EUR/GBP Rate & Comments for 7th October 2010
EUR/GBP - 1.136
Sterling fell to a 4 ½ month low against a generally stronger euro yesterday as concerns over more monetary easing hurt sterling. However, as has been the case of late, gains from the single currency helped boost sterling against the US dollar and saw the pound hit a high of $1.5940/£1 – the highest since early August. The major concern for the UK is the Bank of England’s monetary policy committee meeting today. After mixed messages from several key decision makers, markets are expecting the worst – more Quantitative Easing. As a result, sterling has slumped to a low of 1.1360/£1 already this morning as investors sell the pound ahead of the news. House price data did not help either, showing that prices fell by 3.6% on the month. The decision is released at 12:00pm, so expect significant sterling/ euro volatility before and after – ensure you speak to a trader asap to avoid losing out.
In the Euro zone, the euro hit an 8 month high against the US dollar above $1.39/1 as the US dollar weakened further as speculation grew that the Federal Reserve will announce further monetary easing in the next few weeks. With the euro/ US dollar prices correlating with sterling/ US dollar, any move above $1.40/1 will see sterling break $1.60/ £1 on US dollar. Aside from that, German factory orders surprised to the upside yesterday after surging to 3.4% growth on the month before against expectations of 0.9% growth. Out today there is industrial production data, but the key moves are going to come from the Bank of England. Speak to one of the team now to time your purchase to the maximum.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Showing posts with label Pound. Show all posts
Showing posts with label Pound. Show all posts
Thursday, 7 October 2010
Wednesday, 6 October 2010
EUR/GBP Rate & Comments for 6th October 2010
EUR/GBP - 1.149
Sterling recovered to hit a 2 month high against the US dollar yesterday after stronger than expected UK services sector data and expectations over further monetary stimulus in the USA. Sterling hit a high of $1.5928/£1 on the day as growth in the services sector unexpectedly jumped off of August’s 16 month lows. Analysts were keen to point out that this was not the reversal of the UK’s woes, and as such, any return to favour from the US dollar will see sterling slip back down. Sterling was not so successful against the euro, as euro buying in Asia helped strengthen the single currency. Out tomorrow there is key data released on house price data which is expected to show a slight increase on last month. The data could prove vital ahead of Thursday’s Bank of England interest rate meeting so speak to one of the team now to protect yourself.
In the Euro zone, the last 2 days has seen strong demand for the euro from Asia. There seems to have been a shift from the use of the US dollar as a global reserve currency to the use of the euro. As concerns grow over the state of the US recovery, this seems to have caused the shift and as a result is supporting the euro. In terms of data, retail sales slipped unexpectedly last month to -0.4%, but the services PMI data came in better than expected. Out today, there is final GDP data for the quarter and German factory orders for the month. Speak to one of the team now to prevent yourself losing out.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.149
Sterling recovered to hit a 2 month high against the US dollar yesterday after stronger than expected UK services sector data and expectations over further monetary stimulus in the USA. Sterling hit a high of $1.5928/£1 on the day as growth in the services sector unexpectedly jumped off of August’s 16 month lows. Analysts were keen to point out that this was not the reversal of the UK’s woes, and as such, any return to favour from the US dollar will see sterling slip back down. Sterling was not so successful against the euro, as euro buying in Asia helped strengthen the single currency. Out tomorrow there is key data released on house price data which is expected to show a slight increase on last month. The data could prove vital ahead of Thursday’s Bank of England interest rate meeting so speak to one of the team now to protect yourself.
In the Euro zone, the last 2 days has seen strong demand for the euro from Asia. There seems to have been a shift from the use of the US dollar as a global reserve currency to the use of the euro. As concerns grow over the state of the US recovery, this seems to have caused the shift and as a result is supporting the euro. In terms of data, retail sales slipped unexpectedly last month to -0.4%, but the services PMI data came in better than expected. Out today, there is final GDP data for the quarter and German factory orders for the month. Speak to one of the team now to prevent yourself losing out.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Tuesday, 5 October 2010
EUR/GBP Rate & Comments for 5th October 2010
EUR/GBP - 1.153
Sterling recovered against the euro on Monday as better than expected construction data helped investors feel more confident in the UK recovery. Construction PMI data showed that construction activity picked up in September, rising to 53.8 against an expectation of a fall to 51.6. Concerns over the ‘peripheral’ European countries also saw the euro suffer, but the atmosphere is still nervous ahead of Thursday’s Bank of England interest rate after last week’s comments by Adam Posen. The Bank of England policymaker made clear last week that a fresh round of Quantitative Easing should be used to pump more money into the economy and provide stimulus for growth. This contrasts with Andrew Sentance, who has been voting for a 0.25% rise in interest rates for the last 4 meetings. Either way, the meeting has the potential to cause significant movement, so call in and speak to a trader now to make sure you don’t lose out. Key house price and service sector data is released today also.
In the Euro zone, despite jumping in overnight trade after strong demand from Asia, the single currency slipped by 0.9% yesterday against sterling and US dollar. Concerns over the economies of Portugal, Ireland and Greece saw confidence slide. The Irish government yesterday said that the Irish economy will grind to a halt this year, and Greek budgetary forecasts show that the country expects a contraction of 2.6% next year followed by a 4% contraction in 2010. It seems that after a month of inexplicable euro strength, the markets seem to have recognised that there are still significant issues being faced. Out later today there is retail sales data, so call in and ensure you are buying at the right time.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.153
Sterling recovered against the euro on Monday as better than expected construction data helped investors feel more confident in the UK recovery. Construction PMI data showed that construction activity picked up in September, rising to 53.8 against an expectation of a fall to 51.6. Concerns over the ‘peripheral’ European countries also saw the euro suffer, but the atmosphere is still nervous ahead of Thursday’s Bank of England interest rate after last week’s comments by Adam Posen. The Bank of England policymaker made clear last week that a fresh round of Quantitative Easing should be used to pump more money into the economy and provide stimulus for growth. This contrasts with Andrew Sentance, who has been voting for a 0.25% rise in interest rates for the last 4 meetings. Either way, the meeting has the potential to cause significant movement, so call in and speak to a trader now to make sure you don’t lose out. Key house price and service sector data is released today also.
