Currency Rates

EURO/GBP - 1.110

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

After a poor week for sterling, this morning is no better. Overnight, the pound has moved lower against other major currencies, dropping to 1.11/ £1 and below the $1.51/ £1 mark. The drop was as a result of an article in a Sunday newspaper which showed that the Conservatives have now lost their lead in the polls heading into the next election. This has left the market very concerned about the prospect of a hung parliament and combined with the prospect of more emergency funding being pumped into the economy, has seen sterling suffer on negative sentiment. In addition, an article in the Wall Street Journal stated that plans are being finalised for up to 30bn of financial backing for Greece, should the country fail to sort out its own finances. This caused the euro to strengthen with the US dollar following suit and pushing sterling lower. Out today there is a range of data for the UK. Manufacturing PMI, mortgage approvals and net consumer lending are all expected to fall slightly reflecting poor weather in January and a lack of positive consumer sentiment. Later this week we have the Bank of England interest rate decision. Whilst this is expected to remain the same, investors will be looking for any clues as to an expansion in monetary policy which was alluded to last week. Call in now to avoid losing out further as sterling continues to decline.

In the Euro zone, euro strengthened on the news of a potential German-led bailout of Greece. Whilst this is just speculation at this stage, the euro strengthened as investors felt more confident in the region. We shall have to see how this pans out over the next few days. Out later today, Euro zone unemployment figures are expected to set a new record of 10.1% for January. This is a key economic indicator and could cause volatility so get in touch now to take advantage of movement in your favour and avoid missing out.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx