{"id":1391,"date":"2012-01-11T15:03:41","date_gmt":"2012-01-11T15:03:41","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=1391"},"modified":"2012-01-11T15:03:42","modified_gmt":"2012-01-11T15:03:42","slug":"exchange-rates-and-market-commentary-11012012","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/exchange-rates-and-market-commentary-11012012\/","title":{"rendered":"Exchange Rates and Market Commentary [11\/01\/2012]"},"content":{"rendered":"

Good morning and welcome to today\u2019s foreign exchange market commentary on Wednesday the 11th of January.<\/p>\n

The market was relieved yesterday on at least one front \u2013 the French sovereign rating. After months of tensed anticipation, ratings agency Fitch announced France gets to keep its coveted status for now and will probably manage to keep it for the entire 2012. Fitch acknowledged that France remains vulnerable because of the ailing banking sector, and the additional European Financial Stability Facility commitment, but they remain manageable. President Sarkozy, who faces elections in April, should be a little relieved since borrowing costs are unlikely to hit the roof. French debt, however, remains 50 per cent more expensive than German Bunds, an indication of the market factoring in country\u2019s weaknesses.<\/p>\n

French economic data brought cheer to the market as manufacturing, particularly the food and mining sector, performed strongly. One swallow doesn\u2019t make a summer, but amid all round gloom, the two EU heavyweights, France and Germany, can drive the region\u2019s fight-back.<\/p>\n

CURRENCY RATES OVERVIEW<\/h2>\n

GBP\/EURO \u2013 1.2115
\nGBP\/US$ \u2013 1.5481
\nGBP\/CHF \u2013 1.4701
\nGBP\/CAN$ – 1.5708
\nGBP\/AUS$ \u2013 1.5012
\nGBP\/ZAR \u2013 12.5259
\nGBP\/JPY \u2013 118.91
\nGBP\/HKD \u2013 12.0115
\nGBP\/NZD \u2013 1.9454
\nGBP\/SEK \u2013 10.6829<\/p>\n

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EUR<\/strong>: The common currency remained firm against the USD for the second time on the trot. The EUR\/USD pair remained range bound while the single currency managed to stay above the 1.2100 level. Rating\u2019s agency Fitch\u2019s confirmation of French AAA status boosted the euro further. Meanwhile, Italian PM Mario Monti warned that there can be \u2018anti-Europe\u2019 movement over continued inaction in the region. Many analysts are talking of an imminent Greek default and a subsequent departure from the EU as it transpired that the country will need a bigger bailout package than originally estimated. The GBP, on the contrary, is being increasingly seen as a safe haven currency as the UK economy is expected to record modest expansion in Q4, 2011. Whether the momentum is sustained will depend largely on BoE\u2019s policies. The GBP\/EUR pair opens at 1.2108 this morning.<\/p>\n

USD<\/strong>: As risk sentiments improved globally and markets rallied, the greenback retreated against the major currencies yesterday. Though the Sterling had hit the 1.5500 level against the USD, it couldn\u2019t sustain the momentum and ended up lower by the end of the day. There\u2019s not much economic news coming out today. The GBP\/USD pair opens at 1.5470 today morning. <\/p>\n

Going on holiday? Why not compare travel money<\/a> options through our sister site MyTravelMoney.co.uk and start saving!<\/p>\n

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

Good morning and welcome to today\u2019s foreign exchange market commentary on Wednesday the 11th of January. The market was relieved yesterday on at least one front \u2013 the French sovereign rating. After months of tensed anticipation, ratings agency Fitch announced France gets to keep its coveted status for now and will probably manage to keep it for the entire 2012. […]<\/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\/1391"}],"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=1391"}],"version-history":[{"count":1,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1391\/revisions"}],"predecessor-version":[{"id":1392,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/1391\/revisions\/1392"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=1391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=1391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=1391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}