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Posted May 8th, 2015 by Charles Purdy

Australian Reserve Banks cuts rates

All major currencies fell against sterling overnight as certainty returned to who will be running the UK for the next five years and given it was the Conservatives, who have been running it for the last five years, expectations are for more of the same.

Australia did cut its interest rate to 2% this week which initially boosted the Australian dollar as it would provide more incentive for people to invest. Obviously this trend reversed overnight as the UK election result became clear.

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 April 17th, 2015 by Charles Purdy

Canadian dollar at 3 month highs

  • The Canadian dollar soared to three-month highs against its local but larger neighbour, the US dollar. This was largely fuelled by disappointing US economic reports that heightened speculation over the timings of a US rate hike by the Federal Reserve. The Canadian dollar capitalized on this as The US dollar reached 1.2232 against its Canadian counterpart, the US dollar’s lowest position since 21st January.
  • Things were also looking up for the Australian dollar on Thursday as a report by the Australian Bureau of Statistics showed that the number of people in employment jumped by 37,000 in March, more than double expectations. It has been a mixed week for the Australian economy, but this overshooting of employment figures certainly gives it a reason for positivity.

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

Posted March 9th, 2015 by Charles Purdy

US dollar dominant

The Canadian dollar had a weak finish to the week as it dropped to levels of almost two-week lows against its US counterpart. This was largely due to Statistics Canada reporting that the trade deficit widened to C$2.45 billion in January from C$1.22 in December. Experts had expected trade balance to swing into a surplus of C$0.3 billion in January.

Elsewhere, Friday was a slim day for data realises. The Australian dollar moved up slightly against the US dollar in the anticipation of non-farm payroll data out of the US. However it then lost this ground following the realease, as the outcome was much better than initially expected.

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

Posted March 6th, 2015 by Charles Purdy

Chinese Pounding of the Aussie

The Australian dollar weakened as China announced 7% growth, which is viewed as being “significantly” lower than the 7.5% growth target. This lower growth in China is likely to hit the Australian currency more than any other, given that China is Australia’s largest trading partner. The pressure also comes from the Reserve Bank of Australia’s dovish forward prediction with regards to the interest rates. China’s plans to run its biggest budget deficit in 2015 has failed to provide any support to the Australian currency.

Turkish Lira Reached All Time Low

The Turkish lira had hit an all-time low as concern mounted over the President’s battle with the central bank, causing the currency to lose 10% of its value so far this year. Investors have been rattled by Erdogan’s demands that the central bank, which is battling inflation as well as the weak lira, must deliver sharper interest rate cuts.

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

Posted January 12th, 2015 by Charles Purdy

Will Australian jobs data undermine the Australian dollar?

  • The Australian dollar reversed its recent trend and gained against the majority of other currencies on Friday despite weaker-than-expected retail sales. The figure came out on Friday at 0.1% in comparison to last month’s figure of 0.4%. The other minor data from Australia was around the AI Group construction index, which fell 1 point to 44.4.
  • This week we have important unemployment figures from the Australia – the labour market is forecast to create 3,800 jobs in comparison to last month’s figure of 42,700 jobs. Any improved figure could continue to be a positive sign for the Aussie dollar.
  • The Swiss franc remains under pressure (particularly against the US dollar), remaining at its lowest point since May 2012. For the week ahead, Switzerland will release fresh retail sales data, out on Friday. This is likely to be the main event this week.

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

Posted January 12th, 2015 by Charles Purdy

Will Australian jobs data undermine the Australian dollar?

 

  • The Australian dollar reversed its recent trend and gained against the majority of other currencies on Friday despite weaker-than-expected retail sales. The figure came out on Friday at 0.1% in comparison to last month’s figure of 0.4%. The other minor data from Australia was around the AI Group construction index, which fell 1 point to 44.4. 
  • This week we have important unemployment figures from the Australia – the labour market is forecast to create 3,800 jobs in comparison to last month’s figure of 42,700 jobs. Any improved figure could continue to be a positive sign for the Aussie dollar. 
  • The Swiss franc remains under pressure (particularly against the US dollar), remaining at its lowest point since May 2012. For the week ahead, Switzerland will release fresh retail sales data, out on Friday. This is likely to be the main event this week.

