Sterling hit a session high against the euro this morning after better than expected GDP from the fourth quarter.
Pound Sterling – UK Markets
Official data for the UK Q4 showed the economy grew 0.4% in the last three months of 2009, which was above analysts’ expectations for an unrevised reading of a 0.3%rise.
The pound rose about 10 pips to USD1.5065 after the release and at 1003 GMT traded at EUR1.1136.
US Dollar – US Markets
The CB Consumer Confidence Survey, set to be released at 1400 GMT, will likely lead to heavy trading among USD pairs, which traded at GBP0.6648 and EUR0.7407 at 0936 GMT.
Analysts are forecasting a pronounced increase over last month's figures, which may signal a real turning point in the US economy. Anyone making a dollars transfer will be reminded to pay careful attention to the US Non-Farm Employment Change figure set to be released on Friday, which will undoubtedly cause a flurry of activity.
Euro – European Markets
The Euro has been buoyed as Greece managed to sell seven-year bonds, albeit at over a 300 point premium to the equivalent German bonds. The single currency has seen some support since European leaders agreed last week on a plan to support the nation as it attempts to lower its deficit.
The fact remains though, that any upside in the Euro will remain capped due to a change in Euro/US yields which are now swaying towards the greenback.
At 0943 GMT the Euro traded at GBP0.8979 and USD1.3505. Those looking to make a Euros transfer today will want to keep an eye on British economic indicators as they could lead to heavy trading of the European currency.
Other Currencies – Highlights
New Zealand’s dollar advanced after home-building approvals rose and commodity prices gained. It rose for a fourth day against the dollar, the longest winning streak since January.
Permits to build homes in New Zealand increased 5.9% last month, supporting signs that residential construction will help buoy economic growth this year and spur the central bank to raise its benchmark interest rate.
For the best currency exchange rate for an overseas transfer, call us now on +44 (0)20 7740 0000
Pound Sterling Fails to Capitalise on Cabinet's Support for Brexit Deal
British Pound Rises as PM May Calls Cabinet Meeting on Brexit
The US Dollar Continues to Strengthen Against European Currencies