In the Euro zone, despite jumping in overnight trade after strong demand from Asia, the single currency slipped by 0.9% yesterday against sterling and US dollar. Concerns over the economies of Portugal, Ireland and Greece saw confidence slide. The Irish government yesterday said that the Irish economy will grind to a halt this year, and Greek budgetary forecasts show that the country expects a contraction of 2.6% next year followed by a 4% contraction in 2010. It seems that after a month of inexplicable euro strength, the markets seem to have recognised that there are still significant issues being faced. Out later today there is retail sales data, so call in and ensure you are buying at the right time.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Monday, 4 October 2010
EUR/GBP Rate & Comments for 4th October 2010
EUR/GBP - 1.151
Sterling fell to a 4 month low on Friday against euro as worries over further Quantitative Easing and poor data saw investors sell the pound. Sterling fell below 1.15/£1 and dropped to a low of 1.1423/£1 in Asian trading overnight. Against the US dollar, sterling performed well as investors looked elsewhere over concerns that the Federal Reserve would pump more money into the economy over the next few weeks. Data on Friday showed that the UK manufacturing sector weakened more than expected in September, as export orders dropped fro the first time in a year. In a speech to the conservative party conference, Chancellor George Osborne has said that the UK has moved out of the financial “Danger Zone” and is set for a steady and sustainable recovery. Data out later is expected to show that UK construction activity declined for the 4th consecutive month and slumping to the lowest level since February. Call in now for a live exchange rate and to protect yourself from poor movements.
In the Euro zone, the euro had a strong week as concerns over the state of the UK and US recoveries helped boost demand for the currency. News that fewer banks had drawn down on available credit from the European Central Bank helped boost confidence. Market reaction seems fairly bizarre, as when news was announced that Spain’s credit rating had been downgraded and that the bill for the Irish banking bailout would probably top 29bn – the financial markets hardly batted an eyelid. There are some serious structural issues that need resolving but it seems that the markets feel it is a better bet than the US dollar or sterling at the moment. Speak to one of the team about protecting yourself.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.151
Sterling fell to a 4 month low on Friday against euro as worries over further Quantitative Easing and poor data saw investors sell the pound. Sterling fell below 1.15/£1 and dropped to a low of 1.1423/£1 in Asian trading overnight. Against the US dollar, sterling performed well as investors looked elsewhere over concerns that the Federal Reserve would pump more money into the economy over the next few weeks. Data on Friday showed that the UK manufacturing sector weakened more than expected in September, as export orders dropped fro the first time in a year. In a speech to the conservative party conference, Chancellor George Osborne has said that the UK has moved out of the financial “Danger Zone” and is set for a steady and sustainable recovery. Data out later is expected to show that UK construction activity declined for the 4th consecutive month and slumping to the lowest level since February. Call in now for a live exchange rate and to protect yourself from poor movements.
In the Euro zone, the euro had a strong week as concerns over the state of the UK and US recoveries helped boost demand for the currency. News that fewer banks had drawn down on available credit from the European Central Bank helped boost confidence. Market reaction seems fairly bizarre, as when news was announced that Spain’s credit rating had been downgraded and that the bill for the Irish banking bailout would probably top 29bn – the financial markets hardly batted an eyelid. There are some serious structural issues that need resolving but it seems that the markets feel it is a better bet than the US dollar or sterling at the moment. Speak to one of the team about protecting yourself.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Friday, 1 October 2010
EUR/GBP Rate & Comments for 1st October 2010
EUR/GBP - 1.152
Sterling fell to a 4 month low against the euro yesterday after large flows related to the annual EU farming subsidy saw investors covering short positions after a surprise jump in orders for euros into sterling. The EU subsidy saw a large amount of euros moved into sterling, which caused sterling to drop. Once that had happened, many started taking advantage of the strong euro prices to move more euros into sterling, which saw a lot of speculators (who had been betting on a swift rebound) scramble to reverse their positions and avoid losing money. All in all, the effect of this was that sterling dropped from an earlier high of 1.1675/£1 to a 4 month low of 1.1535/£1. Despite this, sterling had a strong day against the US dollar – hitting $1.5920/£1 as house prices edged higher and Adam Posen (who earlier in the week stated that there should be more Quantitative Easing) said that he had not yet decided which way he would vote at the next Bank of England meeting. This eased concerns, but consumer confidence weakened more than expected. There is further house price data out today and manufacturing data. Call in now for a live exchange rate.
In the Euro zone, it was a poor day but the euro reacted counter-intuitively against sterling. Firstly, credit rating agency Moody’s downgraded Spain’s credit rating the day after mass ‘austerity protests’ that brought much of the country to a halt. Secondly, the Irish Finance Minister Brian Lenihan outlined that the final bill for bailing out and recapitalising the country’s ailing banks could top 29bn which he described as “astonishing”. This saw the euro slip generally against the major currencies, but this was soon reversed after data showed that banks in the region had requested less emergency funding than was available to them, which helped boost sentiment. Out today, there is unemployment data so speak to one of the team and protect your profit margins.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.152
Sterling fell to a 4 month low against the euro yesterday after large flows related to the annual EU farming subsidy saw investors covering short positions after a surprise jump in orders for euros into sterling. The EU subsidy saw a large amount of euros moved into sterling, which caused sterling to drop. Once that had happened, many started taking advantage of the strong euro prices to move more euros into sterling, which saw a lot of speculators (who had been betting on a swift rebound) scramble to reverse their positions and avoid losing money. All in all, the effect of this was that sterling dropped from an earlier high of 1.1675/£1 to a 4 month low of 1.1535/£1. Despite this, sterling had a strong day against the US dollar – hitting $1.5920/£1 as house prices edged higher and Adam Posen (who earlier in the week stated that there should be more Quantitative Easing) said that he had not yet decided which way he would vote at the next Bank of England meeting. This eased concerns, but consumer confidence weakened more than expected. There is further house price data out today and manufacturing data. Call in now for a live exchange rate.
In the Euro zone, it was a poor day but the euro reacted counter-intuitively against sterling. Firstly, credit rating agency Moody’s downgraded Spain’s credit rating the day after mass ‘austerity protests’ that brought much of the country to a halt. Secondly, the Irish Finance Minister Brian Lenihan outlined that the final bill for bailing out and recapitalising the country’s ailing banks could top 29bn which he described as “astonishing”. This saw the euro slip generally against the major currencies, but this was soon reversed after data showed that banks in the region had requested less emergency funding than was available to them, which helped boost sentiment. Out today, there is unemployment data so speak to one of the team and protect your profit margins.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Thursday, 30 September 2010
EUR/GBP Rate & Comments for 30th September 2010
EUR/GBP - 1.164
Sterling fell again against the euro yesterday after Tuesday’s downbeat comments by a key Bank of England policy maker left sterling under severe pressure from investors. Sterling dropped to a 4 month low of 1.1590/£1 as markets became more and more concerned over the prospect of further Quantitative Easing. Sterling held steady against the US dollar. In a speech on Tuesday, Monetary Policy Committee member Adam Posen said that the central bank should start pumping more money into the economy in order to avoid a prolonged slump of the sort that Japan saw in the 1990’s. These comments certainly came as a surprise and saw sterling follow the US dollar down against the euro. Despite dropping a long way on Tuesday, poor UK data saw sterling drop further. The pace of service sector activity came in worse than expected and mortgage approvals stayed flat. In terms of data, there is key house price data which could see sterling drop even further if this dents the UK’s prospects. Call in now to speak to one of the team and prevent yourself from losing out further.