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

 

Posted January 9th, 2015 by Charles Purdy

Rupee forecast to weaken in 2015

Forecasters in India predicted on Thursday that the Indian currency will weaken against the dollar for the fifth consecutive year, damaging the central bank’s ability to cut interest rates. It is looking likely that throughout 2015 the rupee is set to drop 2 percent to a rate of 64 per dollar.

India’s currency weakened 1.6 percent in December alone, suffering at the hands of the strengthening dollar.

The Australian dollar raised itself from five year lows after the release of stronger than expected building approvals data on Thursday. A report by the Australian Bureau of Statistics stated that building approvals increased by 7.5% in November, contradicting expectations of a 3.5% decline.

Call your trader to find out more about the performance of other international currencies and their current exchange rates.

Posted September 4th, 2013 by Charles Purdy

Australian Dollar buoyed following central bank statement

Elsewhere, the Australian dollar was buoyed yesterday by the Reserve Bank of Australia’s monthly statement detailing no alteration in interest rates, but importantly a change of stance on further quantitative easing. Whereas in the previous month’s meeting further easing was highlighted as a real possibility, such references were omitted in this month’s statement. This positive news caused the Australian dollar’s fortunes to change following worse than expected retail sales figures from earlier in the day. The Canadian dollar experienced significant volatility throughout the day yesterday amidst increased worries about the nation’s economic recovery and speculation that the US will begin tapering of its asset-purchase programme during the autumn. Such a tapering would lend support to the US Dollar at the expense of riskier currencies such as the Canadian dollar. Overnight we saw Australian second quarter GDP figures come out as expected showing growth of 0.6% and later on today we will have the trade balance data from Canada and the afternoon’s Bank of Canada statement are likely to be the drivers of volatility. Call your trader now for a live rate on your world currency crosses.

Posted February 27th, 2013 by Charles Purdy

The Italian elections continue to worry markets | Smart Daily Currency Note

GBP/EUR – 1.1532
GBP/USD – 1.5114
EUR/GBP – 0.8665
EUR/USD – 1.3082
GBP/AED – 5.5514
GBP/AUD – 1.4786
GBP/CAD – 1.5492
GBP/CHF – 1.4077
GBP/CNY – 9.47
GBP/HKD – 11.7152
GBP/HUF – 341.49
GBP/INR – 81.03
GBP/JPY – 138.50
GBP/NZD – 1.8304
GBP/RUB – 46.16
GBP/SEK – 9.7372
GBP/ZAR – 13.3356

Sterling

Sterling had a mixed day yesterday – starting off on the front foot reaching highs of 1.1650 against the euro and 1.5220 against the US dollar before losing ground later in the day. Sterling struggled after one of the Monetary Policy Committee (MPC) members from the Bank of England (BoE) suggested he was open to more monetary easing and furthermore, that the prospect of negative interest rates had been raised at central bank meetings. Furthermore, realised sales data from the Confederation of British Industry (CBI) came out lower than expected. Out today we have the second estimate of the UK’s fourth quarter GDP which is expected to show a contraction of 0.3%, the same as the first estimate. Moreover, more MPC members will be speaking today, and following yesterday’s volatility, the market will pay close attention to what they have to say. Call now for the latest updates on sterling.

