Sterling Euro
The Pound has made a minor gain against the Euro in trading today with minimal economic data out once again.
We have GDP data out for the U.K tomorrow however it is purely a revision and possibly the most interesting release left this week for Europe will be head of the European Central Bank Mario Draghi speaking on Friday morning.
Those with an interest in buying or selling the Euro should be careful of farm subsidy which is due imminently. This release is basically the European Union’s payment of the U.K’s annual farm subsidy rebate. This is estimated to be between 2.5 Billion – 4 Billion Euro into Pounds so could lead to a sudden exchange rate shift without any warning.
Sterling – Dollar
This pairing really doesn’t appear to know which way to head next and today we have seen the pound just about come out on top. My personal view is that the Dollar will fight back with a vengance at some point soon once tapering comes into play but again we could be waiting quite a while if the States do decide to drag this talking point out.
The debt ceiling from the States is another talking point and I would expect we will get this subject becoming more and more of a talking point in the coming weeks.
Sterling – Australian Dollar
The worry on the U.S debt ceiling and discussions on tapering are continuing to hold back the Australian Dollar leaving buying levels for those looking to exchange Pounds into Australian Dollars fairly good (well at least compared to a few months back!)
I think the pairing will remain fairly range bound for the rest of the week but I certainly would not rule out the GBP- AUD creeping up to 1.75 in the coming weeks.
Sterling – New Zealand Dollar
The Pound made some fairly good gains against the New Zealand Dollar overnight following fairly poor Trade balance figures from New Zealand overnight and Fonterra (The huge milk exporter) reporting poor figures.
Figures from Fonterra are extremely important for the New Zealand Dollar as it is a company that makes a major contribution to their exports so a big drop in earnings is not good for the economy in New Zealand.
I still feel this pairing will remain rangebound in the short term but for anyone buying NZD I would jump at the chance of 2+ and anyone selling NZD should look for anything below 1.90.
Sterling – Canadian Dollar
This pair is trading at a multi year high at present so iuf you are looking to buy Canadian Dollars it may be prudent to look at taking advantage with part of your funds.
Canadian Retail Sales were fairly strong yesterday but that did not give the CAD any assistance.
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