In the Euro zone, there was no real data out yesterday and the euro continued to trade on weak US and UK sentiment hitting a 4 month high against sterling and breaching the $1.36/1. A number of technical levels were breached which also pushed the euro higher. ‘Technical levels’ are points on the graph of a currency price which traders follow very closely. Any deviation upwards or downwards means that traders buy or sell based on where they feel the prices are going. In terms of data out today, there is German unemployment data and inflation data for the Euro zone. Expect the single currency to continue to strengthen on poor UK and US sentiment, so speak to a trader today to secure your exchange rate.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.164
Sterling fell again against the euro yesterday after Tuesday’s downbeat comments by a key Bank of England policy maker left sterling under severe pressure from investors. Sterling dropped to a 4 month low of 1.1590/£1 as markets became more and more concerned over the prospect of further Quantitative Easing. Sterling held steady against the US dollar. In a speech on Tuesday, Monetary Policy Committee member Adam Posen said that the central bank should start pumping more money into the economy in order to avoid a prolonged slump of the sort that Japan saw in the 1990’s. These comments certainly came as a surprise and saw sterling follow the US dollar down against the euro. Despite dropping a long way on Tuesday, poor UK data saw sterling drop further. The pace of service sector activity came in worse than expected and mortgage approvals stayed flat. In terms of data, there is key house price data which could see sterling drop even further if this dents the UK’s prospects. Call in now to speak to one of the team and prevent yourself from losing out further.
In the Euro zone, there was no real data out yesterday and the euro continued to trade on weak US and UK sentiment hitting a 4 month high against sterling and breaching the $1.36/1. A number of technical levels were breached which also pushed the euro higher. ‘Technical levels’ are points on the graph of a currency price which traders follow very closely. Any deviation upwards or downwards means that traders buy or sell based on where they feel the prices are going. In terms of data out today, there is German unemployment data and inflation data for the Euro zone. Expect the single currency to continue to strengthen on poor UK and US sentiment, so speak to a trader today to secure your exchange rate.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Wednesday, 29 September 2010
EUR/GBP Rate & Comments for 29th September 2010
EUR/GBP - 1.164
Sterling fell by over 1% against the euro yesterday after downbeat comments by a key Bank of England policy maker left sterling floundering despite hitting a 7 week high of $1.5896/£1 against the US dollar. In a speech to the Hull Chamber of Commerce, Monetary Policy Committee member Adam Posen said that the central bank should start pumping more money into the economy in order to avoid a prolonged slump of the sort that Japan saw in the 1990’s. The markets were not expecting the negative comments and they contrasted sharply with his colleague Andrew Sentance who stated that the Bank didn’t need to restart the Quantitative Easing programme. Sterling hit a low of 1.1634/£1 and $1.5720/£1 following Posen’s comments despite strong data elsewhere. The UK’s trade deficit showed a stark improvement, jumping from -£9.6bn to -£7.4bn which shows that exports are improving. In addition, a survey by the CBI showed a marked increase in sales volume amongst retailers which was positive. However, this data was surpassed by the panic that the unexpected comments made. Today, we have lending data and consumer confidence figures. Speak to a trader now to stay abreast of the volatility.
In the Euro zone, it was a mixed day. Initially, the euro fell against the US dollar after speculation that Spain’s credit rating may be downgraded further by rating agency Moodys. However, weak US data and comments from European Central Bank Board member Juergen Stark helped boost the euro. Mr. Stark stated that the ECB may not renew some of the monetary support measures when they expire later in the year. In addition, there were reports that a former Chinese bank adviser had described the US dollar’s devaluation as “inevitable”. In terms of data, consumer climate data came in better than expected. There is no real data out today – although the euro is expected to give back ground to sterling as the annual EU farm subsidy is converted into sterling. Call in now for a live exchange rate.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.164
Sterling fell by over 1% against the euro yesterday after downbeat comments by a key Bank of England policy maker left sterling floundering despite hitting a 7 week high of $1.5896/£1 against the US dollar. In a speech to the Hull Chamber of Commerce, Monetary Policy Committee member Adam Posen said that the central bank should start pumping more money into the economy in order to avoid a prolonged slump of the sort that Japan saw in the 1990’s. The markets were not expecting the negative comments and they contrasted sharply with his colleague Andrew Sentance who stated that the Bank didn’t need to restart the Quantitative Easing programme. Sterling hit a low of 1.1634/£1 and $1.5720/£1 following Posen’s comments despite strong data elsewhere. The UK’s trade deficit showed a stark improvement, jumping from -£9.6bn to -£7.4bn which shows that exports are improving. In addition, a survey by the CBI showed a marked increase in sales volume amongst retailers which was positive. However, this data was surpassed by the panic that the unexpected comments made. Today, we have lending data and consumer confidence figures. Speak to a trader now to stay abreast of the volatility.
In the Euro zone, it was a mixed day. Initially, the euro fell against the US dollar after speculation that Spain’s credit rating may be downgraded further by rating agency Moodys. However, weak US data and comments from European Central Bank Board member Juergen Stark helped boost the euro. Mr. Stark stated that the ECB may not renew some of the monetary support measures when they expire later in the year. In addition, there were reports that a former Chinese bank adviser had described the US dollar’s devaluation as “inevitable”. In terms of data, consumer climate data came in better than expected. There is no real data out today – although the euro is expected to give back ground to sterling as the annual EU farm subsidy is converted into sterling. Call in now for a live exchange rate.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Tuesday, 28 September 2010
EUR/GBP Rate & Comments for 28th September 2010
EUR/GBP - 1.178
Sterling rose against the US dollar to hit a 7 week high of $1.5867/£1 as the US currency struggled to shake off concerns that the Federal Reserve would ease monetary policy further to stimulate the flagging recovery. The movement is clearly more down to US dollar weakness than sterling strength, as sterling’s continued weakness against the euro shows. Sterling continued to languish around the 1.1750 mark against the single currency, as the pound continued to track the euro’s recent strength against the US dollar. UK data didn’t help either, with a survey from property market researcher Hometrack showing that UK house price growth has fallen by 0.4% in September – the lowest rise for 18 months. However, the impact of this was limited, as a flagging housing market has already been priced in to sterling’s value. In terms of data today, the main release is the trade balance figures. Investors are desperate for exports to increase and start driving a ‘rebalancing’ of the economy from debt led growth to export led growth, and this figure will give a good idea of the situation. Additionally, the final GDP figure for the 2nd Quarter is released. This should remain unchanged at 1.2%. Call in now to ensure any unforeseen surprises don’t end up costing you more than they should do.
