Currency Calculator by Send Money Home.

GBP Flag
1 GBP = 1.11461 EUR
EUR Flag
1 EUR = 0.8972 GBP

View Providers Switch Currencies

'Fiscal cliff' looming

SMH advert

Send money home daily currency update

Pound Sterling

The Pound is little changed against the Euro and Dollar as investors await tomorrow’s Bank of England report that is expected to show that mortgage approvals increased for a fourth-month in- a-row for October. Sterling advanced for the first time in four days against the single currency yesterday, as speculation that a deal had been agreed upon over Greece. Risk demand increased as a result but that demand all too quickly turned into risk aversion as traders grew concerned over the terms.

Against the US Dollar Sterling hit a three week high yesterday after the UK’s 1% GDP increase was confirmed by economists.

US Dollar

The ‘Greenback’ has made gains against the majority of its peers after demand for safe haven assets increased due to concern over the Euro crisis. Against the Euro, ‘Cable’ increased, moving upwards from its near one-month low posted yesterday. Investors are concerned that the Greek debt deal will stall and that US lawmakers will struggle to avert the dreaded ‘fiscal cliff’.

Dollar traders should be aware of the release of the latest new home sales figures and will want to pay attention to any developments regarding the ongoing budget negotiations between US congressional leaders.

The Euro

The Euro has weakened against the majority of its safe-haven rivals despite the approval of a deal to provide Greece with additional bailout funds. Analysts warned that while the news was positive overall for the Euro-zone, disappointing economic indicators from throughout the region continued to weigh down on the common currency.

Today, Euro traders should be aware that while the bailout agreement achieved yesterday provided a temporary solution to the Greek crisis, ongoing fears over the state of the region could lead to further losses for the currency.

Australian Dollar

The ‘Aussie’ has made losses against a number of its peers after speculation that tomorrow’s latest data release will show a slowdown in capital expenditure growth, damping the outlook for the economy and the currency. The currency slipped for a third day against the Japanese Yen as investors increased their bets that the Reserve Bank of Australia will cut rates at its next meeting on December 4th.

New Zealand Dollar

The New Zealand Dollar was little changed in local trading as investors worry about US legislators' ability to prevent US$607 billion of tax hikes and spending cuts from kicking in next year, and ahead of Australian capital expenditure figures tomorrow.

Canadian Dollar

The ‘Loonie’ has declined from its strongest level in almost three weeks against its US counterpart amidst concerns that US lawmakers will be unable to come to an agreement regarding the ‘fiscal cliff’ raising fears that Washington will derail the economy of Canada’s biggest trade partner.

South African Rand

The Rand is trading down against the US Dollar due to lingering fears about the looming US ‘fiscal cliff’. The struggling currency has begun to show signs of recovery despite the release of worse-than-expected GDP data, suggesting that the currency is increasingly taking its cue from foreign influences.