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Posted November 24th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP – 1.1602
US$/GBP – 1.5556
CHF/GBP – 1.4254
CAN$/GBP – 1.6251
AUS$/GBP – 1.5940
ZAR/GBP – 13.1824
JPY/GBP – 119.92
HKD/GBP – 12.1131
NZD/GBP – 2.0870
SEK/GBP – 10.7151
AED/GBP – 5.708
US$/EURO – 1.3388

 
 

Important notice: Today is Thanksgiving (a public holiday) in the USA and as a result, US dollar payments will be delayed by one day as US routing banks will be shut. Please allow an extra day if you are paying suppliers in US dollars. This may also impact other currency payments so bear this in mind.

Sterling fell to a further 6 week low against the US dollar yesterday, falling below $1.55/ £1 following steep drops in the prices of riskier currencies/ commodities. A raft of poor data from the euro zone saw investors pull back from positions in riskier positions. With sterling seen as a relatively riskier option to the US dollar, the pound has come under pressure as the European crisis intensifies. The pound wasn’t helped either by the Bank of England’s minutes that showed policymakers unanimously voting for no change to monetary policy. One positive was that sterling strengthened against the euro. Call in now to ensure you take advantage.

In the euro zone, the euro tumbled yesterday following poor demand for German bonds. Germany is seen by many as the ‘safe haven’ of the euro zone and the lacklustre bond auction yesterday may be the first signs of the markets beginning to question Germany’s ability to handle the European crisis. In addition, data showed that industrial orders and purchasing figures fell in the region, signalling an impending recession. Call in now for a price to make sure you don’t lose out. 

In the USA, the US dollar strengthened to the highest level against the euro since early October as investors became more and more concerned over the impact that the European debt crisis was having on France and Germany – the region’s largest economies. Markets are becoming more and more concerned globally and as such are seeking the safe haven of US dollars. Ensure you protect yourself by speaking to one of the team today.

Elsewhere, Chinese data released yesterday showed a sharp contraction in manufacturing activity. The figures shocked many who had been relying on China to drive the global recovery forward.

 

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Posted November 30th, 2010 by Charles Purdy

Daily Currency Note

EURO/GBP -  1.1859
US$/GBP – 1.5567 
CHF/GBP – 1.5490 
CAN$/GBP – 1.5854 
AUS$/GBP – 1.6155 
ZAR/GBP – 11.0888 
JPY/GBP
–  130.79 
HKD/GBP –  12.08632 
NZD/GBP – 2.08607 
SEK/GBP – 10.8770 
US$/EURO – 1.3128 
 
Sterling rose to a 2 month high against the euro yesterday as investors saw beyond the €85bn Irish rescue plan and sold the single currency on fears that other nations in the Euro zone would also need help. Sterling failed to capitalise on an upward revision to the UK’s growth forecasts by the Office of Budget Responsibility (“OBR”) which revised forecasts for 2010 from 1.2% to 1.8%, but cut the 2.3% forecast in 2011 to 2.1%. Sterling got stuck in the middle of the euro and US dollar, as investors moved from riskier assets into the safe haven US dollar. As a result, sterling slipped to a 2 month low against the US currency of $1.5529/£1. Other data released today showed that mortgage approvals in the UK fell to the lowest in 8 months and other figures showed a fall in house prices. This uncertainty is likely to cap any potential sterling gains against the euro, so call in now for a live exchange rate to avoid losing out.
 
In the Euro zone, the markets were digesting the main news from the weekend yesterday – namely the approval by EU finance ministers of a €85bn rescue package for Ireland. In addition, the outlines for a long term ‘European Stability Mechanism’ were also agreed. This is designed to be a more permanent bail out facility that will eventually force the private sector to share the burden. Despite calls from France and Germany that this idea (the brainchild of both nations) had “saved the euro”, financial markets were sceptical and as a result, the euro slipped to 2 month lows against the US dollar and sterling as investors looked to see who would be next. Call in now for a live exchange rate.
 
