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Posted November 30th, 2015 by Charles Purdy

Will sterling benefit from UK data releases?

Sterling weakened against both the euro and US dollar on Friday as the latest estimate of UK growth showed 0.5% economic growth throughout the previous quarter. Sterling fell close to a seven-month low against the US dollar.
A quiet start to this week sees no major data releases from the UK until tomorrow. Results of the latest bank stress test will be available tomorrow morning, and with Bank of England (BoE) Governor Mark Carney speaking later in the day we can expect some sterling movement. Alongside this, we will see the release of Purchasing Managers’ Index (PMI) data from the previous month, with the first of these released on Tuesday for the manufacturing industry. Construction sector data will follow on Wednesday, but investors will be eagerly awaiting data from the services industry, with growth in this sector likely to benefit sterling.

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 November 30th, 2015 by Charles Purdy

ECB in the spotlight as euro struggles

The euro re-approached its recent seven-month lows against the US dollar on Friday, as expectations for a December rate hike for the US comes into real focus. In terms of data it was a better day for the single currency as German consumer confidence data came out slightly better at 9.3, beating the forecast of 9.2. Consumer confidence for the Eurozone was much stronger than expected, coming out at -5.9, which was a vast improvement from the estimated figure of -7.7.
Monday could be a positive start for the euro as retails growth sales data is expected to increase from 0% up to 0.5%. Employment figures from the euro are out on Tuesday but they are expected to remain at 10.8% – any deviation from this could affect the single currency going into a big month.

The main event for the week, however, is the European Central Bank (ECB) press conference on Thursday. We expect clarification from ECB President Mario Draghi on changes to their monetary policy (following his hints in recent weeks) which could spell movement for 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 November 30th, 2015 by Charles Purdy

Busy week for the US economy as Yellen takes centre stage

It was a quiet day for the US dollar on Friday, with no data releases. This week, however, we can expect quite a busy week with key data releases due.
Tuesday will see the release of the ISM Manufacturing Purchasing Managers’ Indices (PMIs), which are expected to show continued growth from the recently underperforming sector. The key non-farm employment change figure is released on Friday, preceded on Wednesday by the ADP employment survey and on Thursday by the November initial claims figures. Investors will be watching Friday with a keen eye, as non-farm Employment change figures, which are expected to show a slight decline on the previous month’s data, are a key driver in higher US interest rates.

The spotlight this week will also shine on speeches from Federal Reserve Chair Janet Yellen on Wednesday, as well as a testimony from her on Thursday. This could provide investors with more information regarding a potential interest rate hike before the year-end – any such information could have a significant impact on dollar markets.

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 30th, 2015 by Charles Purdy

Canadian economy the busiest of the bunch

After a rather boring week with limited economic data, this week’s prospects offer a lot more opportunity for movements in other currency markets. The busiest of the bunch is the Canadian economy, which will release its growth figures on Tuesday – these are expected to remain at last month’s levels of 0.1%. On Friday we will see Canadian employment data as well as the trade balance. The employment change is supposed to be negative for the first time since July.
There will be manufacturing data early tomorrow morning from the Chinese economy. This is expected to remain below 50, a position it has been in since September. Results below 50 express contraction within the manufacturing industry, which has been apparent since Chinese stocks crashed in June.

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

Posted November 30th, 2015 by Charles Purdy

Smart Daily Exchange Rates

CURRENCY   RATE   CHANGE
GBP/EUR   1.4198  
GBP/USD   1.5029  
EUR/GBP   0.7040  
EUR/USD   1.0585  
EUR/AUD   1.4697  
GBP/AED   5.5198  
GBP/AUD   2.0865  
GBP/CAD   2.0102  
GBP/CHF   1.5480  
GBP/CNY   9.6151  
GBP/DKK   10.591  
GBP/HKD   11.648  
GBP/HUF   442.30
 
GBP/INR   100.29  
GBP/JPY   184.61  
GBP/NZD   2.2917  
GBP/PLN   6.0659  
GBP/RUB   100.18  
GBP/SEK   13.132  
GBP/THB   53.827    ▼ 
GBP/TRY   4.3886  
GBP/ZAR   21.623  

 

Posted November 27th, 2015 by Charles Purdy

UK growth estimates under the spotlight today

Despite a poor start to the week, sterling recovered throughout the latter stages to head into Friday trading only slightly lower against the euro and US dollar when compared to Monday’s opening exchange rate. With no major economic data released from the UK throughout the week, movement has been largely dictated by rhetoric; the Chancellor and the Governor of the Bank of England both had their “moments in the sun” this week, or news from elsewhere.

