Euro Exchange Rate and Comments

noreply@blogger.com (Charles Purdy) — Fri, 08 Oct 2010 08:29:00 +0000

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Charles Purdy

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.

noreply@blogger.com (Charles Purdy) — Thu, 07 Oct 2010 08:41:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Wed, 06 Oct 2010 07:43:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Tue, 05 Oct 2010 07:37:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Mon, 04 Oct 2010 08:49:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Fri, 01 Oct 2010 08:18:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Thu, 30 Sep 2010 08:56:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Wed, 29 Sep 2010 08:13:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Tue, 28 Sep 2010 07:37:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Mon, 27 Sep 2010 09:07:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Fri, 24 Sep 2010 08:13:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Thu, 23 Sep 2010 07:46:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Wed, 22 Sep 2010 07:45:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Tue, 21 Sep 2010 08:14:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Mon, 20 Sep 2010 08:52:00 +0000

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.

noreply@blogger.com (Charles Purdy) — Fri, 17 Sep 2010 08:54:00 +0000

EUR/GBP Rate & Comments for 17th September 2010

EUR/GBP - 1.194

Sterling fell to a 7 week low against the euro yesterday as retail sales unexpectedly fell for August and high demand for Spanish debt strengthened the single currency. Sterling slipped to €1.1904/£1 as retail sales fell by 0.5% against an expected gain of 0.3%. Many analysts took the data as a sign that consumers are reigning in spending ahead of spending cuts/ tax hikes expected later in the year. Sterling stayed relatively flat against the US dollar after a strong performance earlier in the week. A survey showed that British factory orders dropped a little more than expected against last month and export figures fell slightly. The UK needs to rebalance from an economy driven by debt to an economy driven by exports and with a weak currency this should happen automatically. Poor export figures are therefore a concern. There is no real data out today, so call in and speak to a trader – especially if you need to move euros into sterling.

In the Euro zone, the single currency had a strong day yesterday. Data showed that the trade deficit fell by more than expected. Analysts expected the deficit to shrink to €-0.7bn but in fact it came in at just €-0.2bn. In addition, the Spanish government auctioned a number of bonds today and demand was far higher than expected. With the current concerns over European debt that are prevalent, the high demand surprised analysts and investors and drove sentiment higher for the euro. This resulted in it hitting a 7 week high against the pound. It is again a relatively light day on the economic calendar today, with German inflation data the only real data released. Call in now to ensure you are protected as currency markets are incredibly volatile.

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.

noreply@blogger.com (Charles Purdy) — Thu, 16 Sep 2010 09:00:00 +0000

EUR/GBP Rate & Comments for 16th September 2010

EUR/GBP - 1.199

Sterling performed well against the US dollar yesterday as traders bought the pound following an increase in employment. Early data showed an unexpected rise in the number of people claiming unemployment benefits which saw the pund drop to its lowest level against the euro since early July. However, when figures showed that the number of people in work rose by a record 286,000 to July, investors shook off earlier concerns which saw sterling rise to a daily high of $1.5650/£1 against the US dollar. In an address to the Trades Union Congress, Bank of England Governor Mervyn King said that the Bank “stood ready to act” if the economy needed further stimulus, but gave no clues as to whether they were preparing a fresh round of Quantitative Easing – leaving traders to wait until the Bank of England minutes are released next week. In terms of data, today sees monthly retail sales data and consumer inflation expectations. Speak to one of the team today to take advantage of higher US dollar prices.

In the Euro zone, yearly and core inflation data for the Euro zone was released yesterday. The yearly figures came in as expected at 1.6% and the core price inflation moved marginally higher to 1.0%. Aside from this, Europe had a quiet day as other news dominated trading headlines. Out today is trade balance data for the region. Call in now and speak to a trader and ensure 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.

noreply@blogger.com (Charles Purdy) — Wed, 15 Sep 2010 08:42:00 +0000

EUR/GBP Rate & Comments for 15th September 2010

EUR/GBP - 1.192

Sterling performed well against the US dollar yesterday as UK inflation beat expectations and helped eased concerns that the Bank of England would increase their programme of Quantitative Easing. By close of play yesterday, sterling had hit a daily high of $1.5585/£1 against the US dollar as the stubborn inflation data saw investors back sterling as speculation grew that the US Federal Reserve would look to stimulate the US economy. Yearly inflation moved back up above 3.0%, coming in at 3.1% despite expectations that price growth would tail off as the austerity packages take effect. The Bank of England seems rather obsessed with the inflation figures and seems to be using the data as an excuse not to implement measures to help stimulate the economy. This was alluded to by many analysts as poor house price data demonstrated that the economy is still in trouble. A survey by the Royal Institute of Chartered Surveyors showed the biggest one month fall in house prices since June. Out later today there is unemployment data and Bank of England governor Mervyn King speaks to the Trades Union Congress in Manchester. Speak to a trader today to make sure you get the best price on your foreign exchange.