In the USA, the concerns over the future stability of the Euro zone left the US dollar in high demand as a safe haven currency. It was a quiet day for data in the region. Out today, there is consumer confidence that is expected to show a slight improvement. In addition, Federal Reserve chairman Ben Bernanke addresses a business school in Columbus. Also due out this week from the Treasury is the Treasury Currency Report, although there is no set release date for this. Get in touch now for a live exchange rate.
 
Elsewhere, South American currencies fell yesterday as the Euro zone debt situation deterred investors from investing in the ‘higher risk’ currencies of the Latin American states. The Mexican peso fell by 0.57% against the US dollar and the Brazilian real fell by nearly 0.4%. A fall in the price of copper saw the Chilean peso drop by 0.76% against the US dollar. Speak to one of the team about protecting yourself from adverse market movements.

 

For more information on Smart Currency Exchange, please call our freephone: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or visit our website at: SmartCurrencyExchange.com
Posted September 21st, 2010 by Charles Purdy

Daily Currency Note 21/09/10

EURO/GBP – 1.186
US$/GBP – 1.551

CHF/GBP – 1.558
CAN$/GBP – 1.596
AUS$/GBP – 1.639
ZAR/GBP – 11.052
JPY/GBP – 132.56
HKD/GBP – 12.049
NZD/GBP – 2.131
US$/EURO – 1.308

Sterling fell to a 7 week low against the euro yesterday after poor UK data highlighted a slow UK recovery. Data showed that lending to businesses dropped for the 5th consecutive month in July and mortgage approval data showed the lowest number of new mortgages in over a year. Figures also showed that monetary supply – or the amount of money in the economy – dropped by 0.2% in August. All of this led investors and analysts to question the UK’s recovery further and saw renewed calls for an additional round of Quantitative Easing from the Bank of England to stimulate the economy. This saw sterling drop to 1.1887/£1 before recovering marginally to end the day above 1.19/£1. Against the US dollar, sterling slipped to a low of $1.5526/£1 despite holding firm above the $1.56/£1 level over the weekend. Out today, there is key public sector borrowing figures which are highly anticipated and will cause sterling movement. Make sure you don’t miss out by speaking to one of the team today.

In the Euro zone, there were no real data releases yesterday but there was positive news from Italy. The Italian trade deficit of 1.37bn showed a surplus of 1.75bn for last month. There were concerns last week over the debt crisis in Europe, as rumours spread that Ireland was seeking help from the International Monetary Fund (IMF). The Irish government quickly denied these rumours but the euro lost nearly a cent against the US dollar. Yesterday however, the euro recovered ground against the US dollar as markets grew concerned that the Federal Reserve would start a fresh round of emergency stimulus. Speak to one of the team today to prevent your payment costing more.

In the USA, the US dollar has been under further significant pressure yesterday ahead of today’s Federal Reserve interest rate decision. Concerns that a further round of emergency stimulus will be pumped into the economy saw gold reach a record high – testament to the level of uncertainty and concern that is prevalent in the marketplace. Aside from the interest rate decision, today sees new build housing data and building permits figures. All in all a lot in the pipeline, so make sure you have protected yourself by speaking to one of the traders ASAP.

Elsewhere, the Australian dollar continued to surge higher yesterday to hit a 2 year high against the US dollar after Glenn Stevens of the Reserve Bank of Australia stated that economic growth down under is likely to be “above trend” in 2011. This saw interest rate expectations surge with one gauge giving a 29% chance of an interest rate rise at the next meeting. The Japanese yen remained in a tight trading range after intervention from the Japanese government last week saw investors steer relatively clear of the currency.

