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Posted January 30th, 2015 by Charles Purdy

Smart Currency Daily Exchange Rates

(Last Week)                                           This Week

(GBP/EUR – 1.3270)                            GBP/EUR – 1.3282
(GBP/USD – 1.4991)                           GBP/USD – 1.5068
(EUR/GBP – 0.7533)                            EUR/GBP – 0.7526
(EUR/USD – 1.1295)                            EUR/USD – 1.1342
(GBP/AED – 5.5582)                            GBP/AED – 5.5490
(GBP/AUD – 1.8751)                            GBP/AUD – 1.9391
(GBP/CAD – 1.8537)                            GBP/CAD – 1.9073
(GBP/CHF – 1.3042)                            GBP/CHF – 1.3909
(GBP/HKD – 11.620)                            GBP/HKD – 11.681
(GBP/INR – 92.187)                            GBP/INR – 93.248
(GBP/JPY – 177.19)                            GBP/JPY – 177.33
(GBP/NZD – 1.9949)                            GBP/NZD – 2.0726
(GBP/SEK – 12.389)                            GBP/SEK – 12.439
(GBP/TRY – 3.4802)                           GBP/TRY – 3.6311
(GBP/ZAR – 17.065)                            GBP/ZAR – 17.442

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Posted January 30th, 2015 by Charles Purdy

Sterling has a steady week

A relatively quiet week for sterling has seen it drift lower against both the euro and hold its own against the US dollar as economic news from these countries dominated the headlines. With the Greek elections on Sunday resulting in victory for the anti-austerity Syriza party expectations were high for further euro weakness especially following on so soon after the European Central Bank (ECB) revealed its €1 trillion programme of quantitative easing. Against the commodity backed currencies sterling has continued to strengthen as the oil price shows no signs of recovery and the oil companies continue to cut their capital expenditure programmes.

So we close out January after a turbulent month for currencies with lots of world events making it difficult to predict “where to next” for exchange rates. Sterling is close to 7 year highs against the euro and still under pressure against the US dollar and it is difficult to see any significant change in sentiment over the next few weeks as talk on interest rate changes and the effectiveness of the ECB’s quantitative easing programme dominate.

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

Posted January 30th, 2015 by Charles Purdy

Euro, to the surprise of many, holds its own

It has been surprisingly a quiet week for the multi-nation currency, with limited data out this week. Monday saw the start of the ECOFIN meetings, which is a meeting involving the Finance Ministers of the Eurozone. Topics were mainly focused on the Greek election result and Russian sanctions. Greek election results were also released Monday which showed the newly elected Syriza party take power, by forming a coalition with the Greek Independents, another anti-austerity party.

The opening of the Greek elections had resulted in slight weakness for the euro. However, this quickly turned to strength as the newly elected Syriza party confirmed their wish to stay in the euro and Eurozone. Their main aim is to re-negotiate their current austerity measures and package with the International Monetary Fund (IMF) and Eurozone; negotiations started on Thursday.

There were minimal data releases this week. We saw German consumer indication data which showed a slight increase on the previous month. German inflation suffered the same fate as EU inflation, continuing to drop and is now the lowest inflation rate this century for Germany. This can be attributed to the fall in oil prices and food prices, as well as the lack of growth in the Eurozone economy. German unemployment remained a positive figure with a drop in unemployment levels.

Today we will see a few key data releases with German retail sales, French consumer spending and Spanish inflation as well as growth data. The main data release will be the Eurozone initial inflation figure, which is predicted, yet again, to be below the previous month’s.

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

Posted January 30th, 2015 by Charles Purdy

US Dollar has a respite

The US dollar has seen largely mixed fortunes this week. Durable goods orders data released on Tuesday showed an unexpected decline of 3.4%, having been forecast to increase slightly, which worried markets as it seems to indicate that US company exports are being hurt by the strength of the dollar. This contrasted with better than expected outcomes for consumer confidence and for new home sales.

The Federal Reserve meeting on Wednesday showed no change in interest rates yet, as was expected, but also showed no real change in their view going forward. While this didn’t satisfy investors’ hopes for a clearer idea, it maintained the view that they will happen sometime this year. Support for this was found yesterday as the unemployment claims were better than expected, keeping up the positive data that has been adding encouragement for increased interest rates.

Final activity is due later this afternoon, with the growth figure showing an indication of overall economic health. As such, further good results could help the dollar at the end of a mixed week.

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 January 30th, 2015 by Charles Purdy

Swiss central banks intervenes

  • Thursday saw the Swiss franc fall down against the majority of its major peers. This came off the back of fresh expectations that there is likely to be further intervention by the Swiss National Bank against the currency. USD/CHF was up well over a percent to its highest point in the last two weeks. The broad reason for intervention is the Swiss National Bank is attempting to prevent appreciation of its currency.
  • The New Zealand dollar has had a poor week following the Reserve Bank’s decision to hold its benchmark interest rate at a record low of 3.5%. This signalled that they are preparing to decrease borrowing costs further as the oil crisis has reduced inflation.

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

Posted January 29th, 2015 by Charles Purdy

Smart Currency Daily Exchange Rates

GBP/EUR – 1.3392
GBP/USD – 1.5120
EUR/GBP – 0.7463
EUR/USD – 1.1285
GBP/AED – 5.5524
GBP/AUD – 1.9300
GBP/CAD – 1.8944
GBP/CHF – 1.3768
GBP/CNY – 9.4424
GBP/DKK – 9.9708
GBP/HKD – 11.721
GBP/HUF – 418.12
GBP/INR – 92.980
GBP/JPY – 178.03
GBP/NZD – 2.0708
GBP/RUB – 104.38
GBP/SEK – 12.477
GBP/THB – 49.405
GBP/TRY – 3.6243
GBP/ZAR – 17.530

Posted January 29th, 2015 by Charles Purdy

Sterling has another steady day

A relatively flat day for sterling saw it end the day slightly down against the US dollar, but make marginal gains against the euro, holding it close to levels last seen in 2007. With little economic news released from around the globe, sterling benefited from a fall in German import prices of 1.7%. The US Federal Reserve announcement late in the day was very much as expected and as such had little effect on sterling overnight.

Release of the latest UK housing inflation data looks to be today’s standout release for sterling, with a further increase in housing prices of 0.4% forecast. Other data releases from the UK today and tomorrow are low key so we will have to look for news from elsewhere to influence sterling such as inflation data from the Eurozone today and tomorrow and employment data from the US.

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

Posted January 29th, 2015 by Charles Purdy

Will German inflation surprise the markets

Just a small amount of data and quiet news from the Eurozone contributed to a slow day for the Euro. The multi-nation currency opened the day with German consumer climate data, a leading indicator of consumer spending. This figure came out just over expectations, but had little effect on the markets. The focus in the Eurozone still remains on Greece, and the possible re-negotiations of their bailout package with the EU and IMF.

Today and tomorrow we have the release of inflation data for the Eurozone which are expected to negative. By how much is the key as the logic behind last week’s programme of Eurozone quantitative easing is to foster growth and higher prices which means the closer these figures are to zero the better.

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

Posted January 29th, 2015 by Charles Purdy

Steady as she goes for the Federal Reserve

The US dollar had a largely positive day yesterday, thanks more to global revelations than internal changes . The main event driving the dollar higher throughout the early part of the day came from Singapore, as they joined the list of Central Banks who had eased their monetary policy. With this showing further divergence in central banks across the world, the dollar rose thanks to their own central bank’s current strength.

Overnight we heard the latest from the Federal Reserve with regards to interest rates, and this showed no change in interest rates or in sentiment from the previous meeting with the economy doing well and a wait and see approach to inflationary pressures.

Today then brings just the one piece of significant data, unemployment claims from the labour market. This is an important indicator given the influence that the labour market will have on the Federal Reserve’s decision on interest rates and policy. This may be supported by pending home sales, with investors looking for any signs of a healthy economy, alongside the continued reaction and digestion of last night’s meeting.

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

Posted January 29th, 2015 by Charles Purdy

No good news for the Russian rouble

The Australian Dollar has been performing well so far and received a lift when inflation figures were better than forecast. This has given a much needed boost to the currency, and will now lower the chance of an interest rate cut next week. Consumer price index slowed to 1.7% in quarter 4 of last year, whilst inflation increased to 0.7%, up from 0.3% in quarter 3. With Canada cutting their interest rates, it had seemed likely that Australia would also follow suit; today’s good news leaves Australia in a much stronger position.

With the Eurozone’s sanctions against Russia supposed to be ending soon, reports released on Wednesday indicated that these will be extended for a further 9 months. This shows the Eurozone’s tough stance against Russian involvement in the Ukrainian crisis, and could trouble the Russian economy further.

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

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