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US GDP due

Fri, 31 Jul 09 06:00 am

GDP figures in the US for the second quarter will be the focus of foreign exchange markets today. Investors are expecting a -0.7% market contraction and this will likely affect risk appetite in the market. Unemployment in the eurozone has risen slightly to 9.4%, though this has done little to reduce appetite for the single currency. Both sterling and the euro are trading at firm levels against the US dollar this morning.

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Japanese unemployment rises

Fri, 31 Jul 09 06:00 am

The Japanese unemployment rate has risen to 5.4%, ahead of market expectations.

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Euro CPI falls

Fri, 31 Jul 09 06:00 am

Consumer price inflation has fallen 0.6% in the eurozone in the last year, though this has failed to dent support for euro exchange rates.

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US GDP contracts 1%

Fri, 31 Jul 09 06:00 am

The US economy contracted at an annual rate of 1% in the second quarter, supporting risk appetite in the market.

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Brazilian stocks rise

Fri, 31 Jul 09 06:00 am

Brazilian markets and currency exchange rates received a boost from positive US GDP data.

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Sterling currency rates rise

Thu, 30 Jul 09 06:00 am

Currency rates for the pound have climbed this morning after a Nationwide survey adds to hopes the UK housing market is recovering. The US dollar has sunk as risk appetite rises and euro exchange rates are also higher internationally. The RBNZ voted to leave interest rates unchanged sending the New Zealand dollar to a three-week low against the US dollar.

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Euro confidence rises

Thu, 30 Jul 09 06:00 am

Consumer confidence in the eurozone has risen to -23 in July, from -25 in June, driving the euro exchange rate higher

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New Zealand interest rates on hold

Thu, 30 Jul 09 06:00 am

The Reserve Bank of New Zealand has voted to leave interest rates unchanged overnight at 2.5%, sending NZD exchange rates to a three-week low against the US currency.

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US jobless claims rise

Thu, 30 Jul 09 06:00 am

Initial jobless claims in the US have risen by 25,000 in the week to 25 July, rising to a total of 584,000.

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USD hits low

Wed, 29 Jul 09 06:00 am

Currency transfer rates for the US dollar hit a low against the pound and euro yesterday as investors were prepared to take on limited risk. The Australian dollar also reached an 11-week high against the pound following speculation that interest rates could rise before the end of the year.

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UK mortgage approvals rise

Wed, 29 Jul 09 06:00 am

The number of mortgages approved in the UK has risen by 47,580 in June, rising to a 14-month high.

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AUD retreats

Wed, 29 Jul 09 06:00 am

The Australian dollar has retreated from an 11-week high as concerns from China dent optimism over global recovery.

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Rand consolidates

Wed, 29 Jul 09 06:00 am

Currency exchange rates for the South African rand have improved slightly as the rand consolidates on improving CPI figures.

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US durable goods orders drop

Wed, 29 Jul 09 06:00 am

Durable goods orders in the US have fallen by -2.5% on the month.

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Italian business confidence rises

Wed, 29 Jul 09 06:00 am

Italian business confidence rose in July to an eight-month high as investors expect rising export levels to revive the Italian economy.

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AUD hits high

Tue, 28 Jul 09 06:00 am

The AUD has hit a 2009 high against the euro.

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Asian currencies rise

Tue, 28 Jul 09 06:00 am

Asian markets received a boost overnight as GDP predictions for the second quarter came in better than expected. China, South Korea and Singapore all expect expansion this year in contrast to the UK, eurozone and US economies. Foreign exchange markets are neutral in anticipation of US GDP statistics later in the week.

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US dollar hits bottom

Tue, 28 Jul 09 06:00 am

The US dollar fell to its lowest level this year as news of an economic recover has limited its future upside potential.

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Brazilian real looks poised to gain

Tue, 28 Jul 09 06:00 am

The outlook for the Brazilian real has strengthened as foreign investment has been rapidly increasing due to the resilience of the country's growing economy.

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Equities hit high

Mon, 27 Jul 09 06:00 am

Equity markets in the US and UK touched on their highest level since November 2008 last week, following positive corporate earning figures in the US. However currency exchange rates remained little changed, with the euro and pound remaining in recent ranges against the US dollar.

