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Can UK economy sustain growth?

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Pound Sterling

The Pound struck a two-week high against the Euro and made gains against most of its peers after the UK economy grew far more-than-predicted in the third quarter, reducing expectations that the Bank of England will implement a new round of monetary easing. However, economists are warning that the gains could be short-lived unless the next round of economic data releases shows that the UK economy can sustain a decent level of growth. Breconomists are warning that the gains could be short-lived unless the next round of economic data releases shows that the UK economy can sustain a decent level of groitain exited recession by posting a growth figure of 1% for the three months to September, its strongest number for five years and well above the forecast level of 0.6%.

US Dollar

The ‘Greenback’ remains strong due to a number of indicators giving the currency support. The US Core Durable Goods Orders and Unemployment Claims figures indicate that the world’s biggest economy is on track for a recovery. Against the Japanese Yen the Dollar advanced to a new four-month high. The Dollar lost ground against the British Pound after the UK economy posted a better-than-expected GDP figure. Today sees the release of the USA’s own GDP figures, a strong showing could see the currency recover some lost ground against the Pound and further its gains against the Yen.

The Euro

The Euro slumped against the Pound yesterday due to the better-than-expected GDP figure for the UK. The single currency sank by 0.53% against its British rival, falling to a two-week low. A drop below the October 11th mark of 80.23 would mean a three-week low. Against the US Dollar the Euro has retreated slightly as the markets await the outcome of the latest US GDP figures. However, the single currency saw some support this morning after German consumer confidence rose higher-than-expected to 6.3, up from 6.1, analysts had been predicting a decrease to 5.9.

Australian Dollar

The ‘Aussie’ is trading down against the US Dollar due to investor sentiment being weighed upon by concerns that the USA’s third quarter GDP data could disappoint and fall short of the expected 1.8% gain expected by the markets. The losses are expected to be short-lived however due to the improving picture emerging out of China. Confidence is growing that Australia’s biggest trade partner is showing signs of recovery after new reports revealed that the number of exports and amount of investment increased in September.

New Zealand Dollar

The ‘Kiwi’ rose to a three-week high yesterday before falling after the nation’s Reserve Bank Chairman delivered his speech ruling out further quantitative easing and explained that interest rate cuts would not lead to the substantial weakening of the currency that he desires. He kept the official cash rate at a record-low level of 2.5%.

Canadian Dollar

The ‘Loonie’ remains trading just above parity against its US counterpart due to the currency sliding by almost half a penny and surrendering its gains. The Canadian Dollar then halted its slide after market sentiment improved on the back of the UK’s better-than-expected GDP data. Higher Oil prices and improved US equities could contribute to the currency strengthening.

South African Rand

The Rand is slightly lower against the US Dollar today after it followed the Euro downwards over continued confusion in the region. The markets are still waiting to see if Spain will request a bailout. South African Finance Minister Pravin Gordhan on Thursday said in presenting the interim budget the country's finances were fundamentally sound despite downgrades from two global credit ratings agencies boosting investor confidence.

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