GBP/EUR - 1.2488
GBP/USD - 1.6068
EUR/USD - 1.2868
GBP/AED - 5.8974
GBP/AUS - 1.5362
GBP/CAN - 1.5648
GBP/CHF - 1.5104
GBP/HKD - 12.4772
GBP/INR - 88.86
GBP/JPY - 125.27
GBP/NZD - 1.9614
GBP/SEK - 10.6124
GBP/ZAR - 13.1181
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Sterling had a poor day yesterday weakening against the majority of currencies despite better than expected trade balance data being released. Sterling did strengthen to fresh highs of 1.6080 against the US dollar over worries of further quantitative easing in the US. Today, the main release from the UK will be the change in the number of people claiming unemployment benefits for last month. There is expected to be no change. News from Germany and the Netherlands will be the main focus of the markets as well as a look towards Thursdays Federal Open Market Committee (FOMC) announcement. Call in now for the latest rates.
The euro was relatively strong yesterday reaching fresh highs of 1.2865 against the US dollar as the markets anticipate that the German Federal Constitutional Court will rule in favour of the legality of the European Stability Mechanism (ESM) at 9am today. Without a positive ruling the proposed €500 billion firewall will not be in place to help Eurozone countries that are in trouble. Whilst the markets anticipate the eight judges to vote in favour of the ESM, many economists expect them to set restrictions in order for Germany to retain some power. The market will also keep an eye on the Dutch Parliamentary election today to see how “euro-friendly” the new government will be. With such influential decisions being made today, there is the potential for a lot of volatility. Call in now for the latest news.
The US dollar had a very poor day yesterday and was one of the worst performers globally as markets continue to speculate that Thursday’s Federal Reserve meeting will bring another round of quantitative easing. Moody’s (one of the big three credit rating agencies) has also warned that the US could have its credit rating downgraded. Although trade balance figures beat market expectations yesterday they were largely ignored by the market as investors see Thursdays Federal Open Market Committee (FOMC) announcement as much more significant. Consumer confidence data will be announced today; expect news from Europe to play a much bigger part in the foreign exchange market movements. Get the latest news by calling in.
Elsewhere, the Hungarian forint, Czech Koruna and Polish zloty performed extremely well yesterday, whilst the Turkish lira was one of the worst performers. Canadian trade balance data was worse than initially anticipated and the Canadian dollar struggled as a result. Australian consumer confidence data was released late last night; but, the main release today will be the Reserve Bank of New Zealand (RBNZ) interest rate decision which is expected to keep rates on hold at 2.5%. 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