In the Euro zone, the euro continues to benefit from concerns in the USA. Against the US dollar, the euro is holding strong at $1.3480/1 as market participants back the single currency with the prospects of further Quantitative Easing in the USA. Monetary supply in the Euro region came in higher than expected showing a 1.1% increase against an expectation of 0.4%. More money flowing round the economy means better growth prospects, so this data helped the euro. It is quite incredible that sentiment towards Europe is as good as it seems given the serious structural issues that remain with debt in most of the region. There is a fair amount of data released today, with consumer spending, preliminary German inflation data and German consumer confidence data. Call in now to speak to one of the team about managing your risk in the run up to Christmas.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.178
Sterling rose against the US dollar to hit a 7 week high of $1.5867/£1 as the US currency struggled to shake off concerns that the Federal Reserve would ease monetary policy further to stimulate the flagging recovery. The movement is clearly more down to US dollar weakness than sterling strength, as sterling’s continued weakness against the euro shows. Sterling continued to languish around the 1.1750 mark against the single currency, as the pound continued to track the euro’s recent strength against the US dollar. UK data didn’t help either, with a survey from property market researcher Hometrack showing that UK house price growth has fallen by 0.4% in September – the lowest rise for 18 months. However, the impact of this was limited, as a flagging housing market has already been priced in to sterling’s value. In terms of data today, the main release is the trade balance figures. Investors are desperate for exports to increase and start driving a ‘rebalancing’ of the economy from debt led growth to export led growth, and this figure will give a good idea of the situation. Additionally, the final GDP figure for the 2nd Quarter is released. This should remain unchanged at 1.2%. Call in now to ensure any unforeseen surprises don’t end up costing you more than they should do.
In the Euro zone, the euro continues to benefit from concerns in the USA. Against the US dollar, the euro is holding strong at $1.3480/1 as market participants back the single currency with the prospects of further Quantitative Easing in the USA. Monetary supply in the Euro region came in higher than expected showing a 1.1% increase against an expectation of 0.4%. More money flowing round the economy means better growth prospects, so this data helped the euro. It is quite incredible that sentiment towards Europe is as good as it seems given the serious structural issues that remain with debt in most of the region. There is a fair amount of data released today, with consumer spending, preliminary German inflation data and German consumer confidence data. Call in now to speak to one of the team about managing your risk in the run up to Christmas.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Monday, 27 September 2010
EUR/GBP Rate & Comments for 27th September 2010
EUR/GBP - 1.174
Sterling rose against the US dollar towards the end of last week and in early trading so far today. Sterling reached a high of $1.5842/£1 – a 6 week high – after poor US housing data added to an already weaker US dollar. Strong business sentiment in Germany helped the euro jump against sterling after the figures came in far better than expected. So far today, UK house prices have fallen by 0.4% in September according to a survey by property market researcher Hometrack. This is the 3rd consecutive decline in prices and the largest drop in 18 months. Analysts cited continued uncertainty regarding the economic outlook and concerns over the impact of the coming spending cuts and tax hikes. The rate of decline in house prices is likely to fall as new supply coming onto the market moderates and demand falls. For the rest of the week, keep an eye out for GDP data and consumer confidence figures. Call in and speak to one of the team to ensure you are protected.
In the Euro zone, the euro had a strong end to the week, strengthening to 1.1750/£1 as German consumer business confidence data came in far better than expected. There were some worries last week over the Irish economy. 2nd Quarter GDP for Ireland showed a 1.2% decline against an expectation for 0.5% growth which highlighted the struggle being faced by the country and other ‘peripheral’ European economies. Out today there is money supply data for the Euro zone, which is expected to show a rise of 0.4% in the year to August. Whilst this is positive, it is clouded by the lack of lending to ‘non-financial’ entities – i.e. everyone aside from the banks. This is a key issue globally in that banks have cheap credit available from governments and they have not been passing that on to consumers. Call in now to ensure that you protect yourself against adverse market movements.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.174
Sterling rose against the US dollar towards the end of last week and in early trading so far today. Sterling reached a high of $1.5842/£1 – a 6 week high – after poor US housing data added to an already weaker US dollar. Strong business sentiment in Germany helped the euro jump against sterling after the figures came in far better than expected. So far today, UK house prices have fallen by 0.4% in September according to a survey by property market researcher Hometrack. This is the 3rd consecutive decline in prices and the largest drop in 18 months. Analysts cited continued uncertainty regarding the economic outlook and concerns over the impact of the coming spending cuts and tax hikes. The rate of decline in house prices is likely to fall as new supply coming onto the market moderates and demand falls. For the rest of the week, keep an eye out for GDP data and consumer confidence figures. Call in and speak to one of the team to ensure you are protected.
In the Euro zone, the euro had a strong end to the week, strengthening to 1.1750/£1 as German consumer business confidence data came in far better than expected. There were some worries last week over the Irish economy. 2nd Quarter GDP for Ireland showed a 1.2% decline against an expectation for 0.5% growth which highlighted the struggle being faced by the country and other ‘peripheral’ European economies. Out today there is money supply data for the Euro zone, which is expected to show a rise of 0.4% in the year to August. Whilst this is positive, it is clouded by the lack of lending to ‘non-financial’ entities – i.e. everyone aside from the banks. This is a key issue globally in that banks have cheap credit available from governments and they have not been passing that on to consumers. Call in now to ensure that you protect yourself against adverse market movements.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Friday, 24 September 2010
EUR/GBP Rate & Comments for 24th September 2010
EUR/GBP - 1.175
Sterling rose against the euro yesterday as Euro zone data came in worse than expected and cast doubts over the validity of the region’s recovery. European Purchasing Manager’s data (which shows how much companies are buying) came in far worse than expected causing concerns that the business outlook for the region is looking poor. Sterling rose to 1.1799/£1 on the news and left Wednesday’s 4 month low behind. However, according to Spencer Dale (chief economist at the Bank of England), the UK faces “substantial headwinds” attributable to government spending cuts and tight lending conditions. This leaves a distinct possibility that the Bank of England will inject further money into the economy to stimulate growth. One question needs to be asked though – is the bank’s negative rhetoric a ploy to keep sterling weak and drive exports and a rebalancing of the UK economy? We shall have to wait and see… There is no data out today, so speak to a trader today to avoid missing out on sentiment based trading.