Euro

It has been a turbulent few days for the euro, news of the inconclusive Italian election yesterday drove the euro to a seven week low against the dollar – whilst weakening by three cents against sterling. The damage was not as widespread as first feared however, as traders became confident that the European Central Bank (ECB) would intervene to limit the fallout, and the euro strengthened in the afternoon. Today is likely to be just as volatile with two important events. Firstly, we expect an Italian 10 Year Bond auction this morning – a key way for governments to borrow money and high yields mean high borrowing costs for the Italian Government. Secondly, in the afternoon the ECB President is speaking in Germany, we traditionally see a great deal of volatility during his speeches as markets look for hints as to future monetary policy. Get in touch now for the latest news and rates.

US Dollar

The US dollar generally performed well yesterday, strengthening against the majority of its currency partners with Consumer Confidence figures and New Home Sales data (rising in January to the highest since 2008) both coming out much better than expected. Along with this, the Federal Reserve Chairman backed the central bank’s current stimulus program, saying that they will support the asset purchases with “little risk of inflation or asset-price bubbles” causing the dollar to strengthen further. In the testimony he stated that “We do not see the potential costs of the increased risk-taking in some financial markets as outweighing the benefits of promoting a stronger economic recovery.” Although he also warned that the automatic federal budget cuts in line to begin 1st of March will add a “significant” burden to the economy if lawmakers are unable to avert from the reductions. Today we will see Core Durable Goods orders along with the second part of the Chairman of the Federal Bank’s “congressional testimony” on monetary policy.

Worldwide

Elsewhere, the Canadian dollar fell to a eight month low versus the US dollar following better than expected data out of the US and the comments from the Chairman of the Federal Bank. The commodity backed currencies struggled in general yesterday whilst the Japanese yen prospered due to risk aversion driving the markets and traders seeking safer havens for their money. The Russian rouble was one of the worst performers yesterday after GDP data released showed that the economy had contracted by 0.3%. Call in now for a market update and a live quote.

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Posted December 12th, 2011 by Charles Purdy

Daily Currency Note

 

EURO/GBP – 1.1701
US$/GBP – 1.5558
CHF/GBP – 1.4439
CAN$/GBP – 1.5960
AUS$/GBP – 1.5362
ZAR/GBP – 12.7188
JPY/GBP – 121.05
HKD/GBP – 12.1171
NZD/GBP – 2.0245
SEK/GBP – 10.5645
AED/GBP – 5.724
US$/EURO – 1.3309

 

Sterling had a relatively strong week against the euro last week, but failed to push higher on Friday as analysts were left to digest the outcome of the EU summit. David Cameron’s veto of the treaty changes was referred to as “bad for Britain” by Deputy PM Nick Clegg yesterday and there could be signs of cracks beginning to form in the coalition, which could be negative for sterling. However, polls by major newspapers seem to show that the majority of the public are in favour of the veto. The PM speaks to the Commons later today on the veto and reasons behind it. Later this week we have inflation, unemployment and retail sales figures so call in now for a live exchange rate.

In the euro zone, leaders made decent progress towards a solution to the debt crisis at last week’s summit. The measures include a new treaty aimed at a ‘genuine fiscal stability union’ and the adoption of a new rule that the annual structural deficit may not exceed 0.5% of GDP. In addition, punitive measures kick in if this is deviated from. It is already widely known that the UK was the only member of the EU not to sign up to the new measures and it remains to be seen what the impact of this is likely to be. Later this week there is further discussion over amendments to the EFSF so call in now for a live exchange rate.

In the USA, the US dollar was very volatile last week with the market trading back and forth ahead of the EU summit. In the end, investors were somewhat disappointed at the lack of a comprehensive solution to the crisis and the US dollar ended the week marginally down. Market sentiment is set to remain subdued in the coming days as investors and analysts digest the details of the summit. Released this week we have retail sales and inflation figures so call in now to avoid losing out.

Elsewhere, with market movements and concerns over the EU summit, sterling has performed well against the commodity currencies including the New Zealand dollar. Sterling has held above $2.00/£1 for the past few days, but sentiment is fragile and it could easily drop back below 2. Call in now for a live exchange rate.

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