11/10/2012

Smart Currency Rates and Comments 11th October 2012

GBP/EUR - 1.2446

GBP/USD - 1.5998
EUR/GBP - 0.8038
EUR/USD - 1.2848
GBP/AED - 5.8732
GBP/AUD - 1.5585
GBP/CAD - 1.5694
GBP/CHF - 1.5042
GBP/HKD - 12.4057
GBP/INR - 84.89
GBP/JPY - 124.82
GBP/NZD - 1.9585
GBP/SEK - 10.7188
GBP/ZAR - 13.9055

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Sterling
Sterling remained range bound against the majority of currencies yesterday as the markets were steady in the absence of any significant news released globally. There is very little data out of the UK today; but, investors will be watching closely the G7 meeting that has been taking place in the early hours of this morning over in Japan where the powers that be are meeting to discuss the slowing global economy. Please call in now for the latest news and rates.



EuroThe euro performed slightly better than sterling yesterday; but remained similarly range bound as the whole global foreign exchange market lacked direction. On the data front, the monthly changes in industrial production for France and Italy were much better than expected both showing sharp increases in volume when drops had been anticipated. Out today we have inflation data from both Germany and France; but, the European Central Bank’s (ECB) monthly bulletin will be the most important release as it outlines the central bank's current and future view on the state of the Eurozone economy, so call in now for the latest news and changes in the euro rate.


Dollar
The US dollar underperformed yesterday after a strong start to the week; but, its losses were limited as only the Turkish lira and South African rand made significant gains against it. The Beige Book report last night was the most significant release as it comments on the state of the local economies from all 12 Federal Reserve Banks. After a quiet few days in the US, we have a busy economic agenda today headlined by trade balance data and unemployment claims figures. Please call in now for the latest news and a live update.

Worldwide
Elsewhere, the South African rand continued to recover its losses over the past 10 days as strikes come to a close and employees return to work. The Turkish lira also performed well as Fitch (one of the big three credit rating agencies) suggested Turkey may be upgraded as it takes a strong action over its deficit levels. The Polish zloty was one of the worst performing currencies yesterday as rumours started to spread that its central bank may look to cut interest rates in the near term. Overnight, we had employment related data released in Australia, consumer confidence figures from Japan and later on today the main release will be the trade balance data from Canada. 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

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Disclaimer
Exchange rates can move very quickly. The above rates are valid at a moment in time. We have no crystal ball and we recommend that if an exchange rate works for your budget then don’t wait for an even better exchange rate - Murphy’s Law says the rate will go against you and cause you maximum pain! Suggestions should not be taken as advice or fact.

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