In the Euro zone, the euro had a poor day yesterday falling 0.6% against sterling and 0.5% against the US dollar after worries surfaced over the Irish economy. 2nd Quarter GDP for Ireland showed a 1.2% decline against an expectation for 0.5% growth which highlighted the struggle being faced by the country and other ‘peripheral’ European economies. Wednesday saw the Irish government deny that neither the country itself nor any of the banks within it would default on their debt. Bond markets reacted poorly to the news with the spreads on Irish bonds rose to a record high – a clear sign that investors are avoiding the country’s debt. Out tomorrow there is German business climate data so call in to ensure that you protect yourself against adverse market movements.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.175
Sterling rose against the euro yesterday as Euro zone data came in worse than expected and cast doubts over the validity of the region’s recovery. European Purchasing Manager’s data (which shows how much companies are buying) came in far worse than expected causing concerns that the business outlook for the region is looking poor. Sterling rose to 1.1799/£1 on the news and left Wednesday’s 4 month low behind. However, according to Spencer Dale (chief economist at the Bank of England), the UK faces “substantial headwinds” attributable to government spending cuts and tight lending conditions. This leaves a distinct possibility that the Bank of England will inject further money into the economy to stimulate growth. One question needs to be asked though – is the bank’s negative rhetoric a ploy to keep sterling weak and drive exports and a rebalancing of the UK economy? We shall have to wait and see… There is no data out today, so speak to a trader today to avoid missing out on sentiment based trading.
In the Euro zone, the euro had a poor day yesterday falling 0.6% against sterling and 0.5% against the US dollar after worries surfaced over the Irish economy. 2nd Quarter GDP for Ireland showed a 1.2% decline against an expectation for 0.5% growth which highlighted the struggle being faced by the country and other ‘peripheral’ European economies. Wednesday saw the Irish government deny that neither the country itself nor any of the banks within it would default on their debt. Bond markets reacted poorly to the news with the spreads on Irish bonds rose to a record high – a clear sign that investors are avoiding the country’s debt. Out tomorrow there is German business climate data so call in to ensure that you protect yourself against adverse market movements.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Thursday, 23 September 2010
EUR/GBP Rate & Comments for 23rd September 2010
EUR/GBP - 1.168
Sterling fell to a 4 month low against the euro yesterday of 1.1662/£1 and a 2 month low against a basket of major currencies after the minutes of the Bank of England’s recent interest rate meeting showed that the Monetary Policy Committee were more willing to consider a fresh round of Quantitative Easing. Members voted 8-1 to hold rates with Andrew Sentance yet again standing alone in his call for an interest rate hike of 0.25%. The general consensus was that there were risks on both sides and stood ready to respond in either direction, with many feeling that it was more likely that they would need to inject further stimulus in the coming months. There was one upside today for sterling. The pound jumped against US dollar early this morning and broke the $1.57/ £1 barrier but this was more a function of a relatively weaker US dollar than sterling strength. Out today we have mortgage approval data which is expected to show a decline. Speak to a member of the team to protect yourself in case sterling drops even further.
In the Euro zone, the euro benefited from the prospect of further monetary stimulus in both the UK and the USA after the Federal Reserve left the door open to pump money into the economy if required. The euro saw a boost earlier in the week when Irish and Greek bond auctions saw higher demand than expected. With investors concerned over the UK and the US recoveries, the euro surged to a 5 month high of $1.3437/1 and a 4 month high against sterling of 1.1662/£1. Out later today there is a raft of Purchasing Manager Index data for France, Germany and Europe as a whole. Ensure you are taking advantage of this volatility – especially if you need to move euros into sterling. Speak to a trader today about fixing your budget into the next year.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.168
Sterling fell to a 4 month low against the euro yesterday of 1.1662/£1 and a 2 month low against a basket of major currencies after the minutes of the Bank of England’s recent interest rate meeting showed that the Monetary Policy Committee were more willing to consider a fresh round of Quantitative Easing. Members voted 8-1 to hold rates with Andrew Sentance yet again standing alone in his call for an interest rate hike of 0.25%. The general consensus was that there were risks on both sides and stood ready to respond in either direction, with many feeling that it was more likely that they would need to inject further stimulus in the coming months. There was one upside today for sterling. The pound jumped against US dollar early this morning and broke the $1.57/ £1 barrier but this was more a function of a relatively weaker US dollar than sterling strength. Out today we have mortgage approval data which is expected to show a decline. Speak to a member of the team to protect yourself in case sterling drops even further.
In the Euro zone, the euro benefited from the prospect of further monetary stimulus in both the UK and the USA after the Federal Reserve left the door open to pump money into the economy if required. The euro saw a boost earlier in the week when Irish and Greek bond auctions saw higher demand than expected. With investors concerned over the UK and the US recoveries, the euro surged to a 5 month high of $1.3437/1 and a 4 month high against sterling of 1.1662/£1. Out later today there is a raft of Purchasing Manager Index data for France, Germany and Europe as a whole. Ensure you are taking advantage of this volatility – especially if you need to move euros into sterling. Speak to a trader today about fixing your budget into the next year.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Wednesday, 22 September 2010
EUR/GBP Rate & Comments for 22nd September 2010
EUR/GBP - 1.177
Sterling fell to a 2 month low against the euro yesterday after stronger than expected demand for Irish and Greek government bonds eased concerns over European sovereign debt. Ireland sold 100% of the 1.5bn worth of bonds on offer and Greece managed to sell 390m worth of bonds – 72% of what was on offer. This saw sterling hit a low of 1.1810/£1 as the single currency surged on the strong sentiment that was generated by the bond auction. Sterling wasn’t helped after data was released showing that UK public sector borrowing hit a record high for August as interest payouts on UK government bonds shot up as a result of stubbornly high inflation. The data showed that the UK public sector spent £15.3bn more last month than it took in. In terms of today, there is yet more risk that sterling will drop in the form of the minutes of the Bank of England’s recent interest rate meeting. With concerns that the Bank are considering further Quantitative Easing, investors are keen to cast an eye over the discussions and thoughts of the decision makers. Speak to a trader now to protect yourself against further movements.
In the Euro zone, there were concerns last week over the debt crisis in Europe, as rumours spread that Ireland was seeking help from the International Monetary Fund (IMF). These were quickly allayed yesterday as the bond markets gave the emerald isle a vote of confidence by snapping up the bonds that were on offer. Greece also surprised many, and despite only selling 72% of the bonds that were on offer, this was seen as a huge step towards recovering some confidence in the financial markets. Out later today there is some business sentiment data for Belgium which is unlikely to cause too much of a stir. Speak to a trader now as the euro is likely to remain volatile – especially vs. sterling and the US dollar.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.177
Sterling fell to a 2 month low against the euro yesterday after stronger than expected demand for Irish and Greek government bonds eased concerns over European sovereign debt. Ireland sold 100% of the 1.5bn worth of bonds on offer and Greece managed to sell 390m worth of bonds – 72% of what was on offer. This saw sterling hit a low of 1.1810/£1 as the single currency surged on the strong sentiment that was generated by the bond auction. Sterling wasn’t helped after data was released showing that UK public sector borrowing hit a record high for August as interest payouts on UK government bonds shot up as a result of stubbornly high inflation. The data showed that the UK public sector spent £15.3bn more last month than it took in. In terms of today, there is yet more risk that sterling will drop in the form of the minutes of the Bank of England’s recent interest rate meeting. With concerns that the Bank are considering further Quantitative Easing, investors are keen to cast an eye over the discussions and thoughts of the decision makers. Speak to a trader now to protect yourself against further movements.
