{"id":1304,"date":"2011-11-28T11:12:52","date_gmt":"2011-11-28T11:12:52","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=1304"},"modified":"2011-11-29T12:04:03","modified_gmt":"2011-11-29T12:04:03","slug":"exchange-rates-and-market-commentary-28112011","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/exchange-rates-and-market-commentary-28112011\/","title":{"rendered":"Exchange Rates and Market Commentary [28\/11\/2011]"},"content":{"rendered":"

Good morning.<\/p>\n

Germany has set the ball in motion \u2013 with France\u2019s backing, for a stronger fiscal integration among the EU members. Angela Markel is surely thinking long-term and seems determined to ensure that countries with loose monetary policy get a taste of reality. Germany\u2019s original plan was to secure agreement among all the 27 EU countries that would enable tighter budget controls over the 17 member common currency zone \u2013 a measure that will help in shoring up the defence against any future crisis. <\/p>\n

However, EU sources reveal that Chancellor Markel and President Sarkozy have realised that getting all the 27 members on board may not be possible and are exploring possibilities to get the euro zone countries to agree to the proposal. A separate agreement outside the EU treaty involving only 8-10 countries is also being explored. The recent market attack on Italy, Spain and France suggests some bold measures are required within weeks.<\/p>\n

CURRENCY RATES OVERVIEW<\/h2>\n

GBP\/EURO \u2013 1.1637
\nGBP\/US$ \u2013 1.5546
\nGBP\/CHF \u2013 1.4332
\nGBP\/CAN$ – 1.6101
\nGBP\/AUS$ \u2013 1.5732
\nGBP\/ZAR \u2013 12.9532
\nGBP\/JPY \u2013 120.71
\nGBP\/HKD \u2013 12.1055
\nGBP\/NZD \u2013 2.0628
\nGBP\/SEK \u2013 10.7824<\/p>\n

If your currency pairing is not listed above, speak to a foreign exchange<\/a> broker by clicking through to our comparison tables at www.mycurrencytransfer.com.<\/p>\n

EURO: Euro weakened further on Friday across the board after it became known that Italy\u2019s 10-year note auction didn\u2019t generate much interest and yields have touched the unsustainable 7.3 per cent. The situation worsened after rating\u2019s agency S&P cut Belgium by one notch to AA. The Finn\u2019s continued opposition to Eurobonds and ECB\u2019s Mersch saying there\u2019s no proposal to expand ECB\u2019s mandate to become the lender of last resort didn\u2019t help the euro either. The GBP\/EUR pair ended the day on modest gains. Focus today will remain on tomorrow\u2019s European finance minister\u2019s meet. The GBP\/EUR pair opens at 1.1627 today morning.<\/p>\n

USD: Sterling suffered losses against the greenback on Friday, making it the fifth day in a row, and ended the day at about 1.5440. The USD gained against both the CHF and the JPY on Friday, reinforcing the greenback\u2019s reputation as the ultimate safe haven. The cable may continue to suffer this week as tomorrow Chancellor Osborne\u2019s Autumn Statement outlining the euro\u2019s effect on UK economy is expected tomorrow. The GBP\/USD pair opens at 1.5508 this morning.<\/p>\n

Elsewhere, the Swiss franc gained against the common currency on Friday while the antipodean currencies traded in a narrow range against the USD, mirroring the overall risk sentiment. <\/p>\n

Elsewhere, the antipodean currencies remained weak against the greenback yesterday. Both the GBP\/AUD and GBP\/NZD pairs opened steady against the cable at 1.5945 and 2.0870 today morning.<\/p>\n

Travelling abroad? Budget your trip effectively with a prepaid travel money card<\/a><\/p>\n

Have a great day!<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Germany has set the ball in motion \u2013 with France\u2019s backing, for a stronger fiscal integration among the EU members. Angela Markel is surely thinking long-term and seems determined to ensure that countries with loose monetary policy get a taste of reality. Germany\u2019s original plan was to secure agreement among all the 27 EU countries that would enable […]<\/p>\n","protected":false},"author":1,"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\/1304"}],"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=1304"}],"version-history":[{"count":7,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1304\/revisions"}],"predecessor-version":[{"id":1315,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1304\/revisions\/1315"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=1304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=1304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=1304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}