GBP EUR Update

Yesterday we saw a real bout of Sterling strength and with very little economic data due for realse today we will all be watching the currency markets to see if yesterdays trend continues. GBP gained significant ground against the Euro and Australian Dollar to name but a couple of the currencies. The US Dollar was the one major to buck this trend strengthening against Sterling as it pushed back under the crucial 1.60 level. It appears that the Sterling weakness we saw over the last week or so was a little unjust and as a result we have seen Sterling regain some of its strength this has presented some excellent opportunitites to buy Euros and highlights for Euro sellers just how quickly opportunities that present themselves can dissapate. If you are a Euro seller and were unable to fix your exchange rate before yesterdays move then it is worth keeping an eye out for next weeks Eurozone interest rate decision where there have been rumours of an interest rate cut which was possibly priced into the market yesterday resulting in the move, so if the rate cut does not happen then we may see the Euro strengthen further against the Pound bringing back into focus some better selling levels.

So, if you are buying or selling Euros make sure you keep in touch with one of our experienced currency brokers here at Foreign Currency Direct plc who will be happy to keep you informed of the latest currency markets news especially in the lead up to the eagerly anticipated interest rate decision next week. You can call straight through to the trading floor for free on 0800 328 5884.

China Manufacturing Hits High – AUD Strength

It was confirmed early this morning that China’s manufatcuring hit an 18 month high as their economy continues to move from strength to strength. This is good news for the Australian Dollar which produces a lot of raw materials used by China. In fact we have seen over the past couple of years every time China has some strong economic figures the Australian Dollar strengthens, this is one of the reasons it remained relatively strong throughout the gloabl recession. The raw materials in Australia really have been one of the key reasons behind the AUD strength and it looks set to continue as China is expecting growth of 7.5% this year dwarfing Gross Domestic Product figures of many of the major global economies. If you have an Australian Dollar requirement and would like to be kept up to date with the latest currency news speak to us today. You can call us on 0044 1494 725353 or alternatively email me on trh@currencies.co.uk