FX-Foreign Exchange

Daily Market FX News Wednesday 22nd February, 2012

2012-02-22T00:31:49-08:00

FX-Analysts have seen that even though the EU Officials have managed to reach the long awaited agreement on the second Greek bailout the markets have been very moderate.

After the negotiations that lasted over 13 hours we know that further cuts have been agreed in Health Care, minimum wage, military spending and private bondholders have been convinced to take on more losses whilst the ECB have decided to pass its profits from Greek bond purchases to EU national central banks contributing this way with a 5.5% debt reduction.

The market has reacted indifferently with the EUR/USD declining all the way to 1.3200 whilst European stocks fell.

The Pound Sterling is clinging to the 1.5800 mark this morning ahead of the release of the Bank of England minutes later on. The British Monetary Authority has left the lending benchmark unchanged at 0.5% in its last meeting but is raised its asses purchase programme by £50 billion.

The AUD seems to have recovered to print new session highs so far we have seen 1.0775 and it has been unaffected by the resignations of the Australian Foreign Minister K Rudd.

Japanese stocks fell on Tuesday even after the Euro area finance ministers agreed to a 130 billion euro Greek bailout.

The GBP/USD price tumbled just before hitting 1.5913 and it is now expected to get support at 1.5727.

In China the manufacturing sector contracted again in the fourth straight month as new export orders dropped sharply in the face of the Euro area debt crisis.

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Live Global Currency Exchange Rates Table

2012-02-21T22:15:30-08:00

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Currencies - Cross Rates

	GBP	EUR	USD	AUD	AED	SEK
GBP	1	1.1597	1.56125	1.58516	5.74109	10.66881
EUR	0.86229	1	1.34626	1.36687	4.9505	9.19963
USD	0.64051	0.7428	1	1.01531	3.67723	6.83349
AUD	0.63085	0.7316	0.98492	1	3.62178	6.73045
AED	0.17418	0.202	0.27194	0.27611	1	1.85833
SEK	0.09373	0.1087	0.14634	0.14858	0.53812	1

Other Currencies

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Euro Rates

2012-02-21T22:13:13-08:00

Euro value on 22nd February, 2012

	1 EUR	in EUR
American Dollar	1.3222	0.756315
Australian Dollar	1.2385	0.807428
Brazilian Real	2.26701	0.441111
British Pound	0.8364	1.1956
Bulgarian Lev	1.9558	0.5113
Canadian Dollar	1.3172	0.759186
Chinese Yuan	8.3258	0.120109
Croatian Kuna	7.582	0.131891
Danish Krone	7.4358	0.134484
Hong Kong Dollar	10.2547	0.0975162
Hungarian Forint	288.029	0.00347187
Indian Rupee	65.224	0.0153318
Indonesian Rupiah	11888.2	8.4117e-05
Israeli New Shekel	4.93751	0.202531
Japanese Yen	105.38	0.00948946
Latvian Lat	0.6977	1.43328
Lithuanian Litas	3.45281	0.289619
Malaysian Ringgit	3.9997	0.250019
Mexican Peso	16.8286	0.0594228
New Zealand Dollar	1.5839	0.631352
Norwegian Kroner	7.52	0.132979
Philippine Peso	56.4211	0.0177239
Romanian Leu	4.3565	0.229542
Russian Ruble	39.45	0.0253486
Singapore Dollar	1.66131	0.601936
South African Rand	10.2166	0.0978799
South Korean Won	1488.88	0.000671647
Swedish Krona	8.81071	0.113498
Swiss Franc	1.2073	0.828295
Thai Baht	40.671	0.0245875
Turkish Lira	2.3182	0.431369

For live foreign global currency exchange rates vs euros, either use our currency converter, or go to our LIVE Currency Exchange Rates Information.Buy and sell euros at the best rates here. The rates shown are interbank rates at a fixed point and are presented as a presented as a guide to the foreign exchange rates this morning. As foreign exchange services providers, we buy and sell pounds at the best rates here. The rates shown are interbank rates at a fixed point and are presented as a guide.Our currency service is for clients who need to make bank transfers. We do not handle cash.Call us for our best euros price. +44 (0)1480 458400 or 07525 984456

British Pound Rates

2012-02-21T22:13:02-08:00

British Pound Sterling value on 22nd February, 2012

For live foreign global currency exchange rates vs British Pounds, either use our currency converter, or go to our LIVE Currency Exchange Rates Information.

