This week (Last week)
GBP/EUR – 1.2572 (GBP/EUR – 1.2511)
GBP/USD – 1.6250 (GBP/USD – 1.6248)
EUR/GBP – 0.7953 (EUR/GBP – 0.8002)
GBP/CHF – 1.5217 (GBP/CHF – 1.5137)
GBP/CAD – 1.5907 (GBP/CAD – 1.5842)
GBP/AUD – 1.5539 (GBP/AUD – 1.5526)
GBP/ZAR – 13.3958 (GBP/ZAR – 13.4520)
GBP/JPY – 125.95 (GBP/JPY – 126.98)
GBP/HKD – 12.5998 (GBP/HKD – 12.5969)
GBP/NZD – 1.9488 (GBP/NZD – 1.9586)
GBP/SEK – 10.6088 (GBP/SEK – 10.6081)
GBP/AED – 5.9719 (GBP/AED – 5.9697)
EUR/USD – 1.2926 (EUR/USD – 1.2984)
GBP/INR – 85.68 (GBP/INR – 86.90)
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 performed fairly well this week rising to a 3 week high against the euro whilst staying fairly range bound against the US dollar as shifts in risk sentiment due to developments in Europe drove the market. The main data out of the UK this week was the final GDP figures for the second quarter which was revised up to -0.4% from -0.5% providing some relief albeit the figure still confirms that the UK remains in recession. More positive data was released showing that the number of new mortgage approvals was increasing by more than anticipated whilst the Confederation of British Industry (CBI) revealed that the volume of sales had increased by more than expected from last month. There is very little data out of the UK today and the key focus will remain Europe as the markets attempt to digest the Spanish budget and second guess when and if Spain will request for a full sovereign bailout. The potential for a lot of volatility remains so please call in now for the latest news and rates.
The euro had a positive start to the week as the markets hoped a Spanish bailout request was nearing and at the same time one of the members of the ECB all but ruled out an interest rate cut at the central banks next meeting. This positivity did not last as the Spanish government stated that it will put off requesting for a bailout until absolutely necessary which saw yields on Spanish ten year bonds rising back above the 6% level. Violent protests broke out in Greece during the 24 hours general strike which took place in the face of the increased austerity measures that are expected to be announced shortly. Inflation data, French consumer spending and German retail sales data will all be released on what is a busy day today in Europe. However developments in Spain and Greece will play the biggest role on the euro’s relative strength. Call in now for the latest update and rates.
The US dollar started poorly this week as risk appetite was the main driver in the market. As risk sentiment shifted the dollar begin to strengthen as investors sought safer havens for their money. Despite consumer confidence showing a more upbeat tone than markets expected this week, the actual data released painted a very different picture. Final GDP figures in the US were revised downwards revealing weaker growth of 1.3% compared to the 1.7% that was previously reported, a sting of poor housing data was released and the change in the value of new goods orders with manufactures showed a sharp contraction. More consumer confidence figures will be released today alongside data showing the change in personal spending, but, shifts in risk sentiment due to any news from Europe is likely to cause much greater price action. To get the latest news please call in.
Elsewhere, the Hungarian forint was one of the worst performing major currencies this week following the announcement that the Hungarian Central Bank (MNB) had cut interest rates by 0.25%. The Japanese yen was one of the best performers due to its safe haven status in a risk adverse market. News came from China suggesting that it may look to loosen its monetary policy as early as next week to boost its economy. Canadian retail sales figures beat expectations this week and the market will look to today’s GDP data release for further influence on the relative strength of the Canadian dollar. 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
GBP/EUR – 1.2572 (GBP/EUR – 1.2511)
GBP/USD – 1.6250 (GBP/USD – 1.6248)
EUR/GBP – 0.7953 (EUR/GBP – 0.8002)
GBP/CHF – 1.5217 (GBP/CHF – 1.5137)
GBP/CAD – 1.5907 (GBP/CAD – 1.5842)
GBP/AUD – 1.5539 (GBP/AUD – 1.5526)
GBP/ZAR – 13.3958 (GBP/ZAR – 13.4520)
GBP/JPY – 125.95 (GBP/JPY – 126.98)
GBP/HKD – 12.5998 (GBP/HKD – 12.5969)
GBP/NZD – 1.9488 (GBP/NZD – 1.9586)
GBP/SEK – 10.6088 (GBP/SEK – 10.6081)
GBP/AED – 5.9719 (GBP/AED – 5.9697)
EUR/USD – 1.2926 (EUR/USD – 1.2984)
GBP/INR – 85.68 (GBP/INR – 86.90)
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 performed fairly well this week rising to a 3 week high against the euro whilst staying fairly range bound against the US dollar as shifts in risk sentiment due to developments in Europe drove the market. The main data out of the UK this week was the final GDP figures for the second quarter which was revised up to -0.4% from -0.5% providing some relief albeit the figure still confirms that the UK remains in recession. More positive data was released showing that the number of new mortgage approvals was increasing by more than anticipated whilst the Confederation of British Industry (CBI) revealed that the volume of sales had increased by more than expected from last month. There is very little data out of the UK today and the key focus will remain Europe as the markets attempt to digest the Spanish budget and second guess when and if Spain will request for a full sovereign bailout. The potential for a lot of volatility remains so please call in now for the latest news and rates.
The euro had a positive start to the week as the markets hoped a Spanish bailout request was nearing and at the same time one of the members of the ECB all but ruled out an interest rate cut at the central banks next meeting. This positivity did not last as the Spanish government stated that it will put off requesting for a bailout until absolutely necessary which saw yields on Spanish ten year bonds rising back above the 6% level. Violent protests broke out in Greece during the 24 hours general strike which took place in the face of the increased austerity measures that are expected to be announced shortly. Inflation data, French consumer spending and German retail sales data will all be released on what is a busy day today in Europe. However developments in Spain and Greece will play the biggest role on the euro’s relative strength. Call in now for the latest update and rates.
The US dollar started poorly this week as risk appetite was the main driver in the market. As risk sentiment shifted the dollar begin to strengthen as investors sought safer havens for their money. Despite consumer confidence showing a more upbeat tone than markets expected this week, the actual data released painted a very different picture. Final GDP figures in the US were revised downwards revealing weaker growth of 1.3% compared to the 1.7% that was previously reported, a sting of poor housing data was released and the change in the value of new goods orders with manufactures showed a sharp contraction. More consumer confidence figures will be released today alongside data showing the change in personal spending, but, shifts in risk sentiment due to any news from Europe is likely to cause much greater price action. To get the latest news please call in.
Elsewhere, the Hungarian forint was one of the worst performing major currencies this week following the announcement that the Hungarian Central Bank (MNB) had cut interest rates by 0.25%. The Japanese yen was one of the best performers due to its safe haven status in a risk adverse market. News came from China suggesting that it may look to loosen its monetary policy as early as next week to boost its economy. Canadian retail sales figures beat expectations this week and the market will look to today’s GDP data release for further influence on the relative strength of the Canadian dollar. 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
