Showing articles for April 2015

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GBPEUR rates slide US interest rate stall

30 April 2015
Matthew Boyle
Yesterday may have well seen the start of the rot for GBP>EUR rates ahead of the UK general election. Despite the uncertainty surrounding the election itself and its ongoing discussion we have seen to date a strange situation develop, and many would argue it is a surprise that we have not seen a drop in rates sooner.

Chaotic times for currency markets

29 April 2015
Robin Haynes
It seems we have hardly had time to stop and take stock of exchange rate movements in recent months, and since the Swiss National Bank removed its cap for the Franc against the Euro in January we have seen the most volatile time for currencies since 2008’s financial crisis. Over the next couple of weeks we will see some key events which have been in the making for some time over this period.

UK GDP expected to drop today

28 April 2015
Rob Bastin
This week started off particularly slow with no major economic data to drive exchange rates. It was therefore more of the same continuing on from last week, with the USD on the back foot ahead of Wednesday’s interest rate decision where a further hold on rates is expected for at least another month or 2. Cable hit a 7 week high yesterday following weaker Services PMI figures for the US, providing an excellent opportunity for USD purchasers as these higher rates may only be available for a short window with the UK elections around the corner and the possibility of a US rate hike in the summer.

No Cash For Greece Unless Total Reform

27 April 2015
Simon Eastman
Last week we saw a fairly quiet one for UK ecostats leaving sterling open to investor sentiment and stats from elsewhere. This led to an "up and down" week as sterling benefited from weaker EU and US stats, coupled with some choice words from the MPC who indicated a couple of members were on the verge of voting for interest rate hikes again.

UK Retail Sales decline

24 April 2015
Rob Bastin
Thursday’s trading saw a tough day for pound as poor data signalled the end of the recent rally. Analysts were expecting a growth of 0.4% in March and a yearly figure at 5.4% however actual results saw a 0.5% contraction last month bringing down the annual growth to just 4.2%. Sterling has been on a good run for the last week or so and had peaked at month highs against many major currencies such as the USD and Euro. Analysts are now forecasting shortfalls on next week’s UK GDP figures for Q1 of 2016 which could further aid Sterling’s decline in the lead up to the election.

Sterling challenges higher exchange rate levels

23 April 2015
Robin Haynes
The Pound continued its remarkable unexpected rally yesterday, finishing the day at its best level against both the Euro and US Dollar in over a month. There were also gains against the Australian, New Zealand and Canadian Dollars. Mid-market levels of €1.40 and USD 1.50 were seen in later afternoon trading, both significant milestones for cheaper currency for those of you sending money abroad at the moment.

Bank of England minutes highlight of the day

22 April 2015
Tom Arnold
As we reach the middle of the week, we find the Pound performing relatively well despite fears of upheaval caused by the upcoming election. The markets do not yet seem to have really started pricing the potential calamitous nature of a hung parliament, with possible Labour/SNP deal, in yet, so the Pound is instead being supported by positive data and aided by negativity elsewhere.

Quiet Start For Sterling

21 April 2015
Simon Eastman
With no UK data to go on yesterday markets looked elsewhere to get some direction for trading sentiment. The pound is still under pressure from the upcoming UK elections so any gains were likely to be stunted which indeed they were.

Final stand for the pound

20 April 2015
Matthew Boyle
In recent weeks we have seen the US Dollar (USD) go from strength to strength ahead of the much talked about interest rate hike, with the Federal committee split between a potential raise this summer whilst others suggest next year. As a result rates for buying USD from other currencies and particularly against Sterling (GBP) have been tumbling.

Greek debt downgraded again

17 April 2015
Robin Haynes
Yesterday saw the Euro retain its surprisingly cheap price, with a lack of economic data out and markets instead focussing on developments in the ongoing Greek debt saga. The country was downgraded by ratings agency S&P, who said that Greece’s current debt and financial commitments were “unsustainable” given the economy’s contraction of 1% in the last 6 months and the increase in the deficit from predictions of 0.8% to an actual figure of 3.5% last year. The weaker Euro does not appear to have helped the Greek economy either.
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