{"id":1017,"date":"2011-09-20T09:46:21","date_gmt":"2011-09-20T09:46:21","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=1017"},"modified":"2011-10-05T13:56:46","modified_gmt":"2011-10-05T13:56:46","slug":"exchange-rates-and-market-commentary-20092011","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/exchange-rates-and-market-commentary-20092011\/","title":{"rendered":"Exchange Rates and Market Commentary [20\/09\/2011]"},"content":{"rendered":"

Exchange Rates and Daily Market Commentary. If your currency pairing is not listed above or you want to make an international money transfer<\/a>, check out our comparison tables at www.mycurrencytransfer.com<\/a><\/em><\/p>\n

Good morning. The European single currency tumbled this morning following a double whammy. Firstly, ratings agency Standard and Poor\u2019s decided to cut Italy\u2019s credit rating from A+ to A, citing slower than expected economic growth and poor debt management. To add insult to injury, Bank of China stopped trading forex swaps and forwards with some European banks including French lenders BNP Paribas, Societe Generale and Credit Agricole. Lambasting Italy\u2019s ruling political coalition, the ratings agency said: \u201cItaly\u2019s fragile governing coalition and policy differences within parliament will continue to limit the government\u2019s ability to respond decisively to domestic and external macroeconomic challenges.\u201d One can only hope Prime Minister Silvio Berlusconi takes time out from his \u2018\u2018extra-curricular activites\u2019\u2019 and focuses more on the country\u2019s spiraling debt. Old habits however, die hard!<\/p>\n

Sterling was subdued against the USD yesterday as possibilities for a third round of Quantitative Easing is getting stronger. The Monetary Policy Minutes of the Bank of England is expected to be out on Wednesday. The GBP\/USD pair started at 1.5740, but had hit 1.5633 \u2013 the lowest since January this year, as banks sold the Cable heavily. The greenback was preferred as investors ran for safety over the impending Greek default. Sterling dropped to two-and-a-half-years low on Monday against the Japanese Yen. The Federal Reserves starts its two days September meeting on the other side of the Atlantic today.<\/p>\n

CURRENCY RATE OVERVIEW<\/h2>\n

GBP\/ EURO –\u00a01.1502
GBP\/ US$ \u2013 1.5680
GBP\/ CHF \u2013 1.3874
GBP\/ CAN$ \u2013 1.5557
GBP\/ AUS$ \u2013 1.5361
GBP\/ ZAR \u2013 12.1088
GBP\/ JPY \u2013\u00a0119.93
GBP\/ HKD \u2013\u00a012.2245
GBP\/ NZD \u2013 1.9142
GBP\/ SEK \u2013 10.5282<\/p>\n

EURO<\/strong>: There is a greater consensus now that Greece will not be able to meet the preconditions for further bailout money. The situation got further complicated yesterday as news spread that Athens was contemplating referendum over the Euro and its future continuance in the EU. However, deputy government spokesman Angelos Tolkas scotched reports of Greece leaving the eurozone. EUR\/USD pair had fallen to an intraday low of 1.3586 yesterday before rallying to 1.3721 over reports of the ECB\/IMF\/EU Troika-Greece nearing a deal in the coming days, though there were no confirmations from the Troika. IMF\u2019s Greek representative Bob Traa refused to comment if Greece will receive the sixth tranche. \u201cThat’s what we are working on … We are making progress but it would not be correct for me to speculate on this … I don’t have a crystal ball but we are working 24\/7 to get it done,\u201d said Traa.<\/p>\n

USD<\/strong>: The USD was stronger against the Swiss Franc as Greek default looks imminent. The Swiss authority\u2019s recent intervention to weaken the currency against the Euro has driven more investors towards the USD as a safer option. Elsewhere, the Aussie and the New Zealand dollars fell against the greenback yesterday.<\/p>\n

This currency bulletin has been brought to you by MyCurrencyTransfer.com \u2013 the world\u2019s leading foreign exchange price comparison site. If you are looking to make a foreign currency transfer, why not check out our comparison tables at www.mycurrencytransfer.com<\/p>\n","protected":false},"excerpt":{"rendered":"

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 European single currency tumbled this morning following a double whammy. Firstly, ratings agency Standard and Poor\u2019s decided to cut Italy\u2019s credit rating from A+ to A, citing […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[110,3],"tags":[64],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1017"}],"collection":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/comments?post=1017"}],"version-history":[{"count":2,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1017\/revisions"}],"predecessor-version":[{"id":1166,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1017\/revisions\/1166"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=1017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=1017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=1017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}