Buy and sell Pounds Sterling at the best rates here. The rates shown are interbank rates at a fixed point and are presented as a guide to the foreign exchange rates this morning. As foreign exchange services providers, we buy and sell pounds at the best rates here. The rates shown are interbank rates at a fixed point and are presented as a guide only.

	1 GBP	in GBP
American Dollar	1.58082	0.632582
Australian Dollar	1.48075	0.675333
Botswana Pula	11.5053	0.0869168
Brazilian Real	2.71043	0.368945
Brunei dollar	1.98267	0.504371
Bulgarian Lev	2.33835	0.427651
Canadian Dollar	1.57484	0.634984
Chilean Peso	762.241	0.00131192
Chinese Yuan	9.95433	0.100459
Colombian Peso	2813.56	0.000355421
Croatian Kuna	9.06504	0.110314
Danish Krone	8.89025	0.112483
Euro	1.1956	0.8364
Hong Kong Dollar	12.2605	0.0815625
Hungarian Forint	344.368	0.00290387
Iceland Krona	195.326	0.00511963
Indian Rupee	77.9818	0.0128235
Indonesian Rupiah	14213.5	7.03554e-05
Iranian Rial	19380.9	5.15972e-05
Israeli New Shekel	5.90328	0.169397
Japanese Yen	125.992	0.00793699
Kazakhstani Tenge	234.136	0.00427103
Kuwaiti Dinar	0.438757	2.27916
Latvian Lat	0.83417	1.1988
Libyan Dinar	3.05478	0.327356
Lithuanian Litas	4.12818	0.242238
Malaysian Ringgit	4.78204	0.209116
Mauritius Rupee	45.9212	0.0217765
Mexican Peso	20.1202	0.0497012
Nepalese Rupee	124.411	0.00803789
New Zealand Dollar	1.89371	0.528063
Norwegian Kroner	8.99091	0.111223
Omani Rial	0.607826	1.64521
Pakistan Rupee	143.691	0.00695938
Philippine Peso	67.457	0.0148243
Qatari Rial	5.75419	0.173786
Romanian Leu	5.20864	0.191989
Russian Ruble	47.1664	0.0212015
Saudi Riyal	5.92809	0.168689
Singapore Dollar	1.98626	0.50346
South African Rand	12.215	0.0818668
South Korean Won	1780.1	0.000561766
Sri Lanka Rupee	187.438	0.00533509
Swedish Krona	10.5341	0.09493
Swiss Franc	1.44345	0.692786
Thai Baht	48.6263	0.020565
Turkish Lira	2.77164	0.360797
Venezuelan Bolivar	6.78062	0.147479

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US Dollar Rates

2012-02-21T22:12:35-08:00

US Dollar value on 22nd February, 2012

For live foreign global currency exchange rates vs usd, either use our currency converter, or go to our LIVE Currency Exchange Rates Information.