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German import prices rise

Mon, 27 Jul 09 06:00 am

Germany's import price index has risen 0.4% in the month of June.

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New home sales rise in US

Mon, 27 Jul 09 06:00 am

The number of new home sales in the US rose by 384,000, a jump of 11% on last months figures.

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Krone to rise

Mon, 27 Jul 09 06:00 am

The Norwegian krone is becoming currency strategists favourite bet to rise against the euro this year.

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Hungarian interest rate cut

Mon, 27 Jul 09 06:00 am

The Hungarian central bank has slashed the base interest rate for the first time in six months.

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UK GDP shrinks

Fri, 24 Jul 09 06:00 am

UK GDP for the second quarter has contracted by -0.8%, significantly more than market expectations.

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UK recovery slow

Fri, 24 Jul 09 06:00 am

UK recovery slow UK GDP figures for the second quarter show the economy contracted -0.8%, significantly more than markets expected. Weak GDP figures reflect the downturn across all sectors of the UK economy and will likely affect sterling currency rates throughout the day. This morning the euro continues to trade above 1.42 against the US dollar as equity markets received another small boost overnight.

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CAD reaches high

Fri, 24 Jul 09 06:00 am

The Canadian dollar has risen to a nine-week high against the US currency as the Central Bank claimed an end to recession.

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Eurozone looks up

Fri, 24 Jul 09 06:00 am

Purchasing manager indices in the eurozone have risen across the manufacturing and services sector, suggesting that the economic situation is improving.

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Real weakens

Fri, 24 Jul 09 06:00 am

Currency exchange rates for the Brazilian real have opened this session slightly weaker against its major currency partners due to profit taking from investors.

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Corporate earnings take a hit

Fri, 24 Jul 09 06:00 am

Currency exchange rates for the higher yielding currencies have fallen after downbeat corporate earning figures in the UK have dented risk appetite.

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UK retail sales up

Thu, 23 Jul 09 06:00 am

June retail sales in the UK improved drastically as signs of improvement in the economy and discounts for shoppers appear.

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Sterling recovers

Thu, 23 Jul 09 06:00 am

Sterling and euro exchange rates have trimmed losses against the US dollar this morning as rising retail sales in the UK and profits at Credit Suisse supported the currencies. US equity markets remain relatively quiet as investors digest news from Ben Bernanke's speech, while revived risk appetite has strengthened the Australian and New Zealand dollars.

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UK mortgage approvals hit 15-month high

Thu, 23 Jul 09 06:00 am

UK mortgage lending picked up slightly in June as the number of new loans approved for home purchase spiked to a 15-month high.

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Dollar falls on risk appetite

Thu, 23 Jul 09 06:00 am

The dollar fell close to seven-week lows against the euro and other currencies as risk appetite holds up.

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China needs stable dollar

Wed, 22 Jul 09 06:00 am

China will hold meetings in Washington next week pushing for policies to keep the US dollar stable.

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Fed cautious on recovery

Wed, 22 Jul 09 06:00 am

Federal Reserve chairman Ben Bernanke addressed Congress yesterday to give a cautious assessment of the US economy. Bernanke noted that while there are tentative signs of recovery in the US, there is not enough slack in the financial system for the Fed to proceed with tightening monetary policy. This knocked risk appetite in the market, snapping recent equity market gains and drove investors to favour the safe haven currencies.

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Years until full UK recovery

Wed, 22 Jul 09 06:00 am

A leading think-tank is predicting that it may take another five years for GDP per capita to return to levels before the start of the recession.

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Bernanke gets approval

Wed, 22 Jul 09 06:00 am

Federal Reserve chairman Ben S. Bernanke is receiving top marks from global investors for getting a grip on the financial crisis.

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Australian dollar potential

Wed, 22 Jul 09 06:00 am

The Australian dollar is poised to rise to a new high this year amid stable stock markets.

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US dollar scepticism

Wed, 22 Jul 09 06:00 am

US monetary policy is facing scepticism from foreign investors and will likely lead to a weaker dollar.

