EUR/GBP Rate & Comments for 13th July 2010
EUR/GBP - 1.196
Sterling fell against the US dollar on Monday after concerns resurfaced over the UK’s triple A credit rating. Standard & Poor’s said it was maintaining the negative outlook on Britain’s economy as the challenging spending cuts announced in the recent emergency budget have yet to be made and the economy may not grow as fast as the government has predicted. Despite the recent budget announcement, the government has yet to implement the required spending cuts and this is what concerns the credit rating agency. Elsewhere, GDP for the 1st Quarter remained unchanged at 0.3% and the current account deficit unexpectedly jumped by £5bn. The key data today is the UK inflation figures, which are likely to show a decline from last month’s annual rate of 3.4% - reflecting the spare capacity of the economy. Mervyn King has been saying for some time that inflation will fall off through the year – justifying his decision to keep interest rates and the asset purchase programme on hold. Call in now for a live exchange rate.
In the Euro zone, news has just been announced that Portugal’s credit rating has been downgraded. This reflects the ongoing concerns over sovereign debt in the region, and yesterday saw the euro give back gains to the US dollar and pound on concerns on what bank ‘stress testing’ would uncover. Recent euro strength – against sterling and US dollar – has been seen as a reflection of weakening prospects in the UK and the USA and not as a reflection of any reduction in the issues surrounding sovereign debt in the region. Out today, there is economic sentiment data released. 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.
Showing posts with label emergency budget. Show all posts
Showing posts with label emergency budget. Show all posts
Tuesday, 13 July 2010
Monday, 12 July 2010
EUR/GBP Rate & Comments for 12th July 2010
EUR/GBP - 1.190
Sterling slipped against the USD dollar and euro on Friday as the post-election and budget rally seems to be coming to an end. After hitting $1.5141/ £1 on Thursday – the highest level since May – the pound is now trading at $1.4970/ £1. Data showed that factory gate inflation slowed more than expected, suggesting that the recent rise in prices may indeed be temporary as the Bank of England had predicted. Since the election and the emergency budget, the pound has performed well as investors feel that there is a clear plan in place to clear the deficit. However, it now seems clear that this will come at the cost of slow growth and as such sterling has begun to retrace gains seen recently. Out today, the focus is on final GDP figures for the 1st quarter, which is expected to remain at 0.3%. Out next week, there is the 1st estimate for 2nd Quarter GDP which is estimated at 0.7% by many. Get in touch now to ensure you buy at the right price.
In the Euro zone, there are likely to be some sore heads and very little economic activity in Spain today following last night’s football success. The euro fell 0.3% in overnight trade against the US dollar as the single currency gave back gains made last week. The euro has strengthened against the pound and is currently trading around the 1.19/ £1 level. Confidence in the euro zone seems to be creeping back in after ECB Bank President Jean-Claude Trichet pledged to take the necessary steps to deliver price stability. However, there is still a high possibility that the euro will lose ground again versus the pound. European finance ministers meet today in Brussels. Call in 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 - 1.190
Sterling slipped against the USD dollar and euro on Friday as the post-election and budget rally seems to be coming to an end. After hitting $1.5141/ £1 on Thursday – the highest level since May – the pound is now trading at $1.4970/ £1. Data showed that factory gate inflation slowed more than expected, suggesting that the recent rise in prices may indeed be temporary as the Bank of England had predicted. Since the election and the emergency budget, the pound has performed well as investors feel that there is a clear plan in place to clear the deficit. However, it now seems clear that this will come at the cost of slow growth and as such sterling has begun to retrace gains seen recently. Out today, the focus is on final GDP figures for the 1st quarter, which is expected to remain at 0.3%. Out next week, there is the 1st estimate for 2nd Quarter GDP which is estimated at 0.7% by many. Get in touch now to ensure you buy at the right price.
In the Euro zone, there are likely to be some sore heads and very little economic activity in Spain today following last night’s football success. The euro fell 0.3% in overnight trade against the US dollar as the single currency gave back gains made last week. The euro has strengthened against the pound and is currently trading around the 1.19/ £1 level. Confidence in the euro zone seems to be creeping back in after ECB Bank President Jean-Claude Trichet pledged to take the necessary steps to deliver price stability. However, there is still a high possibility that the euro will lose ground again versus the pound. European finance ministers meet today in Brussels. Call in 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, 29 June 2010
EUR/GBP Rate & Comments for 29th June 2010
EUR/GBP - 1.231
Sterling had a strong day yesterday, climbing to a 1 ½ year high against the euro and a 7 week high against the US dollar. The pound jumped to 1.2250/ £1 and $1.5104/ £1 as the UK currency continued to benefit from last week’s tight emergency budget. Investors speculated that the Euro zone debt problems would leave the region much weaker than the UK after the new coalition’s tight budget was received well by the financial markets. Many analysts see this as the budget that whips the economy into shape. However, gains against the US dollar have been muted, as many analysts feel that last week’s post-budget gains went too far. Another boost for the pound came as everyone’s favourite Bank of England member Andrew Sentence stated that the latest budget would not remove the need for interest rate hikes in the coming months. Out later today, there is monthly lending data and also data on mortgage approvals. Even though the markets have been moving up, there is nothing to stop the pound dropping – call in now to ensure that you secure the best rate.