	1 USD	in USD
Australian Dollar	0.936696	1.06758
Brazilian Real	1.71457	0.583237
British Pound	0.632582	1.58082
Bulgarian Lev	1.4792	0.676041
Canadian Dollar	0.996218	1.0038
Chinese Yuan	6.29693	0.158808
Croatian Kuna	5.73438	0.174387
Danish Krone	5.62381	0.177815
Euro	0.756315	1.3222
Hong Kong Dollar	7.75579	0.128936
Hungarian Forint	217.841	0.0045905
Indian Rupee	49.3299	0.0202717
Indonesian Rupiah	8991.23	0.000111219
Israeli New Shekel	3.73431	0.267787
Japanese Yen	79.7005	0.012547
Latvian Lat	0.527681	1.89508
Lithuanian Litas	2.61141	0.382935
Malaysian Ringgit	3.02503	0.330575
Mexican Peso	12.7277	0.0785688
New Zealand Dollar	1.19793	0.834773
Norwegian Kroner	5.68749	0.175824
Philippine Peso	42.6721	0.0234345
Romanian Leu	3.29489	0.3035
Russian Ruble	29.8366	0.0335159
Singapore Dollar	1.25647	0.795881
South African Rand	7.72697	0.129417
South Korean Won	1126.06	0.000888052
Swedish Krona	6.66367	0.150067
Swiss Franc	0.913099	1.09517
Thai Baht	30.7601	0.0325096
Turkish Lira	1.75329	0.570356

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FX Currency News Tuesday 21st Febrary, 2012

2012-02-21T00:31:59-08:00

As we write this morning we learn that at 3am in Brussels a deal appears to have been reached with Euro zone finance ministers and the deal will see Greece being financed by 130 billion euros as they plan to reduce its debt to GDP ratio to 121%

Overnight the EUR/USD is trading higher on Tuesday after the finance ministers approved the second financial aid. The cross is up at 0.51% at 1.3282 with the next resistance at 1.3292.

In the UK retail estate prices increased at the fastest pace ion 10 years. It is thought the price jump was supported by the improved confidence and sales tax holiday provided by the Government that finishes in March.

The GBP/USD is trading very well this morning above the 1.5800 mark and at the time of writing the cross is up at 0.21% at 1.5862. Later on today the UK public sector net borrowing will be published.

In America unemployment is hovering above 9 per cent with foreign competition throwing many out of work.

Despite near term weakness expected from USD/JPY at 79.93/80.25, the overall trend should remain upward sloping, with the target at 86.85. Supports are at 79.00, 78.41 and 78.29.

Daily Market News Monday 20th February, 2012

2012-02-20T00:47:48-08:00

It look as though we are nearly at the point of saving Greece from declaring bankruptcy and will soon be able to provide the country with a fresh EUR 130 billion bailout . The finance ministers are meeting this morning.

It seems that with this in mind the financial markets in Asia opened with a “risk on” approach and helping to underpin the bid tone was the approval on Saturday evening b the Greek Cabinet of a final set of cuts requested by the Troika before the bailout money can be made available.

The EUR/USD bloc currency is trading above the 1.3200 as we write this morning after the PBoC has cut 50 bps its reserve requirements to 20.5 for large banks and 18.5% for smaller ones. The monetary authority would pump around 40 million yuan ($64 million) into the naming system. This measure that has been long awaited would come ahead of the critical economic date due in March.

In the UK unemployment seems to be on an upward trend and with credit conditions tightening real incomes is still being squeezed and it is still very tough. Mr. Mervyn King the Bank of England Governor has claimed that cooling inflation will continue to curb the consumption and ease the situation for customers. Many FX-Analysts believe that the high street sales are growing whilst employment is struggling and loan availability is shrinking.

As we write this morning the EUR/JPY is facing tough resistance at 105.44/106.80 and it is thought that this is unlikely to be breached at the first attempt. The boas is still bullish as the pair trades above key support at 101.67

In the US consumer prices rose by 0.2% in January and this was driven by the rising cost of clothes and petrol.

Date from China has shown that there has been a large slowdown in China’s housing market which prices either flatter or lower and it has been cited by a government report that no new homes were sold in Beijing during the recently week long Lunar New Year holiday.

