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Posted July 6th, 2011 by Charles Purdy

Daily Currency Note

EURO/GBP - 1.1111
US$/GBP – 1.6018
CHF/GBP – 1.3467
CAN$/GBP – 1.5418
AUS$/GBP – 1.4943
ZAR/GBP – 10.789
JPY/GBP – 129.50
HKD/GBP – 12.464
NZD/GBP – 1.9351
SEK/GBP – 10.056
US$/EURO – 1.4412

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Sterling strengthened against the US dollar and euro yesterday after stronger than expected UK services sector activity data came in better than expected, although further gains looked limited by an overall gloomy outlook for economic growth. Recovering from a 3 month low in May the services PMI data saw sterling jump a cent against the US dollar to hit a session high of $1.6128/£1 beating forecasts of a fall to 53. Recently, poor economic figures had seen investors reduce bets on a stronger pound, so this news came as a welcome surprise. However, the Bank of England is still expected to keep its main rate unchanged at 0.5% on July 7 when it announces its next monetary-policy decision. Out today, there is house price figures so call in now for a live exchange rate.

In the euro zone, the euro dropped for the first time in seven days against the US dollar after credit rating agency Moody’s said that banks rolling over Greek bonds into new securities may incur impairment charges. There is a lot of head scratching going on as to the best way to support Greece and many prospective plans are being shot down by rating agencies. The euro also slipped against the safer haven currencies on concerns over China. Later this week, the ECB is forecast to raise interest rates. Call in now for a live exchange rate.

In the USA, the US dollar strengthened against most other currencies on speculation that China’s efforts to tame inflation will cool growth and dampen demand for riskier assets. China is likely to raise interest rates to combat inflation that may have reached 6.2% in June, according to market estimates. Another option that may be taken is to manipulate the currency peg to allow the Chinese yuan to appreciate and slow the amount of exports by making the prices higher to overseas buyers. Out today there is non-manufacturing PMI in the USA, so call in now for a live exchange rate.

Elsewhere, the Australian dollar weakened as the nation’s central bank left interest rates unchanged. The Reserve Bank of Australia kept its base rate at4.75% for a 7th straight meeting as signs of slower growth from Europe and China dimmed prospects for acceleration in growth. Call in now for a live exchange rate to avoid losing out.

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Posted May 26th, 2010 by Charles Purdy

EURO/GBP – 1.168
US$/GBP – 1.440
CHF/GBP – 1.664
CAN$/GBP – 1.537
AUS$/GBP – 1.733

Sterling fell by 1% yesterday against the US dollar as investors continued to suffer from risk aversion. At one point the pound hit $1.4250/ £1 but recovered slightly towards the end of the day. Sterling performed well against the euro, breaching 1.17/ £1 before falling off the day’s high. The reason for sterling’s fall against the US dollar was that stock markets plummeted yesterday as concerns mounted over the Spanish financial system. In addition, mounting tensions between North Korea and South Korea caused markets to panic as news came through that the North Korean military had been mobilised and ordered to attack if fired upon by the South. In terms of data, the UK’s 1st Quarter GDP was revised upwards to 0.3% which was as expected and had little effect on the markets. Out today we have mortgage approval data for the UK, which is unlikely to have a huge effect on sterling. Call in now for a price, as sentiment is the key driver of currencies at the moment and could see the price move either way.

In the Euro zone, the takeover of the CajaSur bank by the Spanish central bank has triggered a new wave of risk aversion. Many analysts in the region predict that there will be further bank rescues later in the year and this news pushed up intrabank lending costs and fuelled demand for the US dollar. The euro fell to 1.2230/ $1 – within a cent of last week’s 4 year low of 1.2143/ $1. So far today we have seen German consumer confidence data fall this month and French consumer spending fall by 1.2%. Get in touch now if you are holding euros and need to exchange them, as many analysts are forecasting further euro weakness especially against the US$.

In the USA, the US dollar continued to benefit from global risk aversion related to both European debt and potential conflict on the Korean peninsular. In terms of data, over the last few months US housing data has performed well after activity picked up following a very poor winter. New home sales data out today is expected to show an increase to 420,000 from 411,000 in April. In addition, durable goods data out later today is expected to show an increase. Call in now for a price – especially if you have US dollars to move into sterling as this seems like a great time to be doing this.

Elsewhere, sterling gained almost 2% against the Polish Zloty, as the currency suffered weakness related to the Euro zone. Also, data released in Australia overnight suggests that the Australian economy will expand at nearly 3 times its average growth rate after the annualised growth rate in the country jumped to 8.7% further boosting the case for more interest rate hikes to curb inflationary pressure. As a result, expect the Australian dollar to strengthen further against the pound. Get in touch now to plan a strategy for your payments.

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:

Posted May 25th, 2010 by Charles Purdy

EURO/GBP – 1.167
US$/GBP – 1.428
CHF/GBP – 1.662
CAN$/GBP – 1.536
AUS$/GBP – 1.757

Sterling gained over 1% against the euro yesterday and fell against the US dollar. The pound hit a high of 1.1646/ £1 and fell to a daily low of $1.4353/ £1 before pulling back ground towards $1.4430/ £1. The strength against the euro was fuelled by further concerns in the euro zone as the Spanish central bank took over a savings bank to avoid it collapsing. There was little reaction from the markets as the new chancellor George Osborne outlined plans to cut £6.25bn worth of public spending – the bulk of which will be used to trim the UK’s record 11% deficit. Aside from the chancellor’s announcement there was little other data out for the UK. The markets are waiting for tomorrow’s revised GDP data for the 1st Quarter. An upward revision of 0.1% to 0.3% is expected. Movement either side of this figure could see significant volatility. Get in touch now to avoid missing out.

In the Euro zone, the single currency continued to suffer as concerns over the debt crisis continued to weigh on sentiment towards the region. The takeover of a savings bank by the Spanish central bank did not help things, and in a day where most European markets were closed due to public holidays, a lack of liquidity in the market saw the euro lose ground at a faster pace than usual. Out tomorrow we have Italian retail sales data for the month and monthly industrial orders. These figures are unlikely to impact the market. Look to sentiment to drive the price today and call in for a live exchange rate to ensure you achieve your budgeted rate.

In the USA, the US dollar performed well yet again against the euro and sterling. This was fuelled by both risk aversion over concerns in the Euro zone and strong data released during the day. Existing home sales data jumped more than expected, coming in at 5.77m against an expected 5.62m – up nearly 410,000 on the month. Out later today, there is consumer confidence data which has the potential to move the markets significantly. Get in touch now for a live exchange rate and to avoid missing out – especially ahead of the US GDP figures released later this week.

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:

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