Call Free Phone Now:0808 163 0102
Outside the UK: +(44) 207 898 0541 Request a Call Back
 
  Daily Currency News Euro US Dollar Educational Articles  
 
Posted December 14th, 2012 by Charles Purdy

Smart Currency Rates and Comments 14th December 2012 – The euro finishes the week on a high

GBP/EUR – 1.2303

A difficult week for sterling as it weakened off against the euro and the higher yielding currencies. It did strengthen against the US dollar and Japanese yen as risk appetite was a key driver in the market. A raft of better than expected employment data did help support sterling. Data released showed that full-time hiring had reached a one and a half year high, unemployment benefit claimants actually fell by 3,000 in the last 3 months when a 5,900 increase had been anticipated and the overall unemployment rate stayed at 7.8% when a marginal increase had been expected. Sterling struggled yesterday however, as a report showed the majority of U.K. manufacturers are seeing a decline in orders. This in conjunction with the fear that the Bank of England will resume quantitative easing and the news that Standard and Poor’s (one of the big three credit rating agencies) had put a negative outlook on the UK’s AAA credit rating pushed sterling weaker against the majority of its major peers. With very little data out today, we don’t anticipate much volatility, but we are in the run up to Christmas where trading volumes are low and rates can change quickly so get in touch for up to the second pricing.

The euro performed well this week reaching  1.31 against the US dollar following German economic sentiment data coming out better than expected and news of monetary easing in the US. Positive results from a Spanish and Italian bond auction also helped support the euro as did news that Greece has finally had the next tranche of its bailout fund approved. At the Economic Union where ministers sought for deeper economic and monetary integration, yesterday a decision was made to appoint a common banking supervisor. The most influential data released today will be the Manufacturing and Services Purchase Manager Index (PMI) figures across Europe. Should these come in lower than forecast, expect the euro to lose some of its gains this week and slide against its major trading partners. Call in now to see how this has affected the market, and to get a live price.

For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com

Be Sociable, Share!

Comments are closed.

© Copyright 2010 Smart Currency Exchange. All Rights Reserved.
Site by Iniquus