Posted August 31st, 2010 by Charles Purdy


EURO/GBP – 1.216
US$/GBP – 1.542
CHF/GBP – 1.573
CAN$/GBP – 1.634
AUS$/GBP – 1.731
NZD/GBP – 2.202
EURO/US$ – 1.267

Sterling’s movement last week was dictated by risk sentiment as sterling suffered on increased risk aversion at the start of the week but benefitted towards the end of the week due to gains in global stock markets. UK quarterly growth was revised upwards which is encouraging due to the fiscal consolidation which will take place. However a closer look at the figures revealed this revision was largely down to an 8.5% increase in construction output which will be very difficult to sustain for the remainder of 2010. This has seen many analysts argue that growth is very likely to slow later in the year. This week is a fairy quiet week for data in the UK. Call in now to speak to a trader about your risk management strategies.

The euro has been little changed overnight against sterling and the US dollar. German unemployment figures will headline the European economic calendar today, with expectations calling for jobless claims to fall 20,000. The unemployment rate is expected to remain unchanged at 7.6%. This is a further sign that the euro is being supported by the good performance of Germany whose export economy is benefitting from the Euros weakness against the US$. Call in now for a live exchange rate.

The US dollar continues to move with risk appetite after a series of negative data since the beginning of June. Today is a busy day in the US for economic releases with consumer confidence and the Federal Open Market Committee minutes for August released later tonight. Call in now to ensure you do not miss out on any favourable movements.

Elsewhere, the Bank of Japan has tried to address the recent appreciation of the Japanese Yen by expanding its special loan programme. In Australia retail sales and building approvals both showed better than expected figures overnight.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted August 25th, 2010 by Charles Purdy


EURO/GBP – 1.214
US$/GBP – 1.544
CHF/GBP – 1.587
CAN$/GBP – 1.634
AUS$/GBP – 1.738
NZD/GBP – 2.188
EURO/US$ – 1.271

Yesterday sterling fell to a one month low against the US dollar and ended four days of gains against the euro over fears of a double-dip recession. Martin Weale, a Bank of England Official stated in the Times, “The UK faced a significant risk of falling back into recession.” If risk aversion continues to weigh on the market, sterling could suffer further against the US dollar. Sterling will be dictated by risk trends today as there is limited economic data due for release. Call in now for a live exchange rate.

The euro still remains under pressure following Axel Weber’s comments last week. Further comments from the renowned economist Joseph Stiglitz also weighed on the euro as he fears that the European economy could drift back into a downturn due to efforts to reduce their budget deficits. Today sees the release of German IFO expectations data which is one of the country’s key business sentiment surveys. Get in touch now to speak to our traders so you can plan ahead accordingly.

The US dollar has been well supported due to renewed risk aversion as financial markets continue to cope with the possibility that the economic recovery is running out of steam. There was further evidence yesterday that the US housing market is stalling as existing home sales were much weaker than expected at 3.83 million in July against a market expectation of 4.65 million. This was the worst figure for 15 years. Data on new home sales and durable goods orders are due for release today. Ensure you are taking advantage of the best prices by speaking to a trader today.

Global equities and commodities also fell sharply as investors sought the safety of government debt. This sent UK, German and US bond yields to a record lows. Further evidence of investors exiting risky assets can be seen in the Japanese yen’s rise against the US dollar which is now trading at a 15-year high.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted August 23rd, 2010 by Charles Purdy


EURO/GBP – 1.225
US$/GBP – 1.558
CHF/GBP – 1.610
CAN$/GBP – 1.631
AUS$/GBP – 1.743
NZD/GBP – 2.202
EURO/US$ – 1.270

Last week was a strong one for sterling against the euro and this trend has continued this morning as it is trading at 1.2260/£1. During this past week, the Bank of England minutes for the month of August showed that the decision to keep interest rates unchanged was not unanimous for a third successive month as Andrew Sentance was once again the lone dissenter, calling for an increase of 25 basis points to 0.75 percent. Sterling was initially well supported after the Bank of England minutes as there was no talk about a further bout of quantitative easing. For this upcoming week broader risk trends will dictate sterling price action as sterling faces a light economic calendar. Call in now for a live exchange rate.

