Currency Calculator by Send Money Home.

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

View Providers Switch Currencies

The pound bounces back as confidence grows

Send money home daily currency update

Pound Sterling

The Pound has made gains against several of its major counterparts following Friday’s release of data. It showed better-than-expected UK borrowing figures as-well-as figures showing that the nation’s budget deficit widened less than expected.

The news has caused the currency to rise due to improved confidence that the UK is on the right track to recovery. As a result the Pound strengthened from a three-and-a-half month low against the Euro and rose 0.24% against the US Dollar. Speculation over whether the Bank of England will introduce a new round of quantitative easing is likely to restrain the currency from making further gains.

US Dollar

The ‘Greenback’ has weakened against the majority of its peers, due to the release of positive New House Sales data. The improved figures caused the markets to take a positive stance over the US currency, spurring demand for riskier assets. This week sees a lot of US data releases with the latest Unemployment Claims, Durable goods orders and Pending Home sales all due.

The Euro

The Euro has halted its decline and has crept up against the US Dollar after Spanish Prime Minister Mariano Rajoy won a regional election victory which the markets have seen as the Spanish people’s support for austerity. Rajoy’s party won 41 of the 75 seats in Galicia’s regional assembly. Uncertainty over when Spain would request a bailout to drive down the cost of its borrowings remained, and traders expect the Euro to stay in a range.

Australian Dollar

The ‘Aussie’ has slipped against the majority of its peers ahead of the release of a report that is expected to show that inflation has remained close to its slowest pace in 13 years. The currency remained down against the ‘Greenback’ after the Australian government said that it will reduce spending in an effort to produce a budget surplus by the end of the year.

New Zealand Dollar

There is no new data out of New Zealand today with the country’s markets being closed for a national holiday.

Canadian Dollar

The ‘Loonie’ has slumped to a two-week low after taking a tumble in the Asian markets. The currency was not helped after the Canadian government blocked the Malaysian state oil firm Petronas bid for the Canadian gas producer Progress Energy Resources. The decision has caused the markets to grow unsure over a bigger deal involving the Chinese, denting demand for the currency. Data released on Friday showed the country's September inflation rate was at a low of 1.2% providing little justification for the nation’s Central Bank to maintain a hawkish position.

South African Rand

The Rand is little changed against the US Dollar due to the markets being cautious in the run-up to the release of the country’s latest inflation data and budget statement. Since its three-and-a-half year low earlier in the month the currency has rallied significantly. Uncertainty over the nation’s workforce and economic environment is likely to remain a drag on the Rand.

© 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