In the Euro zone, there were concerns last week over the debt crisis in Europe, as rumours spread that Ireland was seeking help from the International Monetary Fund (IMF). These were quickly allayed yesterday as the bond markets gave the emerald isle a vote of confidence by snapping up the bonds that were on offer. Greece also surprised many, and despite only selling 72% of the bonds that were on offer, this was seen as a huge step towards recovering some confidence in the financial markets. Out later today there is some business sentiment data for Belgium which is unlikely to cause too much of a stir. Speak to a trader now as the euro is likely to remain volatile – especially vs. sterling and the US dollar.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Tuesday, 21 September 2010
EUR/GBP Rate & Comments for 21st September 2010
EUR/GBP - 1.186
Sterling fell to a 7 week low against the euro yesterday after poor UK data highlighted a slow UK recovery. Data showed that lending to businesses dropped for the 5th consecutive month in July and mortgage approval data showed the lowest number of new mortgages in over a year. Figures also showed that monetary supply – or the amount of money in the economy – dropped by 0.2% in August. All of this led investors and analysts to question the UK’s recovery further and saw renewed calls for an additional round of Quantitative Easing from the Bank of England to stimulate the economy. This saw sterling drop to 1.1887/£1 before recovering marginally to end the day above 1.19/£1. Against the US dollar, sterling slipped to a low of $1.5526/£1 despite holding firm above the $1.56/£1 level over the weekend. Out today, there is key public sector borrowing figures which are highly anticipated and will cause sterling movement. Make sure you don’t miss out by speaking to one of the team today.
In the Euro zone, there were no real data releases yesterday but there was positive news from Italy. The Italian trade deficit of 1.37bn showed a surplus of 1.75bn for last month. There were concerns last week over the debt crisis in Europe, as rumours spread that Ireland was seeking help from the International Monetary Fund (IMF). The Irish government quickly denied these rumours but the euro lost nearly a cent against the US dollar. Yesterday however, the euro recovered ground against the US dollar as markets grew concerned that the Federal Reserve would start a fresh round of emergency stimulus. Speak to one of the team today to prevent your payment costing more.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.186
Sterling fell to a 7 week low against the euro yesterday after poor UK data highlighted a slow UK recovery. Data showed that lending to businesses dropped for the 5th consecutive month in July and mortgage approval data showed the lowest number of new mortgages in over a year. Figures also showed that monetary supply – or the amount of money in the economy – dropped by 0.2% in August. All of this led investors and analysts to question the UK’s recovery further and saw renewed calls for an additional round of Quantitative Easing from the Bank of England to stimulate the economy. This saw sterling drop to 1.1887/£1 before recovering marginally to end the day above 1.19/£1. Against the US dollar, sterling slipped to a low of $1.5526/£1 despite holding firm above the $1.56/£1 level over the weekend. Out today, there is key public sector borrowing figures which are highly anticipated and will cause sterling movement. Make sure you don’t miss out by speaking to one of the team today.
In the Euro zone, there were no real data releases yesterday but there was positive news from Italy. The Italian trade deficit of 1.37bn showed a surplus of 1.75bn for last month. There were concerns last week over the debt crisis in Europe, as rumours spread that Ireland was seeking help from the International Monetary Fund (IMF). The Irish government quickly denied these rumours but the euro lost nearly a cent against the US dollar. Yesterday however, the euro recovered ground against the US dollar as markets grew concerned that the Federal Reserve would start a fresh round of emergency stimulus. Speak to one of the team today to prevent your payment costing more.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Monday, 20 September 2010
EUR/GBP Rate & Comments for 20th September 2010
EUR/GBP - 1.193
Sterling slipped against the US dollar on Friday, coming off an earlier 5 week high of $1.5730/£1 but holding firm above the $1.56/£1 level. A lack of UK data on Friday left sterling at the mercy of movements in other currencies and as concerns over Euro zone sovereign debt resurfaced, riskier currencies came under renewed pressure. In the last few weeks, huge swings between positive and negative sentiment mean that sterling is generally tracking the movements between euro and US dollar. It is a relatively quiet day on the economic calendar with the key data being the August mortgage approvals figure. The figure is expected to come in at just under 50,000 – historically a figure that does not correlate with a sustained house price boom. A lot of data points to further slowing in the sector. Later in the week, there is public sector lending figures and the Bank of England Monetary Policy Committee’s minutes from their recent meeting. Ensure you are protected over the coming weeks by speaking to a trader today.
In the Euro zone, Friday saw a fresh round of concerns over the debt crisis in Europe as rumours spread that Ireland was seeking help from the International Monetary Fund (IMF). The Irish government quickly denied these rumours but the euro lost nearly a cent against the US dollar despite being the best performing currency for the week. This shows how sensitive traders are to any sign of problems with debt in the region. There are no real data releases today with the key releases of the week being a business sentiment survey and advanced wholesale price inflation later in the week.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.193
Sterling slipped against the US dollar on Friday, coming off an earlier 5 week high of $1.5730/£1 but holding firm above the $1.56/£1 level. A lack of UK data on Friday left sterling at the mercy of movements in other currencies and as concerns over Euro zone sovereign debt resurfaced, riskier currencies came under renewed pressure. In the last few weeks, huge swings between positive and negative sentiment mean that sterling is generally tracking the movements between euro and US dollar. It is a relatively quiet day on the economic calendar with the key data being the August mortgage approvals figure. The figure is expected to come in at just under 50,000 – historically a figure that does not correlate with a sustained house price boom. A lot of data points to further slowing in the sector. Later in the week, there is public sector lending figures and the Bank of England Monetary Policy Committee’s minutes from their recent meeting. Ensure you are protected over the coming weeks by speaking to a trader today.