In the Eurozone, the euro finished the week on the slide against sterling which has continued into this morning. This was despite good German data which showed that German manufacturing has enabled the country to return to pre-crisis levels for exports of goods, with renewed demand for German cars and machine tools. There seems to be a feeling that Germany is carrying the rest of Europe on its own with Greek, Portuguese, Irish, Italian and Spanish debt interest rates all rising sharply. Today sees Purchasing Managers Index (PMI) data released today for various member states. PMI data is generally seen as a good barometer for industrial trends. Get in touch now for a quote to ensure that you don’t miss out.

The US dollar rallied last week due to poor US data and losses on equity markets around the globe. The number of new claims for unemployment benefits unexpectedly jumped to 500,000. In addition, a key measure of manufacturing production showed a further than expected decline. As a result of this poor data, there are yet again concerns over the state of the US recovery and as such – the global recovery as a whole. With a stalling housing market and poor economic data expect this week’s trading to revolve around risk aversion as investors look to avoid unnecessary risks to their investments. There is little data out today – ensure you are taking advantage of the best prices by speaking to a trader today.

In Asia the Japanese government increased pressure on the Bank of Japan to try to stop the increase of the Japanese yen. The strong yen is hurting Japanese exports, making them less competitive abroad and has caused the stock market to fall, with the Nikkei falling nearly 2% on Friday. In Australia we have the spectre of a hung parliament with whichever party who manages to form a government very dependent on the 4 independent members of parliament. This is likely to lead to some uncertainty for the Australian economy and the Australian dollar.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted August 20th, 2010 by Charles Purdy

EURO/GBP – 1.217
US$/GBP – 1.552
CHF/GBP – 1.604
CAN$/GBP – 1.617
AUS$/GBP – 1.746
NZD/GBP – 2.205
EURO/US$ – 1.275

Sterling recovered yesterday to jump more than a cent yesterday against the US dollar after far stronger than expected retail sales data boosted hopes that the UK economy can maintain positive momentum in the 3rd quarter. There was an expectation that sales would fall last month after World Cup related electronic goods sales tapered off. However, the figures surprised with a 1.1% jump which saw a surge in confidence in sterling. What pleased analysts was that there was no anomalous factors – such as Christmas spending – that could have artificially affected the figure. Public sector borrowing figures were also down and data showed that money supply increased – this is good for growth, as it shows more money is ‘flowing’ through the system, which causes growth. However, mortgage lending figures were poor and so far this morning this has seen investor sentiment drop as concerns grow over the UK’s growth prospects. This sums up the ebb and flow in sentiment over currency. With an absence of any ‘hard’ data today, call in now to ensure you catch the sentiment at the peak.

In the Eurozone, the single currency took a back seat yesterday as most of the data releases came from both the UK and the USA. However, the main release was German PPI purchasing manager data which came in better than expected at 0.5%. Sterling performed relatively well against the euro but fell short of breaking through the 1.22/£1 barrier. There is no real data out off the Euro zone today, but following poor US unemployment figures yesterday, the euro is likely to trade on poor sentiment and suffer against the US dollar. Get in touch now for a live exchange rate.

In the USA, there was two key pieces of economic data released yesterday. Firstly, unemployment claims. After falling to 478,000 last week, the number of new claims for unemployment benefits unexpectedly jumped to 500,000. In addition, a key measure of manufacturing production showed a further than expected decline. As a result of this poor data, there are yet again concerns over the state of the US recovery and as such – the global recovery as a whole. Expect today’s trading to revolve around risk aversion as investors look to avoid unnecessary risks to their investments. Get in touch now for a live price.

