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Posted by Charles Purdy

Unpredictable day for sterling | 10/03/2016

An unpredictable day for sterling in the currency markets yesterday saw large swings throughout the day against both the euro and US dollar but in the end the exchange rate was very close to where it started. Industrial output was shown to have increased by 0.3% throughout the previous month, providing the basis for sterling strength throughout the morning. Consequently, the currency rose close to a one-month high against the euro before retracting sharply throughout the afternoon. With debate over the upcoming EU referendum still ongoing, sterling markets are likely to remain volatile throughout the coming months.

No major economic data is set to be released from the UK today, although markets will be keeping a very close eye on developments on the continent, where the European Central Bank (ECB) will be announcing its latest stimulus package for the Eurozone.

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 by Charles Purdy

Attention on Draghi in the Eurozone today | 10/03/2016

The euro continued to follow the trend for the week as it weakened for the third straight day against other major currencies on Wednesday. The European Central Bank (ECB) is largely expected to cut interest rates further into negative territory at the monetary policy review today. Inflation for February fell back below zero, by 0.2%, with the ECB target still at 2%, the central bank will be highly likely to again increase stimulus measures into the euro area.

Early this morning industrial figures from France were released and are expected to increase sharply from last month, from -1.6% up to 0.8%. This may cause early movements but the main focus will be from 12pm, when Mario Draghi will begin speaking.

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

Posted by Charles Purdy

US dollar continues to be dependent on events elsewhere | 10/03/2016

It was another quiet day for the US dollar in terms of data releases, which seems to be the theme so far this week. This hasn’t stopped movement in US dollar markets, though, which was dictated by euro, sterling and oil price activity throughout the day on Wednesday.

Today we can expect much of the same, with the only major release being weekly labour data, which is expected to post another stable figure. Any surprises could result in related dollar movement; otherwise, dollar strength is likely to be dependent on events elsewhere.

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 by Charles Purdy

Will central bank comments shift Canada’s gains? | 10/03/2016

The Canadian dollar gained traction against its US counterpart after the Bank of Canada kept interest rates at 0.5%, claiming that there was no added risk of inflation. The hawkish comments saw the US dollar fall against the Canadian dollar by 0.53%. Further support for the Canadian currency came as oil prices held firm, due to continued hopes of production cuts. The Australian dollar also continued to gain in strength despite data for home loans coming in at -3.9%, lower than the expected -2.7%.

Today we will see the release of Chinese Consumer Price Index (CPI) data, which is expected to be 1.8%, unchanged from last month, and Chinese Producer Price Index (PPI) data, which is expected to be -4.9%, a slight increase from last month’s -5.3%. Governor Stephen Poloz from the Bank of Canada is also due to speak later in the day, which may cause some market fluctuations.

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

Posted by Charles Purdy

Sterling suffers tough day as Carney takes the stand | 9/03/2016

Yesterday was a tough day for sterling overall, as it retreated from Monday’s two-week high against the US dollar, and lost ground against the majority of its trading partners as Bank of England (BoE) Governor Mark Carney spoke to parliament. Sterling fell across the board as Mr Carney warned of the risks to UK growth should the nation vote to leave the European Union (EU) in June. Describing the possibility as the ‘biggest domestic risk to financial stability’ Carney assured members of Parliament that the BoE would make extra liquidity available to banks in the run-up to the referendum.

Despite this, sterling found support throughout the afternoon with many investors viewing a British exit from the EU as an unlikely scenario. Carney also maintained during his testimony that the BoE will not take sides, but will work to ensure financial stability, whatever the result of the Referendum vote.

Today sees the release of manufacturing production figures from the UK, which are forecast to show an increase of 0.2% throughout February. Following 3 months of contraction within the industry, this could provide sterling with welcome support.

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

Posted by Charles Purdy

Euro on tenterhooks before Thursday’s meeting | 9/03/2016

The euro had a positive day before those gains were erased as investors eagerly await Thursday’s European Central Bank (ECB) meeting. Industrial production data was much higher than the expected figure, coming in at 3.3% rather the forecasted 0.5%. Growth figures in the form of Gross Domestic Product (GDP) measurements were in line with the forecast, at 0.3% for the previous quarter; this had a fairly muted response on the markets. On the whole we have seen limited movement for the single currency this week, almost ending Tuesday exactly where we opened against its major peers.

There is no significant data out from the Eurozone today so most of the build-up will be the all-important ECB meeting on Thursday, including the interest rate decision announcement, closely followed by Mario Draghi’s speech.

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

Posted by Charles Purdy

US looking at EU | 9/03/2016

It continued to be a quiet day for the US dollar on Tuesday, with no major data releases due. Movement seen on Tuesday was mainly driven by continued sterling pressure and uncertainty leading up to the European Central Bank (ECB) meeting on Thursday.

We can expect a similar story today, with only Crude Oil Inventories due to be released, and expected to post stable reserves for the United States. This is a very quiet data week for the US.

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 by Charles Purdy

Chinese exports fall by more than 25% | 9/03/2016

Commodity- based currencies flew in face of any positive news releases on Tuesday, instead following an oil and metal futures slump in the afternoon session. The Canadian dollar fell -0.8%, its Australian counterpart dropped by -0.35%, and the New Zealand dollar slid by -0.65%, all against the US dollar.

Also in the news was trade data from China. The country saw its trade surplus shrink from $63.3bn in January to £32.6bn as exports registered a 25.4% decline year on year compared to last month. Combined with the falling oil price from its two-month high as US supplies are seen to be growing, these events could continue to punish commodity-driven countries for a second day in a row.

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

Posted by Charles Purdy

Carney’s briefing to Parliament takes centre stage | 8/03/2016

Despite a tough morning, sterling finished Monday in a positive fashion, making very slight gains across the board ahead of Bank of England (BoE) Governor Mark Carney’s briefing to Parliament today. There was no significant economic data released on Monday, and markets remained flat throughout the day, as investors seemingly held their breath ahead of more influential releases later in the week. Sterling did rally late in the day, however, to hit a fresh two-and-a-half week high against the US dollar.

Today we will see BoE Governor Carney testify before the parliamentary committee on the central bank’s thoughts regarding the upcoming EU referendum, and what contingency plans are in place should the nation vote to leave. With monetary policy likely to react significantly to the result of the referendum, investors will be listening keenly to Carney’s words.

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

Posted by Charles Purdy

German factory orders fail to rouse euro | 8/03/2016

The euro had a very quiet start to the week, as the only piece of data from the Eurozone were manufacturing orders from Germany, which came out marginally better than expected at -0.1%, rather than the forecasted -0.3%. This had almost no effect on the markets as the lack of data releases caused markets to stay calm throughout the day.

Earlier this morning, industrial production data from Germany was released, forecast to improve significantly, from -1.2% up to 0.5%. Slightly later on we expect Eurozone growth figures, which are expected to remain flat at 0.3%. Any fall could again increase pressure on the European Central Bank (ECB) to announce further stimulus measures on Thursday when Draghi takes centre stage.

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

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