In the Euro zone, it was a mixed day for data with ZEW economic sentiment, industrial production and French inflation data all underperforming expectations. The key figure of economic sentiment came in at -4.7 against an expectation of 10.7 as a result of concerns over the European banking sector in the past few weeks. Despite this, the euro strengthened to a one month high against the US dollar gaining over 1% to hit $1.3031/€1 after breaking through a key technical level on the exchange rate graphs. In terms of data, there is yearly and core inflation data for the Euro zone released today. Speak to one of the team now to ensure 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.

noreply@blogger.com (Charles Purdy) — Tue, 14 Sep 2010 09:49:00 +0000

EUR/GBP Rate & Comments for 14th September 2010

EUR/GBP - 1.198

Sterling performed well against the US dollar yesterday as positive Chinese data and new banking rules helped boost risk appetite amongst global investors. Sterling gained 0.5% against a generally weaker US dollar to hit $1.5488 as sentiment towards the pound was positive throughout the day’s trading. There was very little data out but the impetus came from Strong Chinese data that showed Chinese factory data was strong – despite efforts by the Chinese government to curb the buoyant economy and avoid an asset bubble. As a result, investors felt happier taking risks and moved funds out of US dollars and into ‘riskier’ currencies. In terms of data, there is inflation data released later this morning which will be very closely watched as many analysts fear a ‘double dip’ recession is looming in the UK. Any sign of this in the inflation figures and we will likely see sterling suffer. Call in now to ensure you don’t lose out.

In the Euro zone, the single currency held firm against sterling throughout the day with risk appetite seeing more demand for the euro than sterling. In Europe, risk appetite was helped by the announcement of the new Basel rules on capital adequacy. Known as ‘Basel III’, the rules force banks to almost treble the amount of capital they must hold on reserve in order to avoid a repeat of the financial crisis. This clarification has helped investors feel more confident about the recovery and saw European bank shares soar throughout much of the day, bringing European stock exchanges with them. Data wise, there is industrial data released tomorrow that is expected to show a mild improvement so call in now to take advantage of sentiment driven prices.

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.

noreply@blogger.com (Charles Purdy) — Mon, 13 Sep 2010 09:24:00 +0000

EUR/GBP Rate & Comments for 13th September 2010

EUR/GBP - 1.207

Sterling fell on Friday against the US dollar and euro after uncertainty regarding the UK economy lead market analysts to recommend selling sterling. Thursday saw the UK post a record trade deficit and then Friday’s wholesale price inflation came in far weaker than expected which left many feeling that the Bank of England would not raise interest rates until well into 2011. Spending cuts were back in the spotlight as £4bn worth of welfare cuts were announced on top of the existing plans to cut the bill by £11bn. With October’s spending review on the horizon, traders expect it to be a close fought race between sterling and euro as fresh concerns circulated last week over the European banking sector. Many expect sterling to end up the weaker of the two after a real autumn chill seems to have taken a grip of the data coming from the UK. There is no real data released today, with all eyes on inflation figures tomorrow. Speak to a trader now to ensure you are protected.

Generally speaking, economic data coming from the Euro zone has been encouraging. Business sentiment for example has been boosted by strong demand from Asia for European exports. However, despite many analysts expecting this trend to continue, last week saw relatively disappointing figures. German factory orders showed a 2.2% month on month decline and industrial production only showed a 0.1% gain. This will be reflected in regional industrial data released tomorrow. Similarly, there is no data released today so call in now to take advantage of sentiment driven prices.

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.

noreply@blogger.com (Charles Purdy) — Fri, 10 Sep 2010 09:30:00 +0000

EUR/GBP Rate & Comments for 10th September 2010

EUR/GBP - 1.213

Sterling fell against the US dollar yesterday after the UK reported a record goods trade deficit and on speculation that the Bank of England would further stimulate the economy with additional Quantitative Easing. Sterling dipped as figures showed that the UK’s trade deficit unexpectedly jumped to a record £8.667bn. Whilst this entails imports outpacing exports – suggesting increased domestic demand – analysts are sceptical that this will help boost UK growth as the pending spending cuts take full effect over the next few years. The Bank of England held their interest rate meeting yesterday and kept interest rates on hold at 0.5% as expected, but many commentators expect further money to be pumped into the economy at a later stage as the ‘fiscal austerity’ measures cut growth and output. The main UK data out today is wholesale price inflation, which is expected to show a 0.2% rise. Get in touch now for a live exchange rate and to ensure you are protected.