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US Federal Reserve shows confidence

Tue, 21 Jul 09 06:00 am

The US dollar advances against the euro as Federal Reserve chairman Ben S. Bernanke is confident about inflation.

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Euro reaches 6-week high

Tue, 21 Jul 09 06:00 am

Foreign exchange rates for the euro reached a six-week high against the US dollar yesterday following a rise in risk appetite internationally. Both the euro and pound broke out of recent ranges to touch on 1.42 and 1.65 respectively against the greenback. Today, foreign exchange markets are likely to be affected by Ben Bernanke's speech in the US this afternoon.

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Swiss holdings reach 12-year high

Tue, 21 Jul 09 06:00 am

The Swiss central bank has taken steps to weaken the frank by raising foreign currency.

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UK debt hits record high

Tue, 21 Jul 09 06:00 am

The total outstanding government debt in the United Kingdom has hit a record high of GBP799 billion.

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Loonie hits 5-week high

Tue, 21 Jul 09 06:00 am

The Canadian dollar touches its highest in more than five weeks as the central bank holds the interest rate.

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Euro ascends to three-week high

Mon, 20 Jul 09 06:00 am

The euro hits its highest mark since July 1 against the US dollar as corporate earnings and the US economy show positive signs.

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Risk appetite rises

Mon, 20 Jul 09 06:00 am

Currency rates rose sharply for some of the higher yielding currencies last week, as corporate earning figures in the US showed second quarter profits from major banking institutions. This morning Ernst & Young have predicted the UK will suffer its worst financial year since WW2, although despite this sterling currency rates remain strong against the euro and US dollar.

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UK mortgage lending hits 6-month high

Mon, 20 Jul 09 06:00 am

Gross mortgage lending in the UK rose to a 6-month high, coming in at an estimated GBP12.3 billion in June.

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Bernanke under pressure

Mon, 20 Jul 09 06:00 am

This week Federal Reserve chairman Ben S. Bernanke is likely to lay out his strategy for exiting the biggest monetary expansion in history.

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Dollar slumps to six-week low

Mon, 20 Jul 09 06:00 am

The dollar dropped to a six-week low against the euro as bets on higher yielding assets gain.

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US dollar optimism

Mon, 20 Jul 09 06:00 am

The US dollar is being looked at with optimism for the next 12 months by Goldman Sachs Group Inc.

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Euro trade surplus

Fri, 17 Jul 09 06:00 am

The eurozone has posted a trade surplus in May, with import levels contracting more than exports.

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Earnings drive rally

Fri, 17 Jul 09 06:00 am

Corporate earnings figures released in the US have driven a market rally this week, with Intel, Google, JP Morgan and Goldman Sachs all reporting first quarter profits. US equity markets have gained 7% and some of the higher yielding currencies have been testing the top end of their trading ranges.

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Rand holds firm

Fri, 17 Jul 09 06:00 am

The South African rand is holding tight against the US dollar, remaining within firm trading ranges this morning.

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FTSE gains

Fri, 17 Jul 09 06:00 am

The London FTSE is heading for its best week this year, buoyed by second quarter profits from banking giants in the US.

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Canadian inflation falls

Fri, 17 Jul 09 06:00 am

The Canadian consumer price index has declined, lowering inflation rates for the first time since 1994.

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US housing starts rise

Fri, 17 Jul 09 06:00 am

New housing starts in the US have unexpectedly risen in June, climbing 3.6% in June to their highest level in seven months.

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Positives push dollar down

Thu, 16 Jul 09 06:00 am

The US dollar index fell to a one-month low on Wednesday with positive earnings and increased risk appetite.

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Chinese growth continues

Thu, 16 Jul 09 06:00 am

China continues to grow at exceptional rates, despite the onset of global recession.

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US corporate earnings strong

Thu, 16 Jul 09 06:00 am

Strong corporate earnings figures in the US and positive Chinese economic data supported risk and equity markets yesterday, sending currency exchange rates across Europe and Asia higher. The figures boosted market sentiment across the board and led to a US dollar selling session with exchange rates improving for the Pound, Australian and New Zealand dollars.

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New Zealand dollar falls

Thu, 16 Jul 09 06:00 am

The New Zealand dollar has fallen in early trading this morning as concerns emerge over the country's credit rating.

