Archived Daily FX News from the Money Transfer News Team...
US Dollar to Canadian Dollar Marches Higher Despite Bank of Canada?s Hawkishness
Published: 26 Oct at 12 PM
Despite a hawkish tone taken by the Bank of Canada (BoC) during the bank’s policy decision this week, the US Dollar to Canadian Dollar (USD/CAD) exchange rate saw some late week climbs as investors remained hungry for safe haven currencies.
After opening the week at the level of 1.3088, USD/CAD saw tight movement for most of the week...
British Pound to Japanese Yen Exchange Rate Slips as Irish Border Brexit Issue Persists
Published: 22 Oct at 4 PM
The Japanese Yen has seen mixed demand in recent weeks as risk-sentiment rises and safe haven currencies weaken. Despite this though, the British Pound to Japanese Yen (GBP/JPY) exchange rate has been weakening due to Brexit jitters.
While GBP/JPY recovered from last week’s low of 145.89, the pair still slipped from 147.55 to 147.04...
Pound Dominates against Australian Dollar on Hopes of Brexit Fast Track
Published: 31 Oct at 4 PM
Pound Bolstered by Hopes of Accelerated Brexit Process
There have been two factors enabling a Pound to Australian Dollar rise today, the first being a