In the Euro zone, Friday saw a fresh round of concerns over the debt crisis in Europe as rumours spread that Ireland was seeking help from the International Monetary Fund (IMF). The Irish government quickly denied these rumours but the euro lost nearly a cent against the US dollar despite being the best performing currency for the week. This shows how sensitive traders are to any sign of problems with debt in the region. There are no real data releases today with the key releases of the week being a business sentiment survey and advanced wholesale price inflation later in the week.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Friday, 3 September 2010
EUR/GBP Rate & Comments for 3rd September 2010
EUR/GBP - 1.201
Sterling fell against the euro and US dollar yesterday as weaker than forecast housing and construction data added to concerns that the UK recovery may be faltering. House price data showed that house prices fell by 0.9% last month against an expectation of a 0.3% drop. Construction PMI data also came in much worse than expected. This added to the view of many analysts and investors that the recovery that the UK has seen over the first half of the year is not sustainable and the UK will follow the USA in faltering after an initial period of recovery. After a period of weak data, there are also concerns that the new austerity measures will impact on UK growth. After briefly recovering against the US dollar on Wednesday, a German bank was responsible for selling large quantities of sterling which saw sterling fall against the US dollar and drop to a 3 week low against the euro. Ensure you don’t miss out if sterling drops any further by speaking to a trader today.
In the Euro zone, European data came in very much as expected with quarterly GDP remaining unchanged at 1%, monthly PPI data for the region showing the expected 0.2% improvement and the European Central Bank keeping interest rates on hold at 1%. The Central Bank surprised a few people with their decision to keep policy unchanged, but the press conference later in the afternoon provided a little more clarity. In terms of data today, there is final services PMI data out today and monthly retail sales data which is expected to show a mild 0.3% increase on last month. Get in touch with a trader to ensure you get the best price.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.201
Sterling fell against the euro and US dollar yesterday as weaker than forecast housing and construction data added to concerns that the UK recovery may be faltering. House price data showed that house prices fell by 0.9% last month against an expectation of a 0.3% drop. Construction PMI data also came in much worse than expected. This added to the view of many analysts and investors that the recovery that the UK has seen over the first half of the year is not sustainable and the UK will follow the USA in faltering after an initial period of recovery. After a period of weak data, there are also concerns that the new austerity measures will impact on UK growth. After briefly recovering against the US dollar on Wednesday, a German bank was responsible for selling large quantities of sterling which saw sterling fall against the US dollar and drop to a 3 week low against the euro. Ensure you don’t miss out if sterling drops any further by speaking to a trader today.
In the Euro zone, European data came in very much as expected with quarterly GDP remaining unchanged at 1%, monthly PPI data for the region showing the expected 0.2% improvement and the European Central Bank keeping interest rates on hold at 1%. The Central Bank surprised a few people with their decision to keep policy unchanged, but the press conference later in the afternoon provided a little more clarity. In terms of data today, there is final services PMI data out today and monthly retail sales data which is expected to show a mild 0.3% increase on last month. Get in touch with a trader to ensure you get the best price.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Thursday, 2 September 2010
EUR/GBP Rate & Comments for 2nd September 2010
EUR/GBP - 1.203
Sterling hit a 3 week low against the euro yesterday after UK purchasing manager data came in sharply lower than was expected. The survey asks business purchasing managers whether they have bought more or less this month, and is a key indicator of business activity. It dropped by nearly 3 points on last month to hit the lowest level since November last year. Sterling fell to 1.2007/£1 as a result and struggled against other currencies such as the Australian dollar. Against the US dollar however, sterling broke through a key technical level which saw it hit a high of $1.5444/£1 – above the key 200 day moving average level of $1.5434/£1 which is watched so closely by many traders. However, sterling has shed these gains this morning to drop to $1.5390/£1 as poor data released this morning increased demand for US dollars. The Nationwide house price index showed that house prices have dropped by 0.9% last month sparking concerns over the health of the UK recovery. There is construction sector data released later today which sees further potential for sterling to fall. Call in now for a live price.
In the Euro zone, German retail sales disappointed coming in at -0.3% against an expectation of 0.6% growth. Final European manufacturing purchasing mangers data showed a slight improvement, coming in at 55.1 against an expectation of 55.0. Eurozone PMI data has been boosted recently by a boost in Asian demand for European exports and relief following the recent EU bank ‘stress tests’. The latest figure is released today alongside revised GDP figures and the European Central Bank interest rate decision. This is expected to remain on hold, but get in touch now for a live exchange rate and to ensure any data doesn’t adversely impact your payment.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.203
Sterling hit a 3 week low against the euro yesterday after UK purchasing manager data came in sharply lower than was expected. The survey asks business purchasing managers whether they have bought more or less this month, and is a key indicator of business activity. It dropped by nearly 3 points on last month to hit the lowest level since November last year. Sterling fell to 1.2007/£1 as a result and struggled against other currencies such as the Australian dollar. Against the US dollar however, sterling broke through a key technical level which saw it hit a high of $1.5444/£1 – above the key 200 day moving average level of $1.5434/£1 which is watched so closely by many traders. However, sterling has shed these gains this morning to drop to $1.5390/£1 as poor data released this morning increased demand for US dollars. The Nationwide house price index showed that house prices have dropped by 0.9% last month sparking concerns over the health of the UK recovery. There is construction sector data released later today which sees further potential for sterling to fall. Call in now for a live price.
In the Euro zone, German retail sales disappointed coming in at -0.3% against an expectation of 0.6% growth. Final European manufacturing purchasing mangers data showed a slight improvement, coming in at 55.1 against an expectation of 55.0. Eurozone PMI data has been boosted recently by a boost in Asian demand for European exports and relief following the recent EU bank ‘stress tests’. The latest figure is released today alongside revised GDP figures and the European Central Bank interest rate decision. This is expected to remain on hold, but get in touch now for a live exchange rate and to ensure any data doesn’t adversely impact your payment.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Wednesday, 1 September 2010
EUR/GBP Rate & Comments for 1st September 2010
EUR/GBP - 1.210
Sterling fell across the board on Tuesday as concerns over the global economy sent jitters through financial markets. Sterling dropped to a 5 week low of $1.5327/£1 – breaking through the 200 day ‘moving average’ which means there is likely to be further downward movement. Sterling also hit the lowest level against the Swiss franc since January 2009 and fell significantly against the Japanese yen. The Swiss franc, US dollar and Japanese yen are all ‘safe haven’ currencies and the extent of the demand for these safer holdings shows the level of poor sentiment that is prevalent in the global economy. Despite data showing that UK mortgage approvals increased and consumer credit improved last month, there was a clear feeling yesterday that the best of the UK data has already been seen and it is now a ‘high risk’ currency to invest in. In terms of data released today, there is manufacturing data which is expected to show a mild decline. Call in now to ensure you do not buy when the market has fallen further.
