EURO/GBP - 1.1730
US$/GBP - 1.5636
CHF/GBP - 1.4489
CAN$/GBP - 1.6009
AUS$/GBP - 1.5502
ZAR/GBP - 12.9288
JPY/GBP - 121.46
HKD/GBP - 12.1724
NZD/GBP - 2.0384
SEK/GBP - 10.6314
AED/GBP - 5.746
US$/EURO - 1.3322

To request a up-to-the minute quotation, call 0845 638 0571 or (+44 207 898 0500 from outside the UK) or fill out our quote form: http://www.smartcurrencybusiness.com/quote1.htm

Sterling hit a one month high against the euro yesterday and was set to make further gains after investors sold the euro on concerns that the ECB had not taken more drastic action to solve the euro zone crisis. Whilst the Bank of England made no further changes to monetary policy this month, the ECB cut interest rates by 0.25% and offered long term lending to banks, but many analysts felt this was not enough. The releases of the minutes from the Bank of England’s meeting are expected to show discussions around the introduction of further Quantitative Easing in 2012. QE is normally seen as negative for a currency, but many feel that in the face of the euro crisis, markets may start to reward proactivity from central banks.

In the euro zone, markets were not particularly happy about the lacklustre action from the ECB ahead of the EU summit later today. Yet again, there is an expectation from markets that only a comprehensive solution will suffice, but many are expecting to be disappointed. A clear plan towards fiscal integration is the aim, but most analysts expect a half-baked compromise that will fail do achieve very much. Either way prepare for euro weakness by speaking to one of the team now to avoid losing out.

In the USA, the US dollar has taken a back seat in the last week as investors focus predominantly on the crisis in the euro zone. The US dollar has been a barometer of market sentiment, strengthening against the riskier currencies in the face of the crisis. Released later today is trade balance data, but this is likely to be relatively insignificant compared to what happens in the euro zone.

Elsewhere, the Japanese yen strengthened on the ECB’s news, showing that the yen is still a go-to safe haven currency. This morning sterling is performing well against commodity based currencies so call in if you have any currency requirements for those currencies.

Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote on: 0845 638 0571 (or +44 (0)207 898 0500 from outside the UK) or fill out our online quote form at: SmartCurrencyBusiness.com/quote1.htm