Good morning. Yesterday it was Germany\u2019s turn to vote for a bigger EFSF fund. The Bundestag voted 523 to 85 to approve the expansion of the European Financial Stability Facility (EFSF). Germany will now contribute \u20ac211 billion to the EFSF instead of \u20ac123 billion. However, German finance minister Wolfgang Schaeuble said he opposes the expansion of EFSF anytime soon. In the morning trade today, the common currency dropped against the USD over doubts of the firepower of the EFSF, leaving it on track for its biggest monthly fall in 10 months. Retail sales in Germany fell by 2.9% in August, driving the euro down further. Heavy selling by Japanese exporters pushed the euro close to a 10 year low against the Yen.<\/p>\n
The Sterling gained 0.7% against the greenback yesterday on news that the Swiss National Bank will increase its Sterling reserve holdings. The pound however, lost ground against the Euro yesterday and ended the day 0.4% lower. Data out yesterday showed British home prices inching up 0.1%. Nationwide predicted stable house prices till the end of 2011.<\/p>\n
Sentiment for the Euro still remains negative as many investors continue to bet on a Greek default. The next big challenge will be the EU trying to expand the size of EFSF to \u20ac2 trillion and ring-fence a potentially \u2018managed\u2019 Greek default.<\/p>\n
Yesterday evening both Standard & Poor\u2019s and Fitch cut New Zealand\u2019s rating from AAA citing growing government and household debt. The budget deficit for the country also widened as the government went on a spending spree after the country was hit by a devastating earthquake.<\/p>\n
The Eurozone \u201cflash\u201d September PMI is out today. The September Chicago PMI and US personal spending for August will indicate the US economy\u2019s health in Q3, 2011.<\/p>\n
GBP\/EURO \u2013 1.1504
\nGBP\/US$ \u2013 1.5546
\nGBP\/CHF \u2013 1.4038
\nGBP\/CAN$ – 1.6202
\nGBP\/AUS$ \u2013 1.5982
\nGBP\/ZAR \u2013 12.4075
\nGBP\/JPY \u2013 119.21
\nGBP\/HKD \u2013 12.1138
\nGBP\/NZD \u2013 2.0332
\nGBP\/SEK \u2013 10.6732<\/p>\n
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<\/p>\n EURO: The pound fell by 0.4% against the euro yesterday. The EUR\/USD pair opened at 1.3525 today morning. The GBP\/EUR pair is hovering around 1.1523 level.<\/strong><\/p>\n USD: The USD as safe haven is again in demand after New Zealand suffered ratings cut yesterday. Also consumer confidence data for the US came in better than expected. The GBP\/USD pair starts its day at 1.5578 today. <\/p>\n Elsewhere, the AUD and the NZD tumbled over NZ\u2019s debt rating cut. Also China\u2019s PMI came lower than 50 for the third month in a row.<\/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<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Good morning. Yesterday it was Germany\u2019s turn to vote for a bigger EFSF fund. The Bundestag voted 523 to 85 to approve the expansion of the European Financial Stability Facility (EFSF). Germany will now contribute \u20ac211 billion to the EFSF instead of \u20ac123 billion. However, German finance minister Wolfgang Schaeuble said he opposes the expansion of EFSF anytime soon. In […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[110],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1047"}],"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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/comments?post=1047"}],"version-history":[{"count":8,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1047\/revisions"}],"predecessor-version":[{"id":1237,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1047\/revisions\/1237"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=1047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=1047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=1047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}