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.
Showing posts with label UK recovery. Show all posts
Showing posts with label UK recovery. Show all posts
Thursday, 2 September 2010
Thursday, 19 August 2010
EUR/GBP Rate & Comments for 19th August 2010
EUR/GBP - 1.213
Sterling recovered from 3 week lows against the US dollar after the Bank of England’s minutes from their most recent monetary policy meeting eased market speculation that the Bank would loosen monetary policy further. Sterling rose to hit a daily high of $1.5689/£1 after hitting $1.5498/£1 as speculation grew that the Bank had discussed adding further emergency funding to the economy. However, the Bank kept rates and the Asset Purchase Facility on hold and briefly discussed expanding the £200bn in the economy if it was needed, but none of the rate setters voted for any expansion in the programme. Lone member Andrew Sentance yet again called for a 0.25% interest rate hike for the 3rd month in a row. That was the only data out yesterday of importance – out today there is key monthly retail sales data which is expected to show a slight decline after last month’s World Cup related boost to retail sales. Get in touch now for a live exchange rate and to ensure you don’t lose out if the data doesn’t come in as expected.
In the Eurozone, it was a fairly quiet day for the region with most of the focus on the UK. However, the euro slipped against sterling and the US dollar after a report in German newspaper Der Spiegel stated that the austerity measures put in place to fix Greece are damaging the German economy. Euro dropped by 0.4% against the US dollar to hit $1.2805/1 and it fell by around 0.2% against sterling to hit 1.2134/£1. In terms of data, German purchasing manager data came in at 0.5% - better than expected. Get in touch 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 - 1.213
Sterling recovered from 3 week lows against the US dollar after the Bank of England’s minutes from their most recent monetary policy meeting eased market speculation that the Bank would loosen monetary policy further. Sterling rose to hit a daily high of $1.5689/£1 after hitting $1.5498/£1 as speculation grew that the Bank had discussed adding further emergency funding to the economy. However, the Bank kept rates and the Asset Purchase Facility on hold and briefly discussed expanding the £200bn in the economy if it was needed, but none of the rate setters voted for any expansion in the programme. Lone member Andrew Sentance yet again called for a 0.25% interest rate hike for the 3rd month in a row. That was the only data out yesterday of importance – out today there is key monthly retail sales data which is expected to show a slight decline after last month’s World Cup related boost to retail sales. Get in touch now for a live exchange rate and to ensure you don’t lose out if the data doesn’t come in as expected.
In the Eurozone, it was a fairly quiet day for the region with most of the focus on the UK. However, the euro slipped against sterling and the US dollar after a report in German newspaper Der Spiegel stated that the austerity measures put in place to fix Greece are damaging the German economy. Euro dropped by 0.4% against the US dollar to hit $1.2805/1 and it fell by around 0.2% against sterling to hit 1.2134/£1. In terms of data, German purchasing manager data came in at 0.5% - better than expected. Get in touch 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, 13 August 2010
EUR/GBP Rate & Comments for 13th August 2010
EUR/GBP - 1.217
It has been a mixed week for sterling which ended the week up against the euro and down against the US dollar as a fresh wave of risk aversion hit global markets. Sterling hit a new 6 month high of $1.5999/ £1 on Monday but then dropped to a 2 week low of $1.5565/£1 on Thursday. The reason for this sudden increase in risk aversion was as a result of Wednesday’s Bank of England quarterly inflation report. This was a key assessment of the new government’s spending cuts and tax hikes and as a result, growth forecasts were slashed and inflation is expected to be well within the target 2% level within 2 years. More importantly, the Bank left the door wide open for further emergency Quantitative Easing if it is needed. This left financial markets concerned over UK recovery. Poor housing data and lower consumer confidence added to sterling’s problems and the strength against the Euro was related to risk aversion caused by the US economy. Call in now to ensure you don’t lose out on further poor market movements
In the Euro zone, sterling has broken out of the tight range we have seen over the last 2 weeks against the euro after the US Federal Reserve voted to inject further money to jumpstart the flagging US recovery. This saw investors pull out of riskier euro assets and buy into the safer currencies of US dollar and sterling. As a result, the euro lost over 2% against the US dollar and 1% against sterling. Poor data from Greece and a drop in European industrial output on Thursday kept the euro under pressure. Out today, there is GDP data for the region so call in now to ensure that you don’t miss 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 - 1.217
It has been a mixed week for sterling which ended the week up against the euro and down against the US dollar as a fresh wave of risk aversion hit global markets. Sterling hit a new 6 month high of $1.5999/ £1 on Monday but then dropped to a 2 week low of $1.5565/£1 on Thursday. The reason for this sudden increase in risk aversion was as a result of Wednesday’s Bank of England quarterly inflation report. This was a key assessment of the new government’s spending cuts and tax hikes and as a result, growth forecasts were slashed and inflation is expected to be well within the target 2% level within 2 years. More importantly, the Bank left the door wide open for further emergency Quantitative Easing if it is needed. This left financial markets concerned over UK recovery. Poor housing data and lower consumer confidence added to sterling’s problems and the strength against the Euro was related to risk aversion caused by the US economy. Call in now to ensure you don’t lose out on further poor market movements
In the Euro zone, sterling has broken out of the tight range we have seen over the last 2 weeks against the euro after the US Federal Reserve voted to inject further money to jumpstart the flagging US recovery. This saw investors pull out of riskier euro assets and buy into the safer currencies of US dollar and sterling. As a result, the euro lost over 2% against the US dollar and 1% against sterling. Poor data from Greece and a drop in European industrial output on Thursday kept the euro under pressure. Out today, there is GDP data for the region so call in now to ensure that you don’t miss 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.
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