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UK credit rating at risk as Pound Weakens

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Pound Sterling

The Pound has weakened further against the Euro as the markets await the release of a report that is expected to show that UK mortgage approvals increased for a sixth-month in December. Against the Dollar, Sterling was little changed, trading in the region of 1.57. The Pound is expected to remain weakened due to increasing speculation that the UK’s valued triple-A credit rating could be downgraded.

US Dollar

The ‘Greenback’ took losses against most of its major currency rivals yesterday due to a decrease in confidence in the US economic recovery. The currency wasn’t helped by disappointing CB Consumer confidence data.

Today, US Dollar traders should be aware of the release of the latest advanced GDP figure. If the data shows signs that the nation’s economy is slowing down then the currency could weaken further.

The Euro

The Euro has continued to strengthen, rising above the $1.35 mark for the first time since December 2011. Against the US Dollar the Euro advanced due to improving economic data emerging from the Euro region.

A report due to be released today is expected to show that economic confidence in the Eurozone improved this month. An index of executive and consumer sentiment is expected to rise from 87 in December to 88.2

for January.

Australian Dollar

The ‘Aussie’ has weakened against the majority of its peers after Australian Prime Minister Julia Gillard put pressure on the nation’s Reserve Bank to cut interest rates and take action to weaken the currency. According to Gillard the strength of the ‘Aussie’ is making Australian exports less competitive and harming the manufacturing and retail sectors.

New Zealand Dollar

The ‘Kiwi’ has weakened against all of its major counterparts due to speculation that the Reserve Bank will take action to curb the currency’s strength at its monetary policy meeting due to be held tomorrow. With many developed nations taking or preparing to take action to weaken their currencies the prospect of a currency war has increased.

Canadian Dollar

The ‘Loonie’ made its biggest gains against its U.S. counterpart in almost a month after four days of losses as the currency failed to fall below a key technical level. The currency was supported by expectations that tomorrows GDP figures will show that the Canadian economy expanded by 0.2% in November, up from 0.1% in the previous month.

South African Rand

The Rand continues to struggle to regain its strength due to foreign bond holders opting to exit the market. Since the start of January, up to four billion Rand has been removed from the bond market as labour unrest fuelled negative sentiment for the African economy.