In the Euro zone, the euro also strengthened against sterling by 1.1% to hit 1.2064/£1 which is the highest in roughly 3 weeks. Many traders cited ‘month end’ demand for euro and one UK bank apparently moved a significant amount of sterling into euro which would have had a significant market moving effect. In terms of data yesterday, German unemployment dropped by 2,000 less than expected but Italian data surprised to the upside with retail sales improving by 0.3% and the unemployment rate dropping by 0.1% to 8.4%. Out today there is manufacturing data which is expected to remain the same. Get in touch now for a live price.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.210
Sterling fell across the board on Tuesday as concerns over the global economy sent jitters through financial markets. Sterling dropped to a 5 week low of $1.5327/£1 – breaking through the 200 day ‘moving average’ which means there is likely to be further downward movement. Sterling also hit the lowest level against the Swiss franc since January 2009 and fell significantly against the Japanese yen. The Swiss franc, US dollar and Japanese yen are all ‘safe haven’ currencies and the extent of the demand for these safer holdings shows the level of poor sentiment that is prevalent in the global economy. Despite data showing that UK mortgage approvals increased and consumer credit improved last month, there was a clear feeling yesterday that the best of the UK data has already been seen and it is now a ‘high risk’ currency to invest in. In terms of data released today, there is manufacturing data which is expected to show a mild decline. Call in now to ensure you do not buy when the market has fallen further.
In the Euro zone, the euro also strengthened against sterling by 1.1% to hit 1.2064/£1 which is the highest in roughly 3 weeks. Many traders cited ‘month end’ demand for euro and one UK bank apparently moved a significant amount of sterling into euro which would have had a significant market moving effect. In terms of data yesterday, German unemployment dropped by 2,000 less than expected but Italian data surprised to the upside with retail sales improving by 0.3% and the unemployment rate dropping by 0.1% to 8.4%. Out today there is manufacturing data which is expected to remain the same. Get in touch now for a live price.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Tuesday, 31 August 2010
EUR/GBP Rate & Comments for 31st August 2010
EUR/GBP - 1.216
Sterling’s movement last week was dictated by risk sentiment as sterling suffered on increased risk aversion at the start of the week but benefitted towards the end of the week due to gains in global stock markets. UK quarterly growth was revised upwards which is encouraging due to the fiscal consolidation which will take place. However a closer look at the figures revealed this revision was largely down to an 8.5% increase in construction output which will be very difficult to sustain for the remainder of 2010. This has seen many analysts argue that growth is very likely to slow later in the year. This week is a fairy quiet week for data in the UK. Call in now to speak to a trader about your risk management strategies.
The euro has been little changed overnight against sterling and the US dollar. German unemployment figures will headline the European economic calendar today, with expectations calling for jobless claims to fall 20,000. The unemployment rate is expected to remain unchanged at 7.6%. This is a further sign that the euro is being supported by the good performance of Germany whose export economy is benefitting from the Euros weakness against the US$. Call in now for a live exchange rate.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.216
Sterling’s movement last week was dictated by risk sentiment as sterling suffered on increased risk aversion at the start of the week but benefitted towards the end of the week due to gains in global stock markets. UK quarterly growth was revised upwards which is encouraging due to the fiscal consolidation which will take place. However a closer look at the figures revealed this revision was largely down to an 8.5% increase in construction output which will be very difficult to sustain for the remainder of 2010. This has seen many analysts argue that growth is very likely to slow later in the year. This week is a fairy quiet week for data in the UK. Call in now to speak to a trader about your risk management strategies.
The euro has been little changed overnight against sterling and the US dollar. German unemployment figures will headline the European economic calendar today, with expectations calling for jobless claims to fall 20,000. The unemployment rate is expected to remain unchanged at 7.6%. This is a further sign that the euro is being supported by the good performance of Germany whose export economy is benefitting from the Euros weakness against the US$. Call in now for a live exchange rate.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Friday, 27 August 2010
EUR/GBP Rate & Comments for 27th August 2010
EUR/GBP - 1.219
Sterling benefitted from improved risk sentiment as gains in stock markets gave investors the confidence to seek higher returns elsewhere. Sterling reached $1.5545/£1 against the US dollar as the FTSE 100 gained 1% through the day. Today sees the release of GDP data in the UK and a surprise to the upside could benefit Sterling. Get in touch now to speak to our traders so you can plan ahead accordingly.
The Euro was well supported against Sterling and the US dollar on Thursday as consumer confidence figures pushed German shares higher. Euro zone lending still remains in a fragile situation with data showing that there has been a growth in loans to euro zone households whereas loans to companies have declined by 1.3% over the year. Call in now for a live exchange rate.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.219
Sterling benefitted from improved risk sentiment as gains in stock markets gave investors the confidence to seek higher returns elsewhere. Sterling reached $1.5545/£1 against the US dollar as the FTSE 100 gained 1% through the day. Today sees the release of GDP data in the UK and a surprise to the upside could benefit Sterling. Get in touch now to speak to our traders so you can plan ahead accordingly.
The Euro was well supported against Sterling and the US dollar on Thursday as consumer confidence figures pushed German shares higher. Euro zone lending still remains in a fragile situation with data showing that there has been a growth in loans to euro zone households whereas loans to companies have declined by 1.3% over the year. Call in now for a live exchange rate.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
Thursday, 26 August 2010
EUR/GBP Rate & Comments for 26th August 2010
EUR/GBP - 1.223
Sterling had a fairly quiet day yesterday and remains range bound against the euro and US dollar. With trading volumes still low due to the holiday season any negative surprises could hit confidence in sterling and lead to larger movements than normal. Today sees the release of the CBI Distributive Trade Survey which gives an indication of how retailing activity has faired in August. Get in touch now to speak to our traders so you can plan ahead accordingly.
The euro was initially well supported on Wednesday after the German IFO business climate (survey for German business sentiment) unexpectedly rose in August. Germany are clearly benefitting from a weaker euro as they are an export driven economy. The euro had been under pressure due to risk aversion as Ireland’s sovereign credit rating was downgraded by Standard and Poor. Today sees the release of economic data which should confirm that the pace of contraction in loans to non-financial corporations are continuing to ease. Call in now for a live exchange rate.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
EUR/GBP - 1.223
Sterling had a fairly quiet day yesterday and remains range bound against the euro and US dollar. With trading volumes still low due to the holiday season any negative surprises could hit confidence in sterling and lead to larger movements than normal. Today sees the release of the CBI Distributive Trade Survey which gives an indication of how retailing activity has faired in August. Get in touch now to speak to our traders so you can plan ahead accordingly.
The euro was initially well supported on Wednesday after the German IFO business climate (survey for German business sentiment) unexpectedly rose in August. Germany are clearly benefitting from a weaker euro as they are an export driven economy. The euro had been under pressure due to risk aversion as Ireland’s sovereign credit rating was downgraded by Standard and Poor. Today sees the release of economic data which should confirm that the pace of contraction in loans to non-financial corporations are continuing to ease. Call in now for a live exchange rate.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website.
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