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Posted May 27th, 2015 by Charles Purdy

Sterling close to multi-year highs against the euro

With little influential economic data released from the UK on Tuesday, sterling found itself largely trading in response to news from elsewhere. A poor day versus the US dollar saw sterling fall further from its recent post-election highs, and ended the day back at the level we saw on the day of the UK parliamentary election. This can be attributed largely to strong economic data from the States, which showed core durable goods orders and consumer confidence data released in line with economists’ healthy forecasts.

Sterling had a comparatively positive day against the euro, as it surged to the highest level seen since the recent multi-year highs reached in early March. This move came on the back of further speculation over whether Greece will complete their next scheduled repayment to the international monetary fund on 5th June.

Today also sees no data releases from the UK, although with the latest round of G7 meetings scheduled to start this morning, there should still be plenty of news released to generate market movement.

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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Posted May 27th, 2015 by Charles Purdy

Euro stumbles, will it fall?

Following a bank holiday in the UK, the euro had no time to rest as its back was against the wall, losing out against the majority of its peers. The single currency was at a one-month low against the US dollar on Tuesday after a combination of Greece being no closer to coming to an debt repayment agreement and positive US data showing that durable goods orders rose for two months in a row now for both March and April, boosting the economic outlook for the US.

The same old theme recurs for Greece; Athens has warned that it is likely the country will be unable to make a €305 million payment to the International Monetary Fund (IMF) due on the 5th June if a deal with its lenders is not reached by then.

Today we have consumer confidence data for Germany which is forecast to have weakened very slightly. Anything different, either way, could have a significant effect given the importance of the German economy to the Eurozone and 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 May 27th, 2015 by Charles Purdy

US Dollar buoyed by good data

A positive Tuesday for the US dollar saw it strengthen against the majority of its peers. This was attributed to euro weakness against the dollar, and positive data releases in the afternoon from the US. Ongoing Greece and Eurozone talks, which seem to be no closer to an agreement, paved the way for the US dollar to strengthen. We saw continued US dollar strength in the afternoon on the back of positive core durable goods orders and consumer confidence.

Against the US dollar, sterling has given back some of its post-election gains and is hovering around the support level of 1.54. It will be interesting to see if the pick-up in US economic data supports further US dollar strength and pushes it through this support level.

With no key data releases due out today, investors will be keeping an eye on the start of the G7 meetings. The focus will be on the current debt situation in Greece, as well as the sanctions against Russia.

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 May 27th, 2015 by Charles Purdy

US Dollar buoyed by good data

A positive Tuesday for the US dollar saw it strengthen against the majority of its peers. This was attributed to euro weakness against the dollar, and positive data releases in the afternoon from the US. Ongoing Greece and Eurozone talks, which seem to be no closer to an agreement, paved the way for the US dollar to strengthen. We saw continued US dollar strength in the afternoon on the back of positive core durable goods orders and consumer confidence.

Against the US dollar, sterling has given back some of its post-election gains and is hovering around the support level of 1.54. It will be interesting to see if the pick-up in US economic data supports further US dollar strength and pushes it through this support level.

With no key data releases due out today, investors will be keeping an eye on the start of the G7 meetings. The focus will be on the current debt situation in Greece, as well as the sanctions against Russia.

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 May 27th, 2015 by Charles Purdy

Swiss franc sees instability

The Swiss franc had a volatile day but ultimately ended up where it began. Some good data in the morning showed employment levels to be higher than expected, which boosted it against the UK currency, but sterling strength in the afternoon soon recouped the lost ground. Today there is no major data released, but it is worth noting the UBS Consumption Indicator out in the morning.

Yesterday the Canadian dollar followed its upward trend of the last two months, sitting comfortably above 1.90 against sterling. Today sees the release of Bank of Canada Rate statement and Overnight Rate. Failure to hit expectations in the overnight rate could benefit the Canadian dollar. Canada will also be taking part in the G7 meetings starting today.

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

Posted May 27th, 2015 by Charles Purdy

Smart Currency Daily Exchange Rates

CURRENCY   RATE   CHANGE
GBP/EUR   1.4113  
GBP/USD   1.5397
 
EUR/GBP   0.7083  
EUR/USD   1.0908  
EUR/AUD   1.4066  
GBP/AED   5.6550  
GBP/AUD   1.9850  
GBP/CAD   1.9103  
GBP/CHF   1.4606  
GBP/CNY   9.5521  
GBP/DKK   10.519  
GBP/HKD   11.936  
GBP/HUF   435.28  
GBP/INR   98.495  
GBP/JPY   189.46  
GBP/NZD   2.1224  
GBP/PLN   5.8393  
GBP/RUB   78.180  
GBP/SEK   13.010  
GBP/THB   51.995
 
GBP/TRY   4.0574  
GBP/ZAR   18.550  
Posted May 26th, 2015 by Charles Purdy

Smart Currency Daily Exchange Rates

CURRENCY   RATE   CHANGE
GBP/EUR   1.4146  
GBP/USD   1.5403
 
EUR/GBP   0.7066  
EUR/USD   1.0888  
EUR/AUD   1.3965  
GBP/AED   5.6560  
GBP/AUD   1.9755  
GBP/CAD   1.9004  
GBP/CHF   1.4647  
GBP/CNY   9.5599  
GBP/DKK   10.546  
GBP/HKD   11.940  
GBP/HUF   436.39  
GBP/INR   98.333  
GBP/JPY   188.88  
GBP/NZD   2.1146  
GBP/PLN   5.8195  
GBP/RUB   77.556  
GBP/SEK   13.043  
GBP/THB   52.012
 
GBP/TRY   4.0433  
GBP/ZAR   18.513  
Posted May 26th, 2015 by Charles Purdy

Sterling strong against the euro but weaker against the US dollar

A mixed week for sterling last week saw it gain ground against the euro, lose ground against the US dollar and hold relatively steady against the other major currencies. On Friday, Mark Carney, the Governor of the Bank of England, reemphasised that an increases in UK interest rates would be gradual. Not a huge surprise but it did dampen sterling’s progress against the euro during Friday.

This week ahead sees little in the way of influential data releases from the UK, although the G7 meetings throughout the week may generate some market movements. Here, we are likely to see a number of economic policies discussed – including the global slow-down in economic growth and the continuing stalemate with Greek debt, both of which have the potential to impact global currency markets. Investors will be eager to hear the insight of finance ministers from seven of the most influential countries on the planet.

Aside from this, the second estimate of UK economic growth for the previous quarter is set to be released on Friday, which is expected to show a slight improvement from the first estimate. However, if the estimate points towards a further slowdown in the UK economy, we could see sterling suffer towards the end of the week.

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

Posted May 26th, 2015 by Charles Purdy

Euro continues to weaken

The euro had a difficult few days last week, losing out against both sterling and the US Dollar. The single currency had initially strengthened after European Central Bank (ECB) President Mario Draghi confirmed that recent policies have encouraged the Eurozone’s economy to begin a slow but certain recovery – but it later lost its gains against the US dollar, dropping to a one month low thanks to better than expected US inflation data.

Greece’s Prime Minister Tsipras has secured approval from his Syriza party to the finalise an agreement with their lenders. Good news for the Eurozone, the euro and the world economy. Hopefully, there will be no final slip up as the saga has gone on for too long and stability is needed, not least for the Greek people.

The main data releases for the week ahead will be consumer confidence, for both Germany and France on Wednesday – along with retail sales from Germany.

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

Posted May 26th, 2015 by Charles Purdy

US Dollar still buoyant

Friday was a very positive day for the US dollar on, as American Core inflation data grew to highs that have not been seen for nearly a year. This was a very positive figure for the US economy, which has been struggling with low inflation due to the low oil price. As a result of this, the American currency strengthened against both sterling and the euro – touching the 1.54 level with sterling and the 1.10 level with the euro.

With various US Federal Reserve members speaking throughout this week, the first big data releases will be on Tuesday, following Bank Holiday Monday in the UK. Durable Goods orders and the Conference Board’s (CB) Consumer Confidence are both expected to show slight increases on the previous month. Wednesday will see the start of the G7 meetings, which continue until Friday. Discussions here are likely to be centred around the current sanctions, and situation with Russia. The weekly unemployment claims are also due on Wednesday, with another strong figure predicted.

The biggest release of the week will be on Friday, with an update to the first quarter growth figures. Expectation is that the US economy will have contracted in the first quarter of the year – mirroring the first quarter of 2014. This is expected to back up recent talks that the US economy has experienced a slowdown.

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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