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Positive US data calms risk aversion

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Pound Sterling

The Pound has risen to its highest level for a month against a basket of currencies as a weaker-than-expected manufacturing survey failed to dent confidence that the UK economy is on course for a recovery. The latest purchasing manager’s index for manufacturing activity showed a fall to 47.5 in October, below the expectations of a drop to 48.0. Despite the weak figure the markets were still buoyed by last week’s better-than-expected GDP data. Sterling rose as high as $1.6176 against the Dollar, its highest level since October the 17th, before easing downwards.

US Dollar

The ‘Greenback’ has extended its gains against the Japanese Yen due to a batch of better-than-expected data. Against riskier assets however, the Dollar weakened as the good news created higher demand for riskier currencies such as the Canadian Dollar. Today, Dollar traders should be aware of the latest unemployment figure for the USA and latest report for factory orders. Today’s data is expected to show that 123,000 new jobs were added to the economy in October.

The Euro

The better-than-expected data out of the USA yesterday saw an increase in demand for perceived riskier currencies such as the Euro. Today, the Euro is likely to see volatility following the release of the US Non-Farm Payrolls figure this afternoon. Many investors are feeling confident that today's news will show additional growth in the US labour sector. If the figure is good then riskier assets like the Euro could see additional gains before markets close for the weekend. However, should today's news disappoint, the euro could turn bearish.

Australian Dollar

The ‘Aussie’ has reached its highest level for a month due to speculation that this afternoons US jobs data release will show that the world’s biggest economy is improving, supporting demand for riskier assets. The Australian Dollar is currently experiencing its longest ‘winning streak’ since August. Further gains could be limited however due to the continuing uncertainty in the Eurozone dragging down on the currency.

New Zealand Dollar

The ‘Kiwi’ is set to make a 0.5% gain against the US Dollar as risk sensitive assets rally across the globe. Optimism in the New Zealand currency was bolstered by yesterday’s upbeat Chinese manufacturing figures which showed that the nation’s industrial output increased for the first time in three months.

Canadian Dollar

The ‘Loonie’ has strengthened from a three-month low against its American relation as an unexpected increase in US manufacturing gave a boost to risk appetite. It gained versus the majority of its 16 most-traded peers after a private report said U.S. companies added more workers than forecast. The next key data release for Canada is due later today and is expected to show a slowdown in Canada’s economy. If that is the case then we can expect the ‘Loonie’ to fall once again.

South African Rand

The Rand is trading downwards against the US Dollar as concerns about waning economic growth and continuing labour concerns drag on the currency. The wildcat strikes in the mining sector are expected to keep investors wary for the rest of the year.

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