EURO/GBP - 1.219
US$/GBP – 1.538
CHF/GBP – 1.604
CAN$/GBP - 1.627
AUS$/GBP – 1.736
NZD/GBP – 2.189
EURO/US$ - 1.261
Sterling hit a 2 month high against the euro yesterday reaching 1.2279/£1. This was short lived and this morning we have seen sterling lose ground against both the euro and the US$. Trading volumes in August are traditionally low which means that we can see rapid movements even when there is a lack of supporting data. That is why it is so important to get in touch as early as possible so that we can best help you manage your exposure.
In the Euro zone, sentiment in the region has deteriorated following comments from Axel Weber, German Bundesbank president and a member of the ECB’s governing council last week. He is pushing the ECB to extend its ultra loose monetary policy for as long as possible amid concerns that the difficulties caused by the sovereign debt crisis are not over. This seems sensible to me as the risk factors are still extreme. Second quarter growth in Germany was confirmed at 2.2% this morning as exports and investment fuelled Germany’s record breaking economic growth. Get in touch now for a quote to ensure you do not miss out.
The US dollar is performing well against the euro and sterling this week on the back of renewed risk aversion. Today sees the release of US existing home sales which is expected to have fallen to 13.2% in July. Make sure you are taking advantage of the best prices by speaking to a trader today.
The Australian dollar has suffered at the start of this week as their election failed to produce a clear winner. The prospect of a hung parliament caused the Australian dollar to fall. This morning we have seen a slight pull back but the next few days are expected to be volatile as economic compromises will be made by both parties.
Exchange rates change every second - call Smart Currency Exchange for a live up-to-the-minute quote on our Freephone number: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or fill out our online quote form at: SmartCurrencyExchange.com/quote.aspx
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Disclaimer
Exchange rates can move very quickly. The above rates are valid at a moment in time. We have no crystal ball and we recommend that if an exchange rate works for your budget then don’t wait for an even better exchange rate - Murphy’s Law says the rate will go against you and cause you maximum pain! Suggestions should not be taken as advice or fact.
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