Currency Calculator by Send Money Home.

GBP Flag
1 GBP = 1.14892 EUR
EUR Flag
1 EUR = 0.8704 GBP

View Providers Switch Currencies

Sterling soars as euro crisis deepens

SMH advert

Send money home daily currency update

Pound Sterling

The Pound has hit a five-week high against the Euro due to the Bank of England deciding to leave the interest rate and the size of its bond-buying programme unchanged. The decision had been expected by investors after the UK posted its stronger-than-expected growth figures for the third quarter. The Pound is set to make further gains as the markets digest the news that the European Union has opted to delay granting the vitally needed bailout to Greece.

Sterling is set to make a second weekly decline against the US Dollar as analysts await the latest UK trade deficit data. The deficit is expected to have shrunk and could see the Pound reverse some of its losses against ‘Cable’.

US Dollar

The ‘Greenback’ has made slight losses against the Japanese Yen as investors sought a safe-haven over worries regarding the impending fiscal cliff that could send the US economy back into recession.

Cable made gains against the Pound and Euro due to fears that the Euro crisis has deepened after the European Union took the decision to delay granting more aid to Greece. The announcement caused investors to flock to the safe-haven Dollar as risk appetite declined.

The Euro

The Euro has fallen to a two-month low against the US Dollar after European Union finance ministers announced that they will delay for ‘weeks’ the decision to give Greece its next round of aid. The currency also wasn’t helped after European Central Bank President Mario Draghi said that he expects economic growth to remain weak. The ECB opted to leave its benchmark interest rate at 0.75% during yesterday’s policy meeting in Frankfurt; the decision did little to help the single currency.

Australian Dollar

The ‘Aussie’ made gains and reversed some of its losses after Australia’s biggest trade partner, China, posted new data showing that industrial production and retail sales showed better-than-expected results. China’s National Bureau of Statistics said that industrial production rose by 9.6% last month whilst retail sales climbed by 14.5%.

New Zealand Dollar

The ‘Kiwi’ followed its Australian cousin on trading upwards on the back of the improved Chinese data. Against the ‘Aussie’ the currency declined by 1.7% after the local labour market declined a lot faster than expected and as the Reserve Bank of Australia kept interest rates on hold.

Against the US Dollar the ‘Kiwi’ has declined over fears that the US economy is heading towards the fiscal cliff, and investors sought a safe haven.

Canadian Dollar

The ‘Loonie’ has declined against the US Dollar, falling below parity for the first time in a week. The decline comes as the markets were spooked by the European Union’s decision to delay granting Greece its next round of bailout funds, a decision that many believe will worsen the situation in the Eurozone. The concerns over the US fiscal cliff have also dragged on the currency.

South African Rand

The Rand has declined by 1% against the US Dollar after the African nation posted weaker-than-expected mining and manufacturing data. The gloomy figures point to a slowdown of Africa’s largest economy and the prospect for growth appears slim. South Africa’s mining output fell by 8.3% whilst manufacturing fell by 1.1%.

© 2018 : All Rights Reserved
Send Money Home Registered Office 334 Southend Road, Wickford Essex SS11 8QS. Trading Office 83 Ducie Street, Manchester M1 2JQ. +44 (0) 844 357 4755