the euro have its biggest one-day fall in months, it managed to stabilise yesterday and find some firmer footing. On Friday, comments made by Mario Draghi, President of the European Central Bank (ECB), had pulled the rug from underneath the single currency, triggering a drop of over a per cent against its two main peers, but positive business confidence figures out of German yesterday, viewed as a forward looking indicator for the Eurozone’s largest economy, were enough to halt any further depreciation.

It looks set to be a relatively quiet day for the euro today, with very few fundamental data releases. Eyes will be looking towards inflation figures later this week, with European policy-makers citing waning inflation levels as being the primary driver behind decision to ramp-up monetary stimulus. Any surprise movements in other currencies still has the potential to impact euro performance.

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 25th, 2014 by Charles Purdy

US Dollar still holding its own

The dollar started the week well, remaining close to four-and a-half year highs against a basket of other major currencies. This was largely due to the sentiment surrounding last week’s strong US manufacturing data which ensured confidence in the US dollar as a safe haven currency, which continued into the start of this week. Monday’s trading was quiet, as expected, with no US economic reports released throughout the day. The dollar did jump almost half a cent against a poorly-performing Japanese yen to just below the seven-year peak reached last Thursday.

Today is shaping up to be a more active day for the dollar, with the highly anticipated release of growth figures. Key industry analysts are predicting 3.3% growth, from their revised original figure of 3.5%.

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 25th, 2014 by Charles Purdy

Boost to Australian dollar short lived

  • The Australian dollar remains at risk as we have seen the gains that it made late last week following China’s surprise move to cut interest rates already given back. The concern is that the Chinese economy will not need as much of Australia’s commodities as it once did.
  • Today we will see Canadian retail sales released at 1.30pm. The forecasted figure is expected to be better than last month’s figure of -0.3%, estimated at a much improved 0.5%. Any significant deviations from this figure could significantly impact the currency’s performance.

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

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