Smart Daily Blog
Author: Charles Purdy
Published Date: 07th February 2012EURO/GBP - 1.2036
US$/GBP – 1.5814
CHF/GBP – 1.4524
CAN$/GBP - 1.5752
AUS$/GBP – 1.4643
ZAR/GBP – 11.957
JPY/GBP – 121.26
HKD/GBP – 12.2689
NZD/GBP – 1.8911
SEK/GBP – 10.6245
AED/GBP – 5.8116
US$/EURO - 1.3142
INR/GBP - 77.25
To request a up-to-the minute quotation, call 0845 638 0571 or (+44 207 898 0500 from outside the UK) or fill out our quote form: http://www.smartcurrencybusiness.com/quote1.htm
In the UK yesterday we saw the release of house price data with the price of homes rising more than expected. The main focus though remains on Europe and Greece in particular with the continued lack of resolution surrounding its debt crisis; this resulted in sterling getting close to the €1.21/£1 level yesterday before weakening off in the afternoon. Moreover, the UK looks towards the Bank of England interest rate decision on Thursday with the expectation of the market still pointing towards an expansion of the asset purchase facility. Today there is very little data released in the UK. Call in now for the latest update and the latest news.
In the Euro zone yesterday, there was further delay with Greek leaders failing to provide a response to the demands by international creditors on economic measures despite the apparent 11am deadline. A gathering of Greek political leaders has now been pencilled in for today as they struggle for a unified response. We wait to see if there will be any positive developments. The Greek Prime minister did manage to negotiate an agreement of cutting 1.5% of GDP in principle over the weekend but many issues were left unresolved which need to be settled before it can receive its €130bn bailout package. The German Chancellor has been quoted as saying that "time is running out" whilst saying that they refuse to acknowledge the possibility of a Greek bankruptcy. Euro zone investor confidence and German factory orders came in better than expected yesterday, but, both went largely unnoticed with the markets eyes firmly fixed on Greece. With regards to actual data released today; the market will look towards the French trade balance and the German industrial production to provide some insight on the state of the Economy in the two largest Euro zone economies. Call in now for the latest update and the latest news.
There was no significant data released in the US with the market trading on the back of continued developments in the Euro zone. Yesterday saw the dollar weaken off against both sterling and the euro despite the market fears surrounding the on-going problems in Europe. The Chairman of the Federal Bank is speaking later on today as the market looks for further insight to the state of the world’s largest economy. Call in now for the latest update and the latest news.
Elsewhere, the International Monetary Fund (IMF) has cut its growth forecasts for China with Moody's already warning that the Euro zone malaise has increased the threat of contagion to Asia, Australia and New Zealand. Further bad news for Australia came in the form of weak retail sales data; however, the Reserve Bank of Australia surprised a lot of people by keeping the interest rates set at 4.25% with their announcement first thing this morning. This has seen the Australian dollar strengthen against sterling to record highs just over the A$1.46/£1 level. Canada's purchasing manager index was well above the level the markets had anticipated and out today we see if the building permits data released can mirror this positivity. Also out today is the release of Switzerland foreign currency reserves. Call in now for the latest update and the latest news.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote on: 0845 638 0571 (or +44 (0)207 898 0500 from outside the UK) or fill out our online quote form at: SmartCurrencyBusiness.com/quote1.htm
Author: Charles Purdy
Published Date: 06th February 2012EURO/GBP - 1.2048
US$/GBP – 1.5772
CHF/GBP – 1.4551
CAN$/GBP - 1.5704
AUS$/GBP – 1.4706
ZAR/GBP – 11.968
JPY/GBP – 120.83
HKD/GBP – 12.2310
NZD/GBP – 1.8988
SEK/GBP – 10.601
AED/GBP – 5.7921
US$/EURO - 1.3082
INR/GBP - 76.86
To request a up-to-the minute quotation, call 0845 638 0571 or (+44 207 898 0500 from outside the UK) or fill out our quote form: http://www.smartcurrencybusiness.com/quote1.htm
On Friday the main focus once more was away from UK with the attention of the market drawn to the US unemployment data and the ongoing Euro zone Greek refinancing. The only significant UK data released was the Services Purchasing Managers Index (PMI) which came in much better than expected. Following the release of the unemployment data out in the US, risk appetite increased which resulted in sterling weakening against the Canadian Dollar, New Zealand dollar and Australian dollar. This week in the UK we have the release of manufacturing data, but the main focus will be on Thursday where we will discover if the Bank of England will expand the asset purchase program with a further round of quantitative easing. The expectation is an additional £50 billion which will increase the programme of quantitative easing from £275billion to £325billion. The official bank rate is widely expected to remain at 0.5%. Call in now for the latest update and the latest news.
On Friday a Greek government spokesman said that a basic outline of a deal on the Greek debt restructuring has been agreed and that talks were now underway for the second EU/IMF financing package. Moreover, Greek political leaders have been instructed that they must provide a response to demands by international creditors on economic measures by 11am this morning. As a result, we could see some volatility early on. The Euro zone PMI figures were released which came in as expected. Greece will remain the main focus in the Euro zone this week with the whole world looking to see if and how the ongoing problems will be resolved. The European Central Bank’s interest rate decision will be announced on Thursday with the general consensus suggesting that the rate will remain at 1.00%. German trade balance data and Euro zone investor confidence is also released this week. Call in now for the latest update and the latest news.
In the US on Friday, much better than expected US unemployment data was released with the unemployment rate falling to the lowest level since February 2009. The US Institute for Supply management (ISM) Non-Manufacturing PMI also came in better than expected which weakened the dollar as risk appetite drove the market once more. This release of positive data suggests that there are better long term prospects for the US economy and potentially no need for more quantitative easing. President Obama reiterated this sentiment saying that the economy is getting stronger and that the recovery is speeding up. Out this week in the US there is further unemployment data and the release of trade balance data. The Chairman of the Federal Bank is speaking on two separate occasions. Call in now for the latest update and the latest news.
Elsewhere, on Friday the Australian dollar and the New Zealand dollar strengthened on the back of the positive global economic outlook following the better than expected US unemployment data whilst the yen weakened. The Swiss government said that the Swiss franc cap of at least 1.20 per euro will be enforced at an absolute minimum. Canadian unemployment data came in worse than expected seeing the jobless rate rise to 9 month high. Out this week, we see the release of the Australian interest rate decision which is currently expected to be reduced from 4.25% to 4.00%. There is also the release of the Australian, Canadian and Chinese trade balance data and unemployment data in New Zealand. Call in now for the latest update and the latest news.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote on: 0845 638 0571 (or +44 (0)207 898 0500 from outside the UK) or fill out our online quote form at: SmartCurrencyBusiness.com/quote1.htm
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