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Further losses to follow for USD

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Pound Sterling

The Pound has hit its highest level in two-months against the US Dollar due to thin trading demand from the Middle East and international companies looking to hedge. Investors are predicting that if the US cannot agree on the ‘fiscal cliff’ then the Pound could climb even higher.

Against the Euro the Pound reversed its losses. Traders of Sterling should be aware of the latest inflation data due for release tomorrow and Retail Sales data on Thursday.

US Dollar

The Dollar has seen limited movement so far this week, and was unable to recoup the losses it sustained last week due to expectations that US interest rates will remain at their current levels for the next few years.

Dollar traders should monitor developments in the ongoing ‘fiscal cliff’ negotiations between President Obama and US Congressional leaders. Whilst the talks appear to be in deadlock there were signs yesterday that progress can be made. Positive developments could lead to risk taking weakening the currency.

The Euro

The Euro is holding steady due to a lack of international news impacting the currency. Against the US Dollar the Euro is holding close to a seven-month high and made a loss against the Pound. Euro traders should keep an eye on developments regarding the ‘fiscal cliff’ as any developments there could create volatility for the single currency.

Australian Dollar

The ‘Aussie’ suffered losses after the nation’s Reserve Bank blamed a softening labour market for its decision to cut interest rates at its December meeting. The RBA said that stabilizing growth in its biggest trade partner, China will be a boon for the Australian economy.

New Zealand Dollar

The ‘Kiwi’ is holding up thanks to increasing optimism that negotiators in the U.S. will find a way to prevent a series of automatic tax increases and spending cuts known as the "fiscal cliff." Demand for riskier assets increased as a result benefiting the perceived riskier commodity currencies.

Canadian Dollar

The ‘Loonie’ strengthened against its US relation yesterday due to the optimism over the ongoing ‘fiscal cliff’ negotiations. The currency is beginning to benefit from the IMF’s recent decision to make the Canadian Dollar a safe-haven currency after C$13.3 billion was bought by investors in October.

South African Rand

The Rand has weakened for the first time in three days as the markets await the outcome of the African National Congress’s leadership election. President Jacob Zuma is the favourite to win a second five-year term despite allegations of corruption and a ferocious campaign that has threatened to split the party altogether. Due to the uncertainty of the outcome investors have sought shelter in safe-havens as they take a wait and see approach.