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Italy posts world trade surplus figures

Thu, 16 Jul 09 06:00 am

After a deficit in the equivalent period last year, Italy has posted a world trade surplus in May, with the fall in imports outpacing the drop in exports for the third consecutive month.

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JP Morgan profits

Thu, 16 Jul 09 06:00 am

JP Morgan has published better than expected corporate earning results, sending equity markets in the US higher.

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Dollar slips

Thu, 16 Jul 09 06:00 am

The US dollar has lost ground as equity markets rise, triggering a sell off of the greenback.

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China looks up

Wed, 15 Jul 09 06:00 am

China's currency reserves exceeded the USD2 trillion mark in June causing the central bank to be concerned about inflation.

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UK unemployment rises

Wed, 15 Jul 09 06:00 am

The UK unemployment rate has posted its largest quarterly increase, climbing to 7.6% in the three months to May. Consumer prices have fallen in the eurozone for the first time and international foreign exchange rates are likely to be subject to movements in US markets today, with consumer inflation, industrial production and the FOMC minutes due.

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14-year unemployment high

Wed, 15 Jul 09 06:00 am

Official data reported that unemployment in the United Kingdom reached its highest point since 1995.

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Spain housing prices hit rock bottom

Wed, 15 Jul 09 06:00 am

Second quarter results have shown Spanish housing prices plummeting to their biggest decline in over 22 years.

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FDIC to toughen up

Wed, 15 Jul 09 06:00 am

Sheila Bair of the FDIC and Fed Chairman Bernanke are opting to set up tighter restrictions for the big banks.

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UK June data hits lows

Tue, 14 Jul 09 06:00 am

The United Kingdom's June consumer and retail price indices drop to extreme lows as inflation shows signs of slowing.

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UK inflation falls

Tue, 14 Jul 09 06:00 am

The annual rate of inflation in the UK has fallen below the Bank of England's 2% target for the first time in 21 months. Today's calendar is packed with economic data that could cause a reshuffling of currency exchange rates that will potentially benefit some of the higher yielding currencies. Markets will focus on US retail sales figures and the producer price index out this afternoon.

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Geithner supports US dollar

Tue, 14 Jul 09 06:00 am

The US dollar is gaining valuable support from US Treasury Secretary Timothy Geithner as he sees signs of confidence.

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Pound fair value

Tue, 14 Jul 09 06:00 am

The pound has gained this year against the dollar and euro, but may repeat exchange rate movements of the 1970s.

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Real opens strong

Tue, 14 Jul 09 06:00 am

The Brazilian real opened stronger against the US dollar Tuesday on second quarter estimates.

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Loonie advances with oil

Tue, 14 Jul 09 06:00 am

The Canadian dollar strengthened to its highest level in three weeks as crude oil rose above USD61.

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Australian dollar looks set to fall

Mon, 13 Jul 09 06:00 am

The Australian dollar extends losses towards lows ahead of the upcoming US corporate earning reports.

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Equity markets stall

Mon, 13 Jul 09 06:00 am

Equity markets have stalled this morning, leading to weakening foreign exchange rates for the higher yielding currencies as economists fear the global recovery could be longer and slower than previously predicted. Retail sales and consumer spending statistics are due in the UK and US this week and these will likely be the focus of international markets.

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Rand hits low

Mon, 13 Jul 09 06:00 am

South Africa's rand fell to its lowest level in weeks as the commodity prices it relies on have tumbled.

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Bernanke may explain Fed exit strategy

Mon, 13 Jul 09 06:00 am

Federal Reserve Chairman Ben Bernanke may outline the Federal Reserve's exit strategy to Congress next week.

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Pound declines on speculation

Mon, 13 Jul 09 06:00 am

Foreign exchange rates for the pound have declined against the euro and US dollar.

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China's dollar dilemma

Mon, 13 Jul 09 06:00 am

China owns more than USD1 trillion of US debt and is more sceptical than ever about the dollar trap they are in.

