Currency Calculator by Send Money Home.

GBP Flag
1 GBP = 1.14892 EUR
EUR Flag
1 EUR = 0.8704 GBP

View Providers Switch Currencies

Dollar soars after Bernanke reveals halt to stimulus in near future

options instead of using a bank

Sending Money home update

Pound Sterling

The Pound has declined for a third consecutive day against the US Dollar after Federal Reserve Chairman Ben Bernanke said that the Central Bank could end its asset purchasing programming next year. As a result Sterling dropped to its lowest level in two weeks. Bernanke said that the Fed will ‘moderate’ its $85 billion monthly purchases if economic growth in the US is consistent with forecasts.

Sterling could find some support later in the session if data shows that retail sales and manufacturing orders increased.

US Dollar

The ‘Greenback’ soared against the majority of its peers after the Federal Reserve announced that it could curb its monetary easing programme if the US economy continues to improve. The US Dollar jumped against emerging market currencies as investors flocked to the safe haven Dollar. The currency hit its highest level in a week against the Yen and looks set to go higher if manufacturing data shows signs of improvement.

The Euro

The Euro tumbled against the US Dollar and fell against the Pound following the Federal Reserve’s announcement that it will curb its quantitative easing programme if the US economy continues to improve. Adding to the currency’s weakness was the release of data that showed that the latest German Purchasing Manager Index for Manufacturing declined in June. The data has caused investors to take a risk off approach as concerns remain over the Eurozone.

Australian Dollar

The ‘Aussie’ declined to a three year low after data showed that Chinese manufacturing contracted and the Federal Reserve signalled that it would exit its monetary easing programme in the near future. China’s manufacturing Purchasing Managers Index dropped to 48.3 in June from 49.2 the prior month, according to HSBC Holdings Plc and Markit Economics.

Adding to the ‘Aussie’s’ woes was the revelation that economists have raised their forecasts for the possibility of the country sliding into recession in the next 12 months.

New Zealand Dollar

The ‘Kiwi’ fell for a fifth day against the US Dollar due to Bernanke’s press conference. The weak data out of China also weighed heavily upon the currency. Also weighing on the New Zealand currency was the release of data showing that the Gross domestic product of the nation grew at half the expected pace in the first quarter of the year.

Canadian Dollar

The ‘Loonie’ fell against its US relation after Federal Reserve Chairman Ben Bernanke said risks to the economy have decreased and policy makers could end bond purchases by the middle of next year. Also weighing upon the currency was the decline in value of Canada’s biggest export, crude oil.

South African Rand

The Rand has declined against the US Dollar after the Federal Reserve announced that it would curb its asset purchasing programme if the US economy continued to show signs of improvement. Investors opted to choose the safer Dollar. The Rand declined along with the majority of emerging currencies as investors fear that the curbing of the Fed programme will reduce the amount of money going into those economies.

© 2018 : All Rights Reserved
Send Money Home Registered Office 334 Southend Road, Wickford Essex SS11 8QS. Trading Office 83 Ducie Street, Manchester M1 2JQ. +44 (0) 844 357 4755