With German manufacturing and business climate data beating expectations, sterling struggled against the euro throughout the early part of the week. Comments from the Bank of England (BoE) suggesting that interest rates in the UK could remain low for an extended period added to downward pressure on the sterling, and saw it fall to a three-week low against the US dollar. Despite this, sterling bounced back on Wednesday as UK Chancellor George Osborne revealed that the 2016 UK economic growth forecast had been revised upward. With Thursday’s thanksgiving bank holiday in the US dampening trade volumes on Thursday, sterling saw little further movement across the board on Thursday.

Today brings the release of the second estimate of UK economic growth throughout the previous quarter. The preliminary estimate of 0.5% came in below the expected level last month, and should these miss the forecast level again we could see sterling suffer.

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, 2015 by Charles Purdy

Tough week for the euro

It has been another fairly tough week for the euro – it started off strengthening against sterling but gains were erased as the week went on. We may see more movement as we move into next week, where we are likely to see the European Central Bank (ECB) loosen monetary policy further. Money supply data on Thursday came out much better than expected but this was only a short-term gain as again sentiment overrode any positive movements for the single currency as the day wore on.

With data out today from the Eurozone there is a chance to finally recover from a disappointing week. Business and consumer confidence data for the region is out at 10am but is projected to stay at -7.7. At midday Germany consumer confidence data is out and this is forecast to fall slightly from 9.4 down to 9.2. Any surprises for either set of data could result in movement in euro markets.

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, 2015 by Charles Purdy

Black Friday takes centre stage in US

With Thanksgiving taking place on Thursday and no data releases due for Friday, the bulk of activity for the US dollar was expected to occur towards the start of the week.

However, Monday turned out to be fairly dovish leading up to the US Federal Reserve announcement. We saw existing home sales and flash manufacturing purchasing managers’ indices falling just short of expectations. Tuesday saw US Dollar strength as the preliminary growth figure grew more than expected, leading to additional calls for an interest rate rise in December. Data releases for the week finished on Wednesday with durable goods figures showing better-than-expected growth and personal spending remaining flat compared with the previous month.

With retail event Black Friday happening today, it is a quiet day in terms of US data releases. As always, though, events elsewhere could impact US dollar strength, so it pays to be prudent.

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, 2015 by Charles Purdy

Busy week for Oceanic currencies

It has been a rather quiet week data-wise for most of the exotic currencies. The busiest has been the Australian dollar, which has fared well, gaining nearly 0.5% on sterling and even more against the US dollar. Comments made in Tuesdays speech by Reserve Bank of Australia Governor Stevens proved the most beneficial out of this week’s data as it helped the Australian currency to strengthen by 1% against sterling.

The New Zealand dollar has shared similar fortunes to its Oceanic counterpart, gaining 1.25% on sterling this week despite the lack of economic data (other than economic data out on Wednesday, which beat expectations).

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

Posted November 27th, 2015 by Charles Purdy

Smart Daily Exchange Rates

CURRENCY   RATE   CHANGE
GBP/EUR   1.4209  
GBP/USD   1.5096  
EUR/GBP   0.7035  
EUR/USD   1.0626  
EUR/AUD   1.4740  
GBP/AED   5.5434  
GBP/AUD   2.0936  
GBP/CAD   2.0109  
GBP/CHF   1.5450  
GBP/CNY   9.6528  
GBP/DKK   10.600  
GBP/HKD   11.700  
GBP/HUF   442.99
 
GBP/INR   100.68  
GBP/JPY   184.72  
GBP/NZD   2.3044  
GBP/PLN   6.0773  
GBP/RUB   99.932  
GBP/SEK   13.171  
GBP/THB   54.013    ▲ 
GBP/TRY   4.4204  
GBP/ZAR   21.653  

 

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