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Posted January 16th, 2015 by Charles Purdy


  • Thursday saw a busy day for the Swiss Franc as the Swiss National Bank made the unexpected decision to scrap the franc’s cap against the euro. The franc appreciated and ended the day close to parity against the euro. This came as a shock to the market as the 1.20 cap had been in place since September 2011, in a bid to stave off deflation and prevent the continued appreciation of the safe-haven franc. The Swiss currency also jumped against the dollar as it flew to four-year highs immediately after the announcement.
  • The Australian dollar maintained strong levels against its US counterpart, as stronger-than-expected employment data from Australia released on Thursday showed positive inclinations for the Australian economy. The official report stated the number of people employed last month grew to 37,400 – far exceeding the 3,800 rise expected by investors.

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Posted October 9th, 2013 by Charles Purdy

Business confidence increases in Australia

Elsewhere yesterday, the Canadian dollar continued to fall against the majority of its 16 most-traded peers as markets remain nervous for the Canadian economy, which is so heavily reliant on its exports to the US. The Canadian dollar weakness was exacerbated by trade balance figures showing that the deficit had unexpectedly widened throughout August. The Australian dollar had a strong day, hitting 3-week highs against its US counterpart as a business confidence survey showed the highest levels since March 2010. The Polish zloty performed well yesterday as the International Monetary Fund (IMF) suggested that growth in the country could exceed previous expectations. The Swiss franc struggled somewhat following comments from the president of the Swiss National Bank who said that the central bank had not had to protect the €1.20/Chf1 peg for over a year. We have a quiet day on the data front today, so markets will no doubt be influenced by the ever-developing situation in the US. Get in touch for the latest rate.

Posted October 8th, 2013 by Charles Purdy

Risk aversion boosts demand for the Swiss franc and Japanese yen

Elsewhere, yesterday we saw a continuation of the patterns seen across the global marketplace throughout last week. Growing worries over the situation in Washington increased demand for safe-haven assets, as news came out of the US that congress are no closer to reaching an agreement on the budget. The increase in demand for safer assets meant we saw the Swiss franc touch the 19-month highs it reached against the US dollar last week, although there is underlying uncertainty in Switzerland, with several banks being investigated for manipulating exchange rates and this uncertainty may somewhat limit the potential upside for the franc. We also saw the Japanese yen rally to five-week highs against the US dollar amid the market risk-averse market The Canadian dollar struggled, as worse-than forecast building permits data for August coincided with crude oil, Canada’s biggest export, dropping in futures prices by 0.5%. The traditionally higher-risk Canadian currency’s weakness was further exacerbated by the US government shutdown entering its second week. Overnight we saw strong business confidence figures from New Zealand which suggests the country rebounded last quarter. This morning, we saw inflation data and retail sales figures out of Switzerland and this evening we will have a speech by the central bank governor. Also on the agenda today we have monthly trade balance figures out of Canada. Get in touch with your trader for a live rate.

Posted August 7th, 2013 by Charles Purdy

Japanese yen gains further ground

Elsewhere yesterday, the standout performer was the Australian dollar. Early yesterday morning we saw the Reserve Bank of Australia announce an interest rate cut to an all-time low of 2.50%. The Australian dollar had been sold off heavily in anticipation of yesterday’s move and many predicted an even larger rate-cut of 0.5%; as a result, the Australian currency rebounding from 3-year lows. After a difficult day on Monday following the news that a proportion of the nation’s dairy products were contaminated, the New Zealand dollar recovered slightly, with the government stating that the economy will avoid any immediate harm resulting from the suspension of dairy sales to China and Russia. The Japanese yen also had a good day yesterday, logging gains for the third consecutive day against the US dollar as general market risk-aversion buoyed the safe-haven currency. The Canadian dollar struggled yesterday, trading near two-week lows against its US counterpart as oil, Canada’s biggest export, fell in price. There was also nervousness in the market that the nation had not created as many jobs in July as economists had forecast. Today we have influential monthly consumer inflation data out of Switzerland, as well as monthly building permit statistics and monthly business conditions out of Canada. Get in touch for the latest rates.

Posted August 5th, 2013 by Charles Purdy

Smart Daily Exchange Rates

GBP/EUR – 1.1518 GBP/CAD – 1.5870 GBP/JPY – 150.43
GBP/USD – 1.5279 GBP/CHF – 1.4200 GBP/NZD – 1.9588
EUR/GBP – 0.8680 GBP/CNY – 9.3582 GBP/RUB – 50.298
EUR/USD – 1.3264 GBP/HKD – 11.850 GBP/SEK – 10.062
GBP/AED – 5.6124 GBP/HUF – 343.49 GBP/THB – 47.807
GBP/AUD – 1.7171 GBP/INR – 92.843 GBP/ZAR – 15.048
Posted August 5th, 2013 by Charles Purdy

Will Australia cut their interest rates?

Elsewhere, the Canadian dollar’s slow week continued into Friday and it will remain in focus this week with a raft of data released including trade balance figures, unemployment statistics and PMI data. The South African rand fell through the psychological level of 10 to the dollar in early trade on Friday amid upbeat expectations for US jobs data. The worse-than-forecast results from the US sparked a response from the rand, and we saw a strong end to the week from the South African currency. The Australian dollar held three-year lows throughout Friday, as markets remained tentative ahead of Tuesday’s interest rate decision and the increasing likelihood of a cut. Also out of Australia this week we have trade balance data, unemployment figures on Thursday and there is another statement from the RBA on monetary policy early Friday morning. It is an important week for Japan with current account figures, the monetary policy statement and the Bank of Japan press conference that follows. A big week for data, so get in touch for the latest rates.

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