Pound, euro gain on US dollar
Fri, 29 May 09 05:00 am
Both sterling and euro exchange rates have climbed against the US dollar in early trading this morning with the pound touching on 1.6 and the euro reaching 1.4 against the greenback. This surge comes due to a re-distribution of investor funds on the back of improved market confidence.
GM fails to find buyer
Thu, 28 May 09 05:00 am
The failure of General Motors to secure a buyer last night for its European operations has led to mounting concern over job security for auto workers in both Germany and the UK. After reaching a seven-month high against the US dollar yesterday, sterling has trimmed these gains but remains trading at firm levels against both the dollar and single currency.
Pound reaches seven-month high against dollar
Wed, 27 May 09 05:00 am
US consumer confidence figures were better than expected for May, boosting international currency exchange rates for many of the high yielding currencies. The pound rose to a seven-month high against the dollar and climbed 0.3% against the euro yesterday.
Markets open on a weak note
Tue, 26 May 09 05:00 am
Currency exchange rates have opened on a weak note this morning as North Korean missile tests and concern over government debt levels led to a more neutral trend in equities. With US and UK markets closed for a bank holiday yesterday the euro strengthened over the pound and dollar, although this morning these losses have been recovered.
Federal debt weakens dollar
Fri, 22 May 09 05:00 am
US currency exchange rates came under pressure overnight following reports that the US government may lose its triple A credit rating. Similar reports yesterday that the Standard and Poor's may downgrade the UK soverign debt rating sent sterling exchange rates plummeting. The pound has recovered ground this morning only to be battered with the news that UK GDP contracted -1.9% in the first quarter of 2009.
US dollar weakens
Thu, 21 May 09 05:00 am
The US dollar has weakened against its international currency partners after minutes from the FOMC meeting showed the committee considered expanding the QE program in the US. Although equity markets are neutral this morning, international currency exchange rates have continued to rise, prompting speculation that we could be beginning to see an end to trading that exclusively shadows risk.
Japanese GDP contracts 4%
Wed, 20 May 09 05:00 am
Japan's economy has contracted by 4% in the first quarter of 2009, taking the annual rate of contraction to 15.2% as the strong yen and slump in global trade battered the Japanese export sector. The pound is trading at its highest level in 2009 against the US dollar and has strengthened against the euro and yen amidst the view that the UK is well placed for economic recovery.
Sterling hits five-month high
Tue, 19 May 09 05:00 am
The pound has hit a five-month high against the US dollar this morning on the back of the view that recession is bottoming out in the UK. Anticipation of economic recovery has driven demand for the higher yielding currencies and both the pound and euro climbed against the dollar overnight.
Markets wary of risk
Mon, 18 May 09 05:00 am
International investors remain wary of taking on risk this morning as weak economic data last week showed reports of a pending recovery may be premature. GDP figures for the eurozone showed a 2.5% contraction across the region in the first quarter with individual economies declining by considerably more. The euro weakened against the pound and dollar throughout the day on Friday leading to a more widespread form of risk aversion throughout the world.
Eurozone GDP contracts by 2.5%
Fri, 15 May 09 05:00 am
Currency exchange rates and equity markets remain neutral this morning as there is a lack of positive data to fuel investor confidence. GDP figures from the eurozone show the German economy contracted by 3.8% in the first quarter while the EMU economy contracted by -2.5%.
US retail sales slump
Thu, 14 May 09 05:00 am
The risk rally lost momentum overnight as US retail sales figures declined by 0.4% in April. US retail sales figures are a crucial to wider economic sentiment as they are directly related to business confidence and import levels. Weakened growth predictions from the Bank of England and negative industrial production figures from the eurozone also dragged exchange rates downwards for the "riskier" currencies.
Pound hits two-week high against dollar
Wed, 13 May 09 05:00 am
The sterling exchange rate hit a two-week high against the US dollar yesterday before Chrysler's announcement of bankruptcy halted the gain in equities, leading investors to sell of some of the perceived 'riskier' currencies. Though Chrysler's announcement weakened equities, it did not reverse recent gains and optimism that the pace of recession may be easing continues.
Markets hit four-month high
Wed, 13 May 09 05:00 am
Stock markets climbed to a four-month high in London this morning, as abating fears over swine flu and prospects of economic recovery improved appetite for risk. Recent PMIs released in the UK and Europe have shown the pace of recession is easing and this has improved market sentiment. Interest rate decisions from the ECB and Bank of England are due this week.
Pound and euro reach four-month highs
Wed, 13 May 09 05:00 am
The bullish trend in equities and currency exchange rates continues this week as both the euro and pound reached four month highs against the US dollar. Improved prospects of global recovery are encouraging the flow of funds away from safe havens and many of the "riskier" currencies are receiving a boost in exchange rates this week.
Markets await BoE, ECB decisions
Wed, 13 May 09 05:00 am
Currency exchange rates are likely to be subject to volatility today as interest rate decisions from the Bank of England and ECB are due. The results of "stress tests" on US banks are also due later in the day and this could affect exchange rates for all the major currencies. The Australian dollar reached a 12-year high against the pound overnight as positive figures from the US and buoyant Australian retail sales improved investor confidence.
10 US banks require additional capital
Wed, 13 May 09 05:00 am
Results of stress tests released in the US yesterday showed 10 of the 19 major banks require additional capital to withstand the global recession. This news however, was consistent with market expectations and none of the banks appear to be at risk of insolvency. Equity markets and currency exchange rates are little changed this morning as recovery prospects continue to support appetite for risk.
US unemployment hits 26-year high
Wed, 13 May 09 05:00 am
The US unemployment rate has hit a 26-year high as the labour market shed 539,000 non-farm jobs in April. However despite the record figure, the upward trend in currency exchange rates and equity markets has continued with the pound and euro trading at firm levels against the dollar this morning.
Equity markets stall
Wed, 13 May 09 05:00 am
Equity markets have been on hold overnight as investors suddenly feared they may be taking on too much risk. There remain a number of unknowns in the global economy and further evidence of positive data may be needed to trigger another rally. Currency exchange rates are little changed although the 'higher risk' Australian and New Zealand currencies have trimmed gains against the US dollar and euro.
Euro and pound reach fresh highs
Wed, 13 May 09 05:00 am
The euro and pound both reached new highs against the US dollar overnight as improved retail sales in China and trade data in the UK supported the view that the global recession may be bottoming out. Today brings the Bank of England Quarterly Inflation Report and the release of retail sales figures in the US. Both announcements are likely to affect the sterling-dollar exchange rate.
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| Euros | 1.1932 |
| Swiss Francs | 1.4448 |
| Australian Dollars | 1.4667 |
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