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Investors wary as Brussels summit remains unresolved

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Pound Sterling

The Pound is heading for a fourth weekly decline against the US Dollar slumping to a four-month low in early morning trading against the Euro, due to the markets growing nervous over the outcome of the two day Euro leader’s summit in Brussels. Investors are wary as many believe that very little will be achieved at the meeting. The Pound could recover some ground if the latest report on the UK budget deficit shows that it narrowed last month. Economists are predicting that the deficit narrowed to £13.5 billion in September compared to £14.4 billion in August.

US Dollar

The ‘Greenback’ is holding steady against the Euro after data showed that applications for US unemployment benefits jumped to 388,000 in the week ending October 13th. The surprise rise caused the Dollar to erase the gains it made earlier in the week. However, a Federal Reserve report showed manufacturing in the Philadelphia region expanded in October for the first time in six months, raising the allure of the U.S. Dollar.

A better-than-expected result from today’s latest Existing Home sales data could help the Dollar.

The Euro

The Euro is hovering close to a one-month high against the US Dollar after being left unmoved by the European summit. Some progress has been made towards creating a banking supervisor for the single currency but as expected very little has been mentioned about resolving the issues of debt ridden Greece and Spain.

Australian Dollar

The ‘Aussie’ is heading for its biggest weekly gain in more than a month due to improvements in risk appetite for the oceanic currencies. The currency was boosted by improving Chinese data for industrial production, retail sales and fixed-asset investment. It also saw improvements due to being supported by Pacific Investment Management Co. The manager of the world’s biggest bond fund said that it had boosted its holdings in the nation’s assets.

New Zealand Dollar

The ‘Kiwi’ is heading for a drop against its Australian counterpart after poor local inflation data raised expectations that the country’s Central Bank may cut interest rates in a bid to revive the slowing economy. Government figures this week showed New Zealand's consumer prices rose at their slowest pace in 13 years in the third quarter, giving the Reserve Bank headroom for looser monetary policy. The currency could see a fall of 0.9%, its biggest decline in five months.

Canadian Dollar

Yesterday’s late trading saw the ‘Loonie’ fall by its biggest level for three-months against its US counterpart erasing all of the gains it made. The declines come after the country’s finance minister Jim Flaherty said that the nation may have to revise down its economic outlook. The comments saw demand for the riskier commodity based currency slump as confidence wavered.

South African Rand

The Rand weakened against the Dollar as traders grow increasingly wary over riskier assets. One good thing for the currency is that attention is beginning to move away from the nation’s trouble hit labour market. Wildcat strikes are becoming less of a factor for traders whose focus is moving to wider reaching global issues.

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