Currency Rates
EURO/GBP - 1.123
To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx
Sterling strengthened yesterday after strong economic data saw demand for the pound surge. Sterling jumped over 1% against the euro to 1.1255/ £1 and hit a 1 ½ week high of $1.5125/ £1 against US dollar. The movement was spurred by the final 4th Quarter UK GDP figure which was revised upwards from 0.3% to 0.4%. In addition, the latest house prices survey showed that prices rose 0.7% month on month – more than the 0.2% rise that was initially expected. Data for the current account was also better than forecast, with the figures showing a deficit of £1.7bn as opposed to £4.6bn which was expected. This figure shows that whilst the UK is still a net importer, the weaker pound has encouraged exports as UK goods become relatively cheaper for foreign buyers. To put this into perspective, this deficit was at £11.4bn in September 2009, so it is clear the effect that the weak pound has had. Whilst the figures include reduced demand for overseas goods/ services, the data bodes well for the UK economy. In addition, another opinion poll suggested that the Conservatives had extended their lead heading into the election, helping to ease fears of a hung parliament. There is very little data out for the UK today – get in touch now to take advantage of relatively stronger prices.
In the Euro zone, the euro initially strengthened against the US dollar as German import prices showed a rise. However, despite last week’s bailout, the single currency fell against both sterling and US dollar as bond markets took a negative stance and chose to focus on the fragile fiscal situation in the region. The yield on Greek bonds (higher yield = more negative outlook for the economy) jumped by 0.3%. This compounded the euro’s drop against sterling following the UK GDP figures. Today we have unemployment data for the region. Get in touch now to avoid volatility from impacting your payments.
Many clients have been enquiring about our opening hours over Easter. They are as follows:
Thursday 1st April: Open 08:00 – 18:00
Friday 2nd – Monday 5th April: Closed
Tuesday 6th April: Open 08:00 – 18:00
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
Wednesday, 31 March 2010
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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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