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Posted November 24th, 2014 by Charles Purdy

Sterling receives a boost against the euro

Sterling received a boost against the euro on Friday, gaining over a cent, as the European Central Bank President highlighted his worries about Eurozone inflation and the need for extreme measures . However, the comments did also see sterling lose ground against the US dollar.

We should probably expect a quiet week for sterling after a few difficult weeks which has seen the UK currency suffer, largely due to the Inflation Report, . The main focus this week will be growth figures out on Wednesday, which will show how well the UK is tracking against growth forecasts for this year. We will also be expecting data indicating how well retailers and wholesalers are doing through consumer spending.

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 21st, 2014 by Charles Purdy

Sterling moves sideways

Sterling effectively moved sideways this week although there were some significant movements seen throughout the week. It is close to a multi-week low against the euro and we are waiting to see if sterling “bounces” up from the current level or there is a catalyst that suddenly appears to weaken it further. Against the US dollar the trend has been one of sterling weakness over the last few months and it is difficult to see what will happen to change the current trend especially as the US is likely to increase interest rates before the UK.

Tuesday saw an unexpected rise in UK inflation, to 1.3%. With strong data from elsewhere, and lingering fears over disinflationary pressures, this had a muted effect, with sterling sliding against both the euro and US dollar. The release of minutes from the latest Bank of England (BoE) meeting on Wednesday saw sterling recover much of its lost ground, revealing that some policy makers believed rising wage growth could fill economic slack sooner than anticipated. With the increased pressure this would apply to the BoE to raise interest rates, investors were quick to support sterling. This strong sentiment continued into Thursday, with a greater-than-expected increase in retail sales of 0.8% helping sterling to finish higher against most of its major trade partners.

A relatively quiet day today sees testimony from European Central Bank President Draghi in the morning taking centre stage, before UK public sector net borrowing data is released later in the afternoon.

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 31st, 2014 by Charles Purdy

Euro suffers as data broadly disappointing

It was a relatively quiet start to the week for the Eurozone, with the majority of data out Thursday and today. Thursday saw weaker-than-expected Inflation figures for both Spain and Germany. The only positives for the week were Spanish growth figures coming out as expected, and the fall in German unemployment – which may lead to a positive outlook for Eurozone unemployment data out today. Germany, the Eurozone’s powerhouse, has been under the spotlight recently with less than impressive figures over the past few weeks, as well as talk that they may need to lower their tax revenue forecast due to weakening economic conditions.

This morning we may experience a busy day for the euro. With German retail sales and French consumer spending figures both forecasted to come out weaker than the previous month, any surprises could cause significant shifts in euro markets. The main focus be on the Eurozone’s inflation figures as well as on the unemployment rate. Out of the spotlight recently, Greece may see themselves in more trouble. Prime Minister Antonis Samaras has until February to pull together a supermajority in the national parliament to elect a new president. Failure to do so will allow the anti-bailout opposition parties to force a snap election.

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

Posted July 22nd, 2014 by Charles Purdy

Will todays inflation and home sales data support the dollar

The US dollar had a subdued start to the week, with no significant movements of note against its major partners. The currency managed to make slight gains against both sterling and the euro, as little data was released from both the US and the wider areas. As such, investors were tentative as they looked ahead to today’s data points.

First up from these is the inflation data from the Consumer Price Index. Investors will be keen on these figures given that they give a broad overview of the state of the economy – they also carry influence as to when the US Federal Reserve will raise their interest rates. Following on from this are the house price index and existing home sales data, which could help to support the dollar should the results be a positive one.

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 July 26th, 2013 by Charles Purdy

Canadian dollar makes moves | 26/07/2013

The big mover early in the week was the Canadian dollar. The Canadian currency showed notable gains against the majority of its peers on Tuesday, with significantly better-than-forecast retail sales data injecting confidence into the Canadian market. This confidence continued, as the Canadian currency held steady through Wednesday, and gained further still yesterday off the back of oil price speculation. The New Zealand dollar, after a fairly weak day on Wednesday, was the standout performer yesterday off the back of the Reserve Bank’s interest rate decision. The rate was held at 2.50%, but investors were left with the impression that come the first quarter of 2014, rates could well be on the rise. The Japanese yen had a bit of a seesaw week, with demand for the low risk currency fluctuating as confidence in global stock markets wobbled. Today, inflation data out of Tokyo this lunchtime will be likely to have an impact on the Japanese yen. Otherwise, a fairly quiet day. Get in touch for the latest rates.

Posted June 16th, 2010 by Charles Purdy

EURO/GBP – 1.203
US$/GBP – 1.476
CHF/GBP – 1.671
CAN$/GBP – 1.519
AUS$/GBP – 1.712

Sterling had a mixed day yesterday, falling after CPI inflation data came in slightly under what had been expected. Markets were anticipating an annual rate of inflation of 3.5% and when the data showed 3.4%, investors sold the pound. This saw sterling fall to a low of $1.4684/£1 and 1.1998/£1. However, later in the afternoon the pound staged a late surge as appetite for riskier assets returned. This saw a high of $1.4835/£1 and 1.21/£1. Despite falling, inflation is still ‘disappointingly high’ – according to analysts at Investec – and should see some interesting debates over monetary policy over the next few months. Whilst interest rates are unlikely to rise anytime soon, the next major move will be to officially end the ‘quantitative easing’ programme which is (as it stands) ‘on hold’. Watch this space. Out today, we have unemployment data on the change in the claimant count and governor of the Bank of England Mervyn King speaks in London this evening. Get in touch now and discuss your requirements with a currency specialist.

In the Euro zone, the sheer scale of the poor sentiment felt towards the region became apparent today, as a measure of German economic sentiment showed a 20-point drop. The measure (out of 100) shows how investors feel about the economy, and with an expected rise, the scale of the drop demonstrated how shaky many feel about investing in the region. Other data showed that unemployment in the region showed no change. Out today, there is European inflation data. We have seen so many opportunities over the last few weeks to buy at great prices – call in now to make sure you are not losing out due to poor rates.

In the USA, risk appetite and aversion yet again drove the US dollar movement yesterday. With import prices improving against expectations, there were signs that the US economy is on its way to recovery. Out later today there is data on building permits and also purchasing manager data. With the current levels of volatility against sterling, Smart is able to help you target a specific exchange rate by using Orders. Call in now to discuss how we can automatically buy when the rate hits your budgeted level.

Elsewhere, New Zealand consumer confidence rose to the highest level since September 2009 as unemployment dropped sharply at the beginning of 2010. The pound is very volatile against the NZ dollar, so get in touch now to ensure you don’t miss out.

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