FX-Foreign Exchange Market News Friday 17th February, 2012

2012-02-17T01:12:49-08:00

During the US Session overnight significant progress on securing a Greek bond –swap deal and a fresh bailout to the indebted country has produced an aggressive short covering. The EUR is short running to the exits as it realizes that the headlines carried enough substance to believe the finishing touches to a second bailout deal for Greece are now finally underway.

A Euro official was quoted as saying that “We are almost there” “Unless someone comes up with an idea to undermine the whole deal it should be approved on Monday by the European Financial Ministers” There is cautious optimisim and Greece has done what it had to do. Greece has to make €325 million in spending cuts and this has been agreed between the government and the Euro group. The cuts are coming from defense, public sector wages and other ministries.

The EUR/GBP is advancing for the first time this week ahead of the UK retail sales figures. As we write this morning the EUR/GBP is up 0.07% at 0.8311 with the first hurdle lying at 0.8319 ahead of 0.8359.

The EUR/USD has gone quieter this morning after finding a daily high yesterday by New York close at 1.3158. We saw the pair bounce strongly yesterday from 3 week lows at 1.2975 to finally stall at yesterdays high of 1.3158.

Daily News from FX-Foreign Exchange Thursday 16th February, 2012

2012-02-16T00:54:01-08:00

The bloc currency has dropped on Troika Officials comments regarding a possible delay of some parts of the entire second rescue fund for Greece. This is due to the lack of confidence as far as some of the Greek politicians commitment to the austerity deal is concerned. The payment of the bailout may now be postponed until after the April, 2011 general elections.

The delay would give Greece some time to finalize the debt swap with its private bondholders it does pose a risk of the country defaulting on it 14.5 billion euro debt on March 20th

The growing concerns around the Eurozone seem to be strengthening the USD whilst the JPY has weakened due to the Bank of Japan’s asset purchase programme being extended by 10 Trillion Yen.
As we write during the European Session the USD/JPY is printing new highs at 78.73 and is quoting higher than it has in the last 3 months. The cross seems to be below the post-intervention spike of Oct 31^st at 79.52 and the day after 1.11 at 78.97.

The Euro zone economy contracted less than was expected in the last quarter of 2011 as France and Germany helped to mitigate the recession. Gross domestic product also fell 0.3% according to the European statistical office.

The GBP/USD is this morning remaining capped but tough resistances at 1.5921.

Economic sentiment in Switzerland improved in February according to the Centre for European Economic Research and over in Japan stocks rose yesterday after the Ban of Japan announced that it will add 10 trillion yen to its asset purchase programme.

Daily Foreign Exchange News Wednesday 15th February, 2012

2012-02-14T23:59:28-08:00

The Eurogroup meeting that was scheduled for today to discuss the disbursement of bailout money for Greece has been cancelled due to further technical work with the Troika that is needed in a “number of areas”. It is though that a conference call will take place instead and that a Euro group meeting is scheduled for February 20th.

It will be interesting to see how long the market is willing to remain tolerant on this matter but according to many the investors are now better prepared both operationally and psychologically for destabilizing steps out of Greece should it become necessary.

The USD/CHF lost the 0.9200 handle during the Asian Session and after printing a daily low at 0.9155 in the European opening the cross is rebounding to 0.9175.

As we write this morning the Pound Sterling is closely following the Euro and has jumped from 1.5734 into the Asian trading hours and has been boosted by hopes of the Greek final bailout package and Chinese promises to help the Euro Zone.

Inflation in the UK has declined in January with the consumer price falling to 3.6 percent in January from 4.2 percent in December according to the Office for National Statistics. The Bank of England and other financial experts expect inflation to keep falling through this year providing additional relief.

In the US retail sales grew less than expected in January as vehicle purchases tumbled and the total of retail sales rose 0.4% the previous month from December, when sales stagnated.

The EUR/USD has dropped to 1.3067 and it is widely expected to trade near this level for some time with gains likely to be mild as the price is capped by a resistance at 1.3322. Below 1.3067 the air should target 1.2891/54.