In the Euro zone, monthly inflation data for Germany came in as expected but money supply data showed that the amount of money in the European economy had shrunk by 0.2%. There is little data out today aside from a European commission report on confidence in the region which is expected to show relatively stable readings. Sentiment towards the Euro zone has seen a relative drop compared to the UK as the emergency budget was released – call in now, especially if you have euros to move into sterling as we could see 1.25/ £1 a lot sooner than many would like.
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 - 1.231
Sterling had a strong day yesterday, climbing to a 1 ½ year high against the euro and a 7 week high against the US dollar. The pound jumped to 1.2250/ £1 and $1.5104/ £1 as the UK currency continued to benefit from last week’s tight emergency budget. Investors speculated that the Euro zone debt problems would leave the region much weaker than the UK after the new coalition’s tight budget was received well by the financial markets. Many analysts see this as the budget that whips the economy into shape. However, gains against the US dollar have been muted, as many analysts feel that last week’s post-budget gains went too far. Another boost for the pound came as everyone’s favourite Bank of England member Andrew Sentence stated that the latest budget would not remove the need for interest rate hikes in the coming months. Out later today, there is monthly lending data and also data on mortgage approvals. Even though the markets have been moving up, there is nothing to stop the pound dropping – call in now to ensure that you secure the best rate.
In the Euro zone, monthly inflation data for Germany came in as expected but money supply data showed that the amount of money in the European economy had shrunk by 0.2%. There is little data out today aside from a European commission report on confidence in the region which is expected to show relatively stable readings. Sentiment towards the Euro zone has seen a relative drop compared to the UK as the emergency budget was released – call in now, especially if you have euros to move into sterling as we could see 1.25/ £1 a lot sooner than many would like.
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, 28 June 2010
EUR/GBP Rate & Comments for 28th June 2010
EUR/GBP - 1.216
Sterling had a strong week last week as tough spending cuts announced in the emergency budget eased fears amongst investors that the UK would suffer a debt crisis akin to Greece or Spain. The pound hit a 19 month high of 1.22/ £1 and held above the $1.50/ £1 level for the first time in nearly 5 weeks. A new trend emerged that clearly showed the budget helped separate the UK from the rest of Europe in the eyes of investors. Normally, when European stock markets have fallen in the last few months, the pound has followed suit against the euro. However, last week, we saw sterling hold strong in the face of faltering European markets. With little UK data out today, the focus is on the general risk trends. Many analysts feel that there is not enough positive impetus to push the pound beyond $1.50/ £1 – get in touch now to avoid missing out.
In the Euro zone, stock markets are set to rise this morning after Asian markets strengthened overnight. The rally was caused as fears eased that the US senate would draft a harsh banking regulation bill. There had been concerns that at the meeting of the G20 leaders over the weekend, the leaders would co-ordinate some sort of global financial regulation package, but as it was the summit proved fairly inconclusive. The general outcome seemed to be that every country had slightly different issues to contend with and as a result, the respective governments would do things their own way. European money supply data out today is expected to show a further contraction in the rate of growth. Sentiment towards the region is still poor – 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 - 1.216
Sterling had a strong week last week as tough spending cuts announced in the emergency budget eased fears amongst investors that the UK would suffer a debt crisis akin to Greece or Spain. The pound hit a 19 month high of 1.22/ £1 and held above the $1.50/ £1 level for the first time in nearly 5 weeks. A new trend emerged that clearly showed the budget helped separate the UK from the rest of Europe in the eyes of investors. Normally, when European stock markets have fallen in the last few months, the pound has followed suit against the euro. However, last week, we saw sterling hold strong in the face of faltering European markets. With little UK data out today, the focus is on the general risk trends. Many analysts feel that there is not enough positive impetus to push the pound beyond $1.50/ £1 – get in touch now to avoid missing out.
In the Euro zone, stock markets are set to rise this morning after Asian markets strengthened overnight. The rally was caused as fears eased that the US senate would draft a harsh banking regulation bill. There had been concerns that at the meeting of the G20 leaders over the weekend, the leaders would co-ordinate some sort of global financial regulation package, but as it was the summit proved fairly inconclusive. The general outcome seemed to be that every country had slightly different issues to contend with and as a result, the respective governments would do things their own way. European money supply data out today is expected to show a further contraction in the rate of growth. Sentiment towards the region is still poor – 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.
Friday, 25 June 2010
EUR/GBP Rate & Comments for 25th June 2010
EUR/GBP - 1.210
Sterling extended gains yesterday and hit the highest level since November 2008 against the euro after renewed sovereign debt fears in Greece contrasted sharply with a new found optimism that the UK budget cuts will rein in the country’s record deficit. Following the new government’s emergency budget, investors are now confident that the UK is well on the way to being on a stable financial footing again. One of the big drivers yesterday was investors buying back sterling after placing extreme bets that the pound would fall. This extra demand has seen the pound at a 5 month high against a basket of major currencies, after peaking yesterday at 1.2222/£1 and $1.5011/ £1. We have the G8 meetings going on today, and any positive rhetoric will continue to have a strong effect on the pound. Get in touch now for a live price.