Elsewhere, New Zealand credit card spending fell by 1.2% in July bringing the annual growth rate to a meagre 2.7%. Bank of New Zealand governor also effectively pleaded to firms to keep underlying inflation low and avoid hiking prices so that the Bank could avoid further interest rate hikes. Get in touch now and speak to a trader.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted August 17th, 2010 by Charles Purdy


EURO/GBP – 1.216
US$/GBP – 1.565
CHF/GBP – 1.625
CAN$/GBP – 1.628
AUS$/GBP – 1.736
NZD/GBP – 2.201
EURO/US$ – 1.286

Sterling reclaimed some of the ground lost against the US dollar last week, rising 0.4% yesterday to hit $1.5665/£1 after risk sentiment improved in trading yesterday. Against the euro, sterling slipped after house price data showed that the housing market had faltered in the last month. Data from Rightmove showed that prices slipped by 1.7% against an expected gain of 0.6%. This saw sterling drop by 0.4% against the euro as additional positive data added to the single currency. Aside from the house price data, it was a relatively quiet day for sterling. However, there is key inflation data out today and retail sales data released later in the week with the most important release being Wednesday’s Bank of England minutes likely to cause the most market movement. What most investors are looking for is whether any of the Monetary Policy Committee members joined Andrew Sentance in voting for an interest rate rise, as he did last month. Call in and speak to a trader to ensure you protect yourself from the markets moving against you.

In the Euro zone, sentiment towards the region improved yesterday and risk appetite improved after the European Central Bank revealed that it had bought minimal government bonds from the region last week. This encouraged financial markets, as it shows that there is a demand for European government bonds despite serious concerns over the ability of many governments to repay debt. As a result, the euro experienced higher demand as investors looked for riskier assets to invest in. In terms of data, inflation data came in as expected at 1.7%. Out today, there is economic sentiment data for the region which could see a surprise jump upwards after the last month. As always, get in touch to avoid missing out.

In the USA, the boost in risk appetite in the Euro zone saw the US dollar drop off against sterling and the euro. Global stock markets recovered as investors looked to pick up relatively cheap stocks and shares after last week’s risk aversion devalued stock markets. Elsewhere, data showed that there was a net overall outflow of capital out of the USA in June. One of the major reasons was that the Chinese government has started buying Japanese government over the US equivalent as it feels that Japanese bonds are a lot less risky than their US counterparts. This general lack of interest for US investments is not great news for the US dollar. Call in now to make sure you take advantage.

Elsewhere, minutes from the Reserve Bank of Australia’s August interest rate meeting showed that the current interest rate levels were ‘still appropriate’ given the increased uncertainty in the global outlook and the cooling demand in the domestic market. Interest rate hikes that started in October have filtered through into the ‘real economy’ and as such, credit and borrowing is down. Get in touch now to take advantage of the exchange rate.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted August 16th, 2010 by Charles Purdy


EURO/GBP – 1.216
US$/GBP – 1.555
CHF/GBP – 1.618
CAN$/GBP – 1.619
AUS$/GBP – 1.748
NZD/GBP – 2.218
EURO/US$ – 1.278

It was an interesting week last week for sterling after the Bank of England’s quarterly inflation report gave a downbeat assessment of the UK’s prospects over the next two years. After a lot of positive sentiment following the new coalition government and the emergency budget over the last 3 months, the Bank of England’s Monetary Policy Committee put a dampener on things by slashing their growth forecasts and inflation expectations. Sterling suffered against the US dollar as a result and many are expecting sterling to hit $1.55/£1 or lower in the next few weeks. Sterling performed well against the euro after concerns over euro zone sovereign debt hurt the single currency. The big data out this week in the UK is the release of the minutes of the Bank of England’s most recent meeting which, given the tone of the inflation report, could add to sterling’s recent decline. Housing data has shown that house prices dropped by 1.7% in August. This is the largest decline in 8 months, so ensure you don’t miss out by calling in for a live exchange rate.