In the Euro zone, the single currency rose by 0.4% on the day against sterling as investors bought in following poor sentiment towards the UK. There was also speculation that several European banks had orders in place to buy significant amounts of euros which added a boost. In terms of data, French non-farm payroll data came in slightly under the 0.2% that was expected, showing 0.1%. German inflation data also came in as expected at 0.0%. There is French and Italian industrial production data out today so call in to ensure 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.

noreply@blogger.com (Charles Purdy) — Thu, 09 Sep 2010 09:26:00 +0000

EUR/GBP Rate & Comments for 9th September 2010

EUR/GBP - 1.210

Sterling recovered from 6 week lows against the US dollar after strong housing data and stock market strength that saw global investors buy into riskier assets. Data released by mortgage lender Halifax showed that UK house prices rose for the second month running in August coming in at a 0.2% rise against expectations of a 0.3% drop. Manufacturing production rose by 0.3% in July taking the annual level to the highest level since 1994 which is helping to rebalance the economy away from debt based growth to manufacturing based growth. The main data out today is the Bank of England’s interest rate decision – released at 12:00pm today. Whilst the market expects rates to stay the same and the emergency funding level to stay at £200bn, a recent run of poor data may reignite the debate about expanding the emergency asset purchasing facility to stimulate the economy. The announcement could potentially see some significant volatility if anything unexpected happens. Call in now for a live exchange rate.

In the Euro zone, the single currency fell off against sterling as concerns crept back over the European banking system following an article earlier in the week criticising the European bank stress tests earlier in the year. The ‘spread’ (the difference in interest paid on government bonds vs. a German bond) increased in Portuguese and Irish bonds as uncertainty increased. Investors closely follow bond spreads and widening spreads indicate uncertainty. Final consumer price inflation for Germany (which came in at 0.0% for the month) is the only real data. Expect the euro to trade on sentiment. 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.

noreply@blogger.com (Charles Purdy) — Wed, 08 Sep 2010 10:06:00 +0000

EUR/GBP Rate & Comments for 8th September 2010

EUR/GBP - 1.217

Sterling fell to a 6 week low against the US dollar yesterday after concerns over the European banking sector and financial difficulties in the housing sector. Social housing maintenance firm Connaught suspended trading in its shares on Tuesday after failing to secure enough funding to pay its debts. The BBC said that the firm is on the brink of administration. Data from the British Retail Consortium showed that sales grew in August, but consumers remained cautious. With investors spooked by risk aversion, sterling hit $1.5298/ £1 – the lowest in 6 weeks. Sterling dropped to a 6 week low against the euro on Monday. There has been some respite however, as a Halifax survey of house prices came in better than expected showing that prices rose by 0.2% against an expectation of a 0.3% drop. Later today we have industrial production and manufacturing data. Call in now to ensure you minimise your risk.

In the Euro zone, fresh worries over the European banking sector were sparked after an article published in the Wall Street Journal stated that the much criticised European bank stress tests had understated the exposure of many of the banks to risky assets. This followed an announcement by Germany’s banking association that the country’s 10 largest banks would need an additional €105bn injection in order to comply with new banking regulations regarding capital adequacy. There is industrial production data out today. Call in now for an exact 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.

noreply@blogger.com (Charles Purdy) — Tue, 07 Sep 2010 10:29:00 +0000

EUR/GBP Rate & Comments for 7th September 2010

EUR/GBP - 1.206

Sterling has had a difficult seven days with the release of poor UK economic data raising significant concerns on the UK’s recovery. On Thursday we have the Bank of England meeting and sterling is being undermined by the worry that the BoE may revisit their programme of quantitative easing given the poor data. This has been on hold since the last quarter of last year and in the past when utilized has led to sterling losing value. Given these worries I would suggest you get in touch to minimise your risks in these highly volatile times.

Sterling continues to hover around the €1.20 level which is a key level of support. Economic data following the summer season is in short supply. The German economy is still the key driver for the euro zone and so long as this keeps on moving forward then we will see support for the euro.

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.

noreply@blogger.com (Charles Purdy) — Mon, 06 Sep 2010 09:48:00 +0000

EUR/GBP Rate & Comments for 6th September 2010

EUR/GBP - 1.194

Sterling suffered last week as fundamental data showed signs that the UK recovery is abruptly running out of steam. Purchasing manager data gives a bearing on how much companies are buying and is a useful tool in gauging the relative health of the economy. This came in at the lowest level for 9 months. In addition, Nationwide house price data showed that house prices dropped by 0.9% last month – the second consecutive monthly drop. New construction orders also fell by 14% on Friday which added further concern to investors over the growth prospects in the UK economy as the spending cuts take effect. It is a busy week this week, with manufacturing data, wholesale inflation, retail sales and the Bank of England interest rate decision. There is likely to be significant volatility and the outlook doesn’t look ideal for sterling strength. Call in now to ensure that you have protected yourself and your upcoming payments.

In the Euro zone, last week saw the European Central Bank announced that it would extend its credit line to banks until January 2011 and kept interest rates on hold. Monetary policy stays fairly loose too. Caution remains in the region, with mixed data leaving investors a little uncertain. Germany continues to outperform the rest of Europe with strong export and manufacturing figures, but this contrasts sharply with the ‘Southern European’ states of Greece, Spain, Portugal and Ireland. Sentix consumer confidence data is released today ahead of a more comprehensive figure later in the week and should give a good bearing on institutional risk appetite which many feel has improved marginally over the last few months. Call in now to ensure 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.