In the Euro zone, yesterday saw Greek debt take centre stage again after the cost of insuring against Greek government default jumped to record levels. The market in this type of insurance gives investors a very clear picture of the sentiment towards the region, and the record cost meant that the euro fell yesterday with one analyst at French bank Societe Generale expecting the pound to hit 1.25/ £1 soon. Data out today in the Euro zone is expected to show that German import prices have increased by 2% in May – up 9.5% on last year. France’s GDP growth is expected to remain unchanged at 0.1% for the quarter. 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 - 1.210
Sterling extended gains yesterday and hit the highest level since November 2008 against the euro after renewed sovereign debt fears in Greece contrasted sharply with a new found optimism that the UK budget cuts will rein in the country’s record deficit. Following the new government’s emergency budget, investors are now confident that the UK is well on the way to being on a stable financial footing again. One of the big drivers yesterday was investors buying back sterling after placing extreme bets that the pound would fall. This extra demand has seen the pound at a 5 month high against a basket of major currencies, after peaking yesterday at 1.2222/£1 and $1.5011/ £1. We have the G8 meetings going on today, and any positive rhetoric will continue to have a strong effect on the pound. Get in touch now for a live price.
In the Euro zone, yesterday saw Greek debt take centre stage again after the cost of insuring against Greek government default jumped to record levels. The market in this type of insurance gives investors a very clear picture of the sentiment towards the region, and the record cost meant that the euro fell yesterday with one analyst at French bank Societe Generale expecting the pound to hit 1.25/ £1 soon. Data out today in the Euro zone is expected to show that German import prices have increased by 2% in May – up 9.5% on last year. France’s GDP growth is expected to remain unchanged at 0.1% for the quarter. 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, 24 June 2010
EUR/GBP Rate & Comments for 24th June 2010
EUR/GBP - 1.218
Sterling hit a 6 week high against the US dollar of $1.4999/£1 after sentiment was given a large boost. Firstly, following the emergency budget on Tuesday, credit rating agency Moody’s stated that the UK will retain the AAA credit rating if it successfully implements Tuesday’s measures. In addition, investors were in for a shock when the Bank of England’s minutes for this month’s meeting on monetary policy showed that one of the Bank members voted for a rise in interest rates – the first time for over 2 years that anyone has voted for a rate hike. With VAT set to rise to 20% and a round of tough spending cuts, the affirmation from Moody’s should ease investor concern over the UK. As a result, the pound saw a welcome boost. However, many analysts said that whilst the rise was justified, there are still genuine concerns over the possibility that the cuts and tax hikes could stifle out growth. As a result, many expect that the pound will not have the momentum to push far past $1.50/ £1 for some time. Get in touch now to take advantage of the best price in 6 weeks.
In the Euro zone, the euro fell against the pound as investors flocked to sterling. The pound hit 1.2189/ £1 at one point yesterday. Sentiment towards the euro is still poor, as Portugal announced that borrowing from the ECB by banks in the country doubled in May to a new record level. Banks in the region are having to borrow directly from the central bank, as they face difficulties borrowing on the ‘interbank’ market. The interbank market is where banks borrow money on a short term basis (e.g. overnight) to pay obligations. Due to poor sentiment in the region, the interest rates for overnight lending are prohibitively high and banks are going to the central bank for financing. Out today, we have some retail sales and industrial data – 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 - 1.218
Sterling hit a 6 week high against the US dollar of $1.4999/£1 after sentiment was given a large boost. Firstly, following the emergency budget on Tuesday, credit rating agency Moody’s stated that the UK will retain the AAA credit rating if it successfully implements Tuesday’s measures. In addition, investors were in for a shock when the Bank of England’s minutes for this month’s meeting on monetary policy showed that one of the Bank members voted for a rise in interest rates – the first time for over 2 years that anyone has voted for a rate hike. With VAT set to rise to 20% and a round of tough spending cuts, the affirmation from Moody’s should ease investor concern over the UK. As a result, the pound saw a welcome boost. However, many analysts said that whilst the rise was justified, there are still genuine concerns over the possibility that the cuts and tax hikes could stifle out growth. As a result, many expect that the pound will not have the momentum to push far past $1.50/ £1 for some time. Get in touch now to take advantage of the best price in 6 weeks.
In the Euro zone, the euro fell against the pound as investors flocked to sterling. The pound hit 1.2189/ £1 at one point yesterday. Sentiment towards the euro is still poor, as Portugal announced that borrowing from the ECB by banks in the country doubled in May to a new record level. Banks in the region are having to borrow directly from the central bank, as they face difficulties borrowing on the ‘interbank’ market. The interbank market is where banks borrow money on a short term basis (e.g. overnight) to pay obligations. Due to poor sentiment in the region, the interest rates for overnight lending are prohibitively high and banks are going to the central bank for financing. Out today, we have some retail sales and industrial data – 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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