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Risk appetite low

Fri, 10 Jul 09 06:00 am

Risk trading is affecting foreign exchange rates at present, with the US dollar and yen remaining strong as investors debate the sustainability of global economic recovery. Producer prices have fallen in the UK as recession has capped the usual inflationary tendencies and the IMF is to provide increased economic aid to Eastern European nations.

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French industrial output bounces

Fri, 10 Jul 09 06:00 am

Levels of industrial output in France have rebounded unexpectedly in May, triggering optimism among investors that the sector may have bottomed out.

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Yen gains on euro

Fri, 10 Jul 09 06:00 am

The yen is headed for its largest weekly gain in two months against the euro as investors favour the safe haven currency.

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CAD weakens

Fri, 10 Jul 09 06:00 am

The Canadian dollar has weakened following a decline in Canadian stocks and unemployment data.

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US trade deficit narrows

Fri, 10 Jul 09 06:00 am

The trade deficit in the world's largest economy narrowed in May as export levels jumped in the US.

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Chilean peso at 3-week low

Fri, 10 Jul 09 06:00 am

The Chilean peso has sunk to a three-week low against the US dollar after the central bank voted to cut interest rates.

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MPC decision due

Thu, 09 Jul 09 06:00 am

The Bank of England is set to make an interest rate decision today with some economists predicting a rise in quantitative easing levels is likely. Currency rates for the euro are stronger on the back of positive German economic data while the US dollar and yen have slipped following a small rise in risk appetite in the market.

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Three-year UK trade deficit low

Thu, 09 Jul 09 06:00 am

The sterling's slide against the dollar is making it more competitive for British exports which have narrowed the UK trade deficit.

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Euro role expands

Thu, 09 Jul 09 06:00 am

The euro expanded its role as a reserve currency last year when measured at constant exchange rates.

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Stimulus is still needed for recovery

Thu, 09 Jul 09 06:00 am

The G8 met yesterday and concluded that recovery is not strong enough to withdraw economic stimulus.

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Bank of England holds position

Thu, 09 Jul 09 06:00 am

Today the Bank of England announced it is sticking with the plan to buy bonds of newly printed money and keep the interest rate the same.

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Canada's risk appetite grows

Thu, 09 Jul 09 06:00 am

Advances in Canada's economy boosted investor demand for higher-yielding assets lifting the Canadian dollar.

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No FX in G8 drafts

Wed, 08 Jul 09 06:00 am

There has been no direct link to currency or foreign exchange in the draft statements being prepared for the G8 meeting.

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Eurozone GDP contracts -2.5%

Wed, 08 Jul 09 06:00 am

GDP for the first quarter has contracted -2.5% in the eurozone, a figure in line with market expectations and one that takes the annual rate of decline to -4.9%. Exchange rates for many of the high yielding currencies are lower this morning, particularly the pound which is under pressure in anticipation of trade balance figures and the MPC interest rate decision due tomorrow.

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Canada's currency weakens

Wed, 08 Jul 09 06:00 am

The Canadian dollar looked as though it were rising from its previous losing streak but fell for the first time in three days.

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Pound continues fall

Wed, 08 Jul 09 06:00 am

Lately, movements in the financial markets have mirrored trends previous to the deepest part of the recession and sterling has felt the affects.

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Yuan could surpass the yen

Wed, 08 Jul 09 06:00 am

An HSBC economist predicts that by 2012 the Chinese yuan could overtake the Japanese yen.

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RBA statement affects dollar

Tue, 07 Jul 09 06:00 am

The Australian dollar firms on Tuesday as the Reserve Bank of Australia sounds slightly more optimistic.

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Production figures fall

Tue, 07 Jul 09 06:00 am

Industrial and manufacturing production figures plummeted in the UK in May, falling by -0.6% and -0.5% on the month. At present, investors remain wary of taking on risk as uncertainty prevails in the global economy and this is capping currency transfer rates for many of the higher yielding currencies.

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Today's Currency News

The just out BBA data has shown a rise in the number of mortgage approvals for June, casting some...

Currency Rates

US Dollars 1.7030
Euros 1.2667
Swiss Francs 1.5385
Australian Dollars 1.8043
South African Rand 17.939
GBP indicative mid-market rate at 07:20. Please call for quote.