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Posted June 1st, 2016 by Charles Purdy

Positive Day Overall for Euro

It was a positive day overall for the euro yesterday as it strengthened against sterling and the US dollar. However, rather than this being a result of major strengthening in the single currency, it was largely because of weakness in the pound and greenback.

Economic data from the eurozone came out as anticipated, with the flash Consumer Price Index (CPI) figures moving up slightly from -0.2% to -0.1%. In addition, the release of the unemployment figures showed that they had remained unchanged at 10.2%. Although this had very little effect on the euro, it was important that the figure didn’t come in weaker than before as this could have caused some weakening of the euro.

Later today, we will have the release of the Manufacturing Purchasing Managers’ Index. It is due to be released at 9am and is expected to fall slightly to 51.5 from 51.7 the month before. However, any figure over 50.0 signifies growth – it’s more a case of gauging whether growth is slowing, improving, or staying as is. Indeed, any improvement on last month’s data could lead to some further strengthening. It is fair to say that the main focus of the week is on the all-important eurozone interest rate decision from the European Central Bank’s President Mario Draghi on Thursday.

If you want to get a handy newsletter in your inbox every Monday, Tuesday, Wednesday, Thursday and Friday, you can subscribe to our daily currency note and read through the archive. It is completely free to access and includes a summary of the previous day’s events and the economic calendar for the day ahead. Importantly, we consciously strive to present currency movements in context so you not only understand what is happening, you can appreciate what this means and how it could affect your business’s profit, margins and bottom line.

For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 7898 0500 or your Private Client trader on 020 7898 0541.

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Posted December 1st, 2015 by Charles Purdy

Sterling up against the euro but struggles against the US dollar

Despite a quiet start to the day, sterling performed well against the euro on Monday – but briefly fell to its lowest level since April against the US dollar. Sterling was able to gain ground against the euro on Monday, as both German retail sales and Italian inflation data missed their forecast level. In contrast […]

The post Sterling up against the euro but struggles against the US dollar appeared first on Smart Currency Business.

Posted November 30th, 2015 by Charles Purdy

Will sterling benefit from UK data releases?

Sterling weakened against both the euro and US dollar on Friday as the latest estimate of UK growth showed 0.5% economic growth throughout the previous quarter. Sterling fell close to a seven-month low against the US dollar. A quiet start to this week sees no major data releases from the UK until tomorrow. Results of […]

The post Will sterling benefit from UK data releases? appeared first on Smart Currency Business.

Posted November 27th, 2015 by Charles Purdy

UK growth estimates under the spotlight today

Despite a poor start to the week, sterling recovered throughout the latter stages to head into Friday trading only slightly lower against the euro and US dollar when compared to Monday’s opening exchange rate. With no major economic data released from the UK throughout the week, movement has been largely dictated by rhetoric; the Chancellor […]

The post UK growth estimates under the spotlight today appeared first on Smart Currency Business.

Posted May 20th, 2014 by Charles Purdy

Eurozone still pondering ECB’s next move

The euro had a relatively uneventful start to the week yesterday as it hovered around the 1.37 mark against the US dollar and made modest gains against sterling. There were no major data releases from the Eurozone yesterday, with the only activity of note being an address by the President of the German Central Bank – The Bundesbank – Jens Weidmann. Weidmann’s words did not cause decisive investor action, but did contribute to the continuing uncertainty regarding European Central Bank (ECB) action at the next meeting and any effects as a consequence of such action. While lower interest rates and increased monetary stimulus generally cause a currency to weaken, Weidmann discussed the possibility of such moves having a converse effect as a result of lower bond yields and the fact that such moves are already largely priced into the market.

Posted May 8th, 2014 by Charles Purdy

Nervous day for the euro as ECB meets

The euro experienced some sporadic rate movements yesterday as markets seemed a little twitchy ahead of today’s European Central Bank (ECB) Interest Rate decision and subsequent press conference. Rate movements were seen against sterling and the US dollar, although overall movements – which were largely negative – were relatively limited. Weakening in the single currency yesterday was partially attributed to the poor Factory Orders and Industrial Production figures from France and Germany. Production in both economies was down on the previous month, at odds with major forecasts, which had predicted a slight increase in both economies.

Today is expected to be the most volatile day of the week for single currency as we await the aforementioned ECB Interest Rate decision and the following press conference.

Posted July 26th, 2013 by Charles Purdy

Mixed fortunes for sterling | Smart Daily Currency Note

Last week            This week (GBP/EUR – 1.1591)   GBP/EUR – 1.1583 After maintaining an upward trajectory for most of last week, sterling experienced more mixed fortunes this week. The pound performed well from Monday as Prime Minister David Cameron announced that improving economic conditions may allow the Coalition Government to implement tax cuts in the near  Continue Reading…

Posted July 25th, 2013 by Charles Purdy

Will today’s Growth figures affect sterling? | Smart Daily Currency Note

GBP/EUR – 1.1614 Sterling showed signs of weakness yesterday morning but largely recovered during the afternoon, until it fell sharply against the US dollar in the evening. The weakness experienced earlier in the day was seen in response to speculation by Goldman Sachs that there is a 50% chance that the Monetary Policy Committee will  Continue Reading…

Posted July 24th, 2013 by Charles Purdy

Sterling steady as we await UK Growth data tomorrow | Smart Daily Currency Note

GBP/EUR – 1.1642 Sterling traded within a narrower range yesterday as we saw a decrease in volatility across the currency markets. The pound has made reasonably consistent gains since last week’s Monetary Policy Committee meeting minutes were released. A report from the British Bankers’ Association released yesterday morning showed that UK mortgage approvals increased during  Continue Reading…

Posted July 23rd, 2013 by Charles Purdy

Will sterling benefit from the birth of a Royal baby? | Smart Daily Currency Note

GBP/EUR – 1.1645 Even before the announcement of a new Royal baby and the third in line to the throne, Sterling continued its upward trajectory yesterday as hopes for a sustainable economic recovery in the UK increased ahead of Thursday’s second quarter Growth figures. The pound made gains against the majority of its major trading  Continue Reading…

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