Exchange Rates and Daily Market Commentary. If your currency pairing is not listed above or you want to make an international money transfer, check out our comparison tables at www.mycurrencytransfer.com
Good morning. The 17 member common European currency took a breather yesterday as no further bad news was received from the eurozone. The day had started on a low for Euro – inline with last few days’ trend. The single currency had lost further ground on the news of Italy’s downgrade. Weak data from Germany didn’t help Euro either as producer index had dropped by 0.3% during the quarter whilst investors’ confidence had plummeted to a three year low. In the morning trade bond yields issued by Rome were inching up, until it became clear the European Central Bank is buying heavily from the market to support Rome. This strengthened the Euro towards the later half of the day. Also Greece’s announcement that it has paid off two coupons worth €769 million lifted the Euro further.
In Britain, the minutes of the Monetary Policy Committee (MPC) meeting was released today, and there was no proposal for another round of QE, though MPC members have observed that a new round of stimulus may be required in near future. Sterling slipped to an 8 ½ month low against the USD. GBP was also rather flat against the Euro and hit a day low of 1.444.
CURRENCY RATE OVERVIEW
GBP/US$ – 1.5690
GBP/CHF – 1.4052
GBP/CAN$ – 1.5591
GBP/AUS$ – 1.5265
GBP/ZAR – 12.1055
GBP/JPY – 119.81
GBP/NZD – 1.9076
GBP/SEK – 10.4054
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Euro: The USD had seen some big fluctuations against the Euro on Tuesday, but mostly remained unchanged at the end of the day. The GBP/Euro pair had hit a high of 1.1442 during the day and ended the day at 1.1494. The pair opened lower at 1.1450 today over MPC’s dovish stand and lower Public Sector Net Borrowing (PSNB).
USD: The USD pared some of its gains yesterday and it may see further fall today as the market is expecting another monetary easing by the Federal Reserve in tonight’s FOMC meeting. GBP/USD opened at 1.5630 today morning.
Elsewhere the AUD and the NZD firmed against the USD to highs of 1.0312 and 0.8265 respectively. The Swiss Franc also lost 0.7% against the USD and 0.5% against the Euro yesterday.
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