Foreign Exchange News Update

High St Bank Exchange Rate

Daily update

Pound Sterling

The Pound hit a fresh two-week-high against the US Dollar before retreating slightly as the morning progressed. Sterling has been bolstered against the ‘Greenback’ after yesterday’s release of disappointing retail sales figures from the world’s top economy. The poor data added to speculation that the Federal Reserve is planning on implementing a fresh round of monetary easing, in a bid to get the struggling economy back on the track to recovery. Against the Euro, the Pound is maintaining its strong position and is still hovering close to a three-and-a-half year high against the single currency. Sterling shrugged off yesterday’s International Monetary Fund's cut in UK growth forecasts and has made steady gains versus the Euro since the European Central Bank cut interest rates at a policy meeting earlier this month.

Currently Sterling is trading in the region of 1.270 against the Euro and 1.562 against the US Dollar.

US Dollar

Following yesterday’s dismal retail sales figures and today’s expectation that Federal Reserve Chairman Ben Bernanke is going to announce further quantitative easing measures , has seen the Dollar slip to monthly lows against a number of its peers. Retail sales across the US fell by 0.5% in June, much worse than the 0.2% rise which economists had expected. Not an encouraging sign from the world's biggest economy and one that caused investors to seek opportunities elsewhere. The Dollar was trading at 0.815 against the Euro and 0.639 against the British Pound.

The ‘Greenback’ suffered a broad decline against the Yen amid rising expectations that China may itself deliver more monetary and fiscal stimulus to lead an economic recovery in the second half of this year. Against the Yen the Dollar is trading in the region of 79.015.

The Euro

The Euro has firmed as a broad rally in riskier assets takes place on the currency markets. The rally comes ahead of today’s US Federal Reserve monthly update to congress with many investors believing that the Feds chairman Ben Bernanke may hint that more monetary stimulus may be implemented into the US economy.

Today also sees the result of the latest ZEW German economic sentiment index, which should give us a clearer picture as to how the Eurozone’s most powerful economy is performing. Early this morning the Euro hit a one-week high of 1.230 before stabilising around the 1.229 region.

Australian Dollar

The ‘Aussie’ has risen after the country’s central bank indicated that it had no plans to make further cuts to interest rates. The bank citied strong economic growth as the primary reason for the lack of action citing that there was ‘no need’. The currency is now trading at a two month high against the US Dollar as risk sentiment improves among investors.

Currently the ‘Aussie’ is trading in the region of 1.029 against the ‘Greenback’ and 0.658 against the British Pound.

New Zealand Dollar

The ‘Kiwi’ has once again followed its Australian neighbour by trading upwards against the US Dollar. The rise comes after minutes for the Reserve Bank of Australia's last meeting played down the chance of further rate cuts. Currency traders largely ignored New Zealand's slowest annual inflation reading since December 1999, with government figures showing consumer prices rose 0.3% in the three months ended June. The ‘Kiwi’ is trading in the region of 0.799 against the US Dollar, 0.649 against the Euro and 0.511 against the British Pound.

Canadian Dollar

The Canadian Dollar weakened against most of its major counterparts, as the nation’s 10-year bond yields declined to a record low.

Canada’s currency fell after U.S. retail sales unexpectedly declined for a third month. The Bank of Canada meets tomorrow, and policy makers are expected to hold interest rates at current levels, while Federal Reserve Chairman Ben S. Bernanke testifies before Congress. The ‘Loonie’ is trading in the region of 0.985 against the US Dollar, 0.801 against the Euro and 0.630 against the British Pound.

Company Details

Foreign Exchange News Update

Get a quick quote

Open Account with International Foreign Exchange

International Foreign Exchange are located at:
52 Brook Street, Mayfair, Greater London, W1K 5DS, United Kingdom

Get a Quick Quote

Newsletter Signup to CMT

Sign up to our foreign exchange newsletter to receive news updates directly by email

Compare Money Transfer will not Share your details!

Bank Exchange Rates Comparison

High St Bank Exchange Rate

All Rights Reserved: Copyright 2006 - 2018 Compare Money Transfer Limited offering FCA Regulated Suppliers - 34 New House, 67-68 Hatton Garden, London, EC1N 8JY. +44 (0) 843 357 4882