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Sterling at its lowest level in two weeks

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Pound Sterling

Sterling fell to its lowest level in two weeks against the Euro before recovering some ground as the markets await the release of the revised GDP figures for the Eurozone. Yesterday’s announcement by the Bank of England to maintain interest rates at the record low of 0.5% caused investors to predict that the bank could implement further monetary stimulus over the next few months. The Pound has also made gains against the US Dollar on the back of the BoE’s decision.

US Dollar

The ‘Greenback’ has made gains against many of its major peers after yesterday’s positive jobs data improved sentiment for the US economy, a stark comparison to the dismal jobs figures emerging from the Eurozone.

The data showed that US private sector employers added an extra 162,000 new jobs in September, exceeding analysts’ expectations. The Dollar is also being supported by the demand for safe haven currencies amid signs that the world’s economy is slowing down once more. Against the Pound the Dollar lost some ground following the Bank of England’s decision to maintain record low interest rates, against the Euro the currency made small gains.

The Euro

Despite the single currency making a slight loss against the US Dollar the Euro is still hovering close to a two-week high against the US currency. The Euro found support after the European Central Bank announced that it was ready to buy bonds of troubled Euro-zone members. ECB president Mario Draghi said that everything is now in place for the bank to start buying bonds of troubled nations such as Spain. Traders are still waiting to see whether Spain will make a formal request for a bailout.

Australian Dollar

The ‘Aussie’ made a slight recovery due to traders being cautious ahead of today’s release of the latest US jobs data. If the data proves positive or better than expected then the demand for riskier currencies such as the ‘Aussie’ will improve, if the data disappoints then we can expect to see the currency suffer. Despite the slight gain the ‘Aussie’ is still set to make a 1% fall this week. This is due to a week of disappointing economic data for the country. A shock widening of its trade deficit combined with subdued retail sales has dented confidence in the economy.

New Zealand Dollar

The ‘Kiwi’ has risen against the US Dollar and several of its peers after investors were buoyed by ECB president Mario Draghi confirming that the Bank will support its bond buying plans. Demand for riskier assets has improved slightly as a result. A major factor for the currencies fortunes will be the outcome of the latest US jobs data, as with the ‘Aussie’ the ‘Kiwi’ could rise or fall depending on the result.

Canadian Dollar

The ‘Loonie’ has made gains against the US Dollar after it was boosted by a better-than-expected domestic purchasing managers index and improving data out of the United States. Canada and the U.S. both release their key monthly jobs reports for September. In the U.S., economists are calling for an increase of 118,000 net new jobs, and no change to the 8.1% unemployment rate. In Canada, the consensus is for 10,000 net new jobs and no change to the 7.3% unemployment rate. Negative outcomes to either of these reports is sure to dent the ‘Loonie’s’ fortunes.

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