In the euro zone, German GDP came in much stronger than expected last week posting figures of 2.2% against an expectation of 1.3% initially boosting the euro. However, towards the back end of the week, a poor Italian bond auction left the euro struggling. Demand was a lot lower than expected for the Italian debt, and as a result, investors became concerned over the risk of sovereign default in the region and as a result the euro fell to a 6 week low against sterling. Out later today, there is year on year CPI inflation data, which is expected to show an increase of 1.7%. Call in now to speak to a trader about your risk management strategies.

In the USA, last week saw the Federal Reserve vote to add further funding to boost the economy. As a result, risk aversion came back to the fore and there is strong demand for the safe haven US dollars despite major concerns over the US economy. Now might be a good time to secure prices to stop the market moving further against you as some analysts are predicting a return to the $1.40s. In the meantime, many analysts expect a move to $1.5505/£1 which is a key technical average of the last 200 day’s worth of price movement and an important signal for many. Call in to ensure you don’t miss out.

Elsewhere, Australian motor vehicles fell 2.6% – the third consecutive decline, and many have linked this to the increased borrowing costs that have come from the 1.5% rise in interest rates. New Zealand’s services sector posted figures showing that the sector was expanding at the slowest level for 10 months.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

Posted August 13th, 2010 by Charles Purdy

EURO/GBP – 1.217
US$/GBP – 1.563
CHF/GBP – 1.645
CAN$/GBP – 1.622
AUS$/GBP – 1.737
NZD/GBP – 2.193
EURO/US$ – 1.284

It has been a mixed week for sterling which ended the week up against the euro and down against the US dollar as a fresh wave of risk aversion hit global markets. Sterling hit a new 6 month high of $1.5999/ £1 on Monday but then dropped to a 2 week low of $1.5565/£1 on Thursday. The reason for this sudden increase in risk aversion was as a result of Wednesday’s Bank of England quarterly inflation report. This was a key assessment of the new government’s spending cuts and tax hikes and as a result, growth forecasts were slashed and inflation is expected to be well within the target 2% level within 2 years. More importantly, the Bank left the door wide open for further emergency Quantitative Easing if it is needed. This left financial markets concerned over UK recovery. Poor housing data and lower consumer confidence added to sterling’s problems and the strength against the Euro was related to risk aversion caused by the US economy. Call in now to ensure you don’t lose out on further poor market movements

In the Euro zone, sterling has broken out of the tight range we have seen over the last 2 weeks against the euro after the US Federal Reserve voted to inject further money to jumpstart the flagging US recovery. This saw investors pull out of riskier euro assets and buy into the safer currencies of US dollar and sterling. As a result, the euro lost over 2% against the US dollar and 1% against sterling. Poor data from Greece and a drop in European industrial output on Thursday kept the euro under pressure. Out today, there is GDP data for the region so call in now to ensure that you don’t miss out.

Against the US dollar, sterling jumped to a 6 month high against US dollar this week, but since Monday sterling has been on a downward trend after the Federal Reserve announced further Quantitative Easing. On Wednesday, the decision was made that the US economy had underperformed for the last quarter and as such, it needed a further boost. As a result, risk aversion is back in play and there is strong demand for the safe haven US dollars despite major concerns over the US economy. Now might be a good time to secure prices to stop the market moving further against you as some analysts are predicting a return to the $1.40s. Today could be interesting too, as according to some research, an estimated 17-21 million people in the USA are afflicted by a fear of Friday the 13th (or friggatriskaidekaphobia) and the US economy loses between $800-$900m as people become too afraid to leave the house – ensure you don’t miss out by speaking to a trader today.

Elsewhere, retail sales in New Zealand came in far better than expected and as a result, the New Zealand dollar has outperformed major counterparts overnight. This countered last week’s disappointing unemployment rate and many traders questioned whether the central bank would in fact need to raise interest rates further in the year. Call in now for a live exchange rate.

Exchange rates change every second – call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx

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