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Posted October 28th, 2015 by Charles Purdy

Smart Daily Exchange Rates

CURRENCY   RATE   CHANGE
GBP/EUR   1.3850  
GBP/USD   1.5300  
EUR/GBP   0.7217  
EUR/USD   1.1045  
EUR/AUD   1.5505  
GBP/AED   5.6196  
GBP/AUD   2.1471  
GBP/CAD   2.0272  
GBP/CHF   1.5094  
GBP/CNY   9.7267  
GBP/DKK   10.332  
GBP/HKD   11.857  
GBP/HUF   431.38
 
GBP/INR   99.519  
GBP/JPY   184.29  
GBP/NZD   2.2723  
GBP/PLN   5.9358  
GBP/RUB   100.04  
GBP/SEK   13.009  
GBP/THB   54.352  
GBP/TRY   4.4407  
GBP/ZAR   20.936  

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Posted October 28th, 2015 by Charles Purdy

Will sterling gain lost ground today?

A disappointing day for sterling saw it lose a little bit of ground against both the euro and US dollar as economic growth throughout the previous quarter slowed to 0.5%, below expectations of 0.6% and second quarter growth of 0.7%. A recent run of disappointing growth data from a number of industries was the cause of this “shortfall”.

Some reprieve was seen against the euro as European Central Bank (ECB) policy maker Ewald Nowotny stated that quantitative easing in the Eurozone area would last until inflation increased to 2%. Also weaker-than-expected Purchasing Managers Index figures in the US saw sterling recover some ground against the US dollar late in the afternoon after falling to the lowest level in two weeks against the dollar.

A quiet day across the markets today sees little influential economic data released. However we will have later today UK time the US Federal Reserve’s statement from its latest monetary policy meeting and given the debate on when US interest rates should/could be increased these may well affect the currency markets.

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 28th, 2015 by Charles Purdy

Pressure mounts on euro

Tuesday was a fairly quiet day for the euro as it was largely affected by news from elsewhere rather than any significant news from the Eurozone economy itself. The single currency strengthened slightly against sterling, but weakened against the US dollar.

This morning consumer confidence data from both France and Germany is released. This was forecast to drop in Germany from 9.6 to 9.4 whilst in France it is expected to remain at 9.7. Any variance on this could see an impact on the euro. With investors concerned about the quantitative easing increase likely to be announced in December, any negative sentiments arising from poor data could help to increase pressure on the euro as it increases the likelihood of increased 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 October 28th, 2015 by Charles Purdy

Mixed day for the US dollar

Yesterday started with the dollar clawing back some of the strength it lost last week. This upturn was due largely to US durable goods data, which were reported as relatively better than expected, at -1.2% compared to the market projection of -3.0%. However, this was shortly counteracted with worse-than-expected Purchasing Managers’ Index (PMI) figures, released at 54.4 compared to market projection of 55.1, and poor consumer confidence data, released at 97.6 despite a market projection of 102.9. This has caused some weakness within the dollar and caused it to trade narrowly against sterling.

Today there is no significant data released throughout the day, but this evening could see significant movement, given that the Federal Open Market Committee (FOMC) is due to deliver its interest rate decision. No change is expected but the rhetoric used for the announcement will be very carefully scrutinized for any hints as to when they could start to be increased.

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 28th, 2015 by Charles Purdy

Bleak times for the South African economy

The future looks bleak for the South African economy as President Jacob Zuma admitted the nation faces a ‘serious struggle’. The government’s original plans to cut unemployment and increase growth have been put on hold because of the global slowdown and drop-off in commodities.

It is having trouble determining how to create more jobs and, due to the fall in metal prices, many of South Africa’s mining companies are considering firing workers in order to decrease further losses. Student riots continue to be a problem and it is believed that these actions have genuinely rattled investors, perhaps contributing to the rand’s 4.3% drop against the dollar since the start of the week!

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

Posted October 27th, 2015 by Charles Purdy

Smart Daily Exchange Rates

CURRENCY   RATE   CHANGE
GBP/EUR   1.3876  
GBP/USD   1.5343  
EUR/GBP   0.7203  
EUR/USD   1.1056  
EUR/AUD   1.5242  
GBP/AED   5.6347  
GBP/AUD   2.1146  
GBP/CAD   2.0220  
GBP/CHF   1.5069  
GBP/CNY   9.7437  
GBP/DKK   10.352  
GBP/HKD   11.890  
GBP/HUF   432.24
 
GBP/INR   99.653  
GBP/JPY   184.68  
GBP/NZD   2.2630  
GBP/PLN   5.9377  
GBP/RUB   97.719  
GBP/SEK   13.042  
GBP/THB   54.417  
GBP/TRY   4.4407  
GBP/ZAR   20.998  
Posted October 27th, 2015 by Charles Purdy

Mixed day for sterling

Sterling recovered from a poor start to the day on Monday to reverse a recent string of losses against the US dollar. Comments made by Bank of England (BoE) Governor Mark Carney over the weekend suggested that 4% of UK mortgage holders could be at risk should the BoE raise interest rates as expected, and that there was no certainty rates would increase. This saw sterling struggle throughout morning trading, falling from the recent two-month high reached against the euro. Sterling did however gain ground against the US dollar throughout the afternoon as analysts at Scotiabank warned that the global slowdown in inflation could affect the Federal Reserve’s decision to raise interest rates in the short term.

Today sees the release of quarterly economic growth data from the UK. Following last week’s better-than-expected retail sales data, sterling investors will be hoping for further positive news today to boost sterling although expectations are for growth to be slightly less than the previous quarter.

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 27th, 2015 by Charles Purdy

Potential QE increase restricts euro gains

The euro has a slow and mixed day on Monday as it initially weakened against sterling and weakened against the US dollar on Monday, and gains were limited as the likelihood for more quantitative easing continued to “hurt” the euro. Also on Monday, data showing that German business conditions had deteriorated this month also had an impact on the single currency, contributing to its weakening.

Today we can expect a data-free day for the single currency and investors will be likely to look to events elsewhere, particularly in the UK, which may affect the euro in turn.

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 27th, 2015 by Charles Purdy

More activity from the US and hawkish comments could mean movement for US dollar

The US Dollar remained quite flat on Monday, with minimal data releases. The only release of the day was new home sales data, which came out worse than expected, with the lowest reading since December 2014.

We have a host of data due out today however, with durable goods orders expecting to show a more positive figure compared to last month’s, and consumer confidence expecting to post another strong figure. However, the focus on this week will be on Wednesday’s US Federal Reserve rate decision and statement that follows. The central bank is expected to keep rates on hold, but with recent hawkish comments made by various members a rate rise could still be possible sooner than expected.

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 27th, 2015 by Charles Purdy

Silver lining for Indian rupee

Speculation in India over importers boosting US dollar purchases cause the rupee to fall by 0.2%, the largest drop in a week. Recent gains in the dollar and the demand for the US currency are starting to take its toll on the rupee, and analysts are predicting that the rupee will struggle against the dollar. Despite the rupee’s shortcomings against the dollar, it has performed admirably in October, climbing by 1%. This month’s growth, coupled with last month’s 1.4% gain in September, puts the rupee at the top for emerging market currency exchange rates.

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

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