Currency Rates

US$/GBP – 1.535

To request a up-to-the minute quotation, call 0808 163 0102 or fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx

Sterling fell against the euro yesterday after EU ministers announced details of a standby bail out package to help debt-ridden Greece. The pound dropped almost 0.8% to a low of 1.1311/ £1 as the 30bn package of loans was announced. Up to 10bn will come from the International Monetary Fund if needed. Fresh political opinion polls out over the weekend proved inconclusive and continued to point towards the possibility of a hung parliament as Labour launched their election manifesto. The possibility of a hung parliament kept sterling back against the euro, as investors worry that a government with no clear majority would struggle to push through the tough legislation required to clear the UK’s record budget deficit. It wasn’t all bad for the pound, as details of the Greek bail out fuelled a demand for riskier assets and as a result saw sterling strengthen against the US dollar. Sterling hit a high of $1.5397/ £1 before dropping off marginally towards the end of the day. Out today we have ‘Official’ house price data and more importantly the monthly trade balance figures for the UK. This is expected to show that the UK exported slightly more than it imported last month – a sign that the weak pound is increasing demand for UK goods and services. This data is likely to have a large effect, so call in now for a live price to avoid missing out.

In the USA, the US dollar slipped marginally against the euro and sterling as risk appetite increased following the Greek bailout announcement. The major news however was that the Dow Jones stock market closed above 11,000 for the first time since September 2008 – a clear sign that markets have moved from ‘panic stations’. This had little effect on the US currency though. Out today, there is US trade balance data, import price data and Treasury Secretary Timothy Geithner speaks in Washington D.C. It is a busy day for data in the UK and the US, so get in touch now to take advantage of any short term movements.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx