This week - (Last week)
EURO/GBP 1.2705 - (EURO/GBP 1.2701)
US$/GBP 1.5712 - (US$/GBP 1.5614)
CHF/GBP 1.5262 - (CHF/GBP 1.5255)
CAN$/GBP 1.5519 - (CAN$/GBP 1.5514)
AUS$/GBP 1.5034 - (AUS$/GBP 1.4835)
ZAR/GBP 12.9672 - (ZAR/GBP 12.6744)
JPY/GBP 124.79 - (JPY/GBP 122.50)
HKD/GBP 12.1936 - (HKD/GBP 12.1127)
NZD/GBP 1.9438 - (NZD/GBP 1.9281)
SEK/GBP 10.5358 - (SEK/GBP 10.4690)
AED/GBP 5.7714 - (AED/GBP 5.7331)
US$/EURO 1.2357 - (US$/EURO 1.2287)
INR/GBP 87.54 - (INR/GBP 86.41)
Sterling has had a reasonable week reaching monthly highs against the euro and the US dollar. Retail sales figures released yesterday were better than expected with retail sales gaining by 0.3% in July against a prediction of only 0.1% and probably more influentially, June’s figures were revised up to 0.8% from 0.1%. Better than expected employment data was also released this week; however, the worry is these buoyant figures in both retail sales and employment are only temporary inflated by the run up to the Olympics. This also implies next month's release (for August) should also be fairly strong; so, the big test for state of the UK economy will be when September’s figures are announced. The Bank of England’s latest meeting minutes also revealed that all the members of the Monetary Policy Committee (MPC) voted to keep the asset purchase facility and interest rates on hold which was as expected. A quiet day on the data front today means that the markets will look elsewhere for influence. Call in now for the latest rates.
The euro had a mixed week as preliminary GDP figures from France and Germany beat market expectations; however, Europe area wide preliminary GDP figures came in with an expected recession figure of -0.2%. In other news, the Greek Prime minister is due to meet the leaders of Germany, France and Luxembourg next week to try and renegotiate the austerity measures that are currently in place. First thing this morning Producer Price Index (PPI) data from Germany was released; whilst Current account and Trade balance figures will also be released early on. Call in now for the latest news.
The US dollar’s strength fluctuated this week as investors bet on the likelihood that the Federal Bank will implement another round of quantitative easing. Much better than expected retail sales figures were released, the number of new residential building permits granted hit a four year high and Consumer Price Index (CPI) figures came in slightly below estimates which led to some economists suggesting that further monetary easing would not be necessary in the short term. The main news on the agenda today will be the consumer sentiment index which is expected to show a marginal increase from last month. Get the latest news by calling in.
Elsewhere, the Japanese yen had a poor week following worse than expected preliminary GDP data being released; furthermore, comments from certain members of the Bank of Japan suggesting the Japanese economy would struggle due to the on-going problems in Europe did little to help the yen. Overnight, PPI data from New Zealand was released and the main other release will be the Canadian CPI later on today. Call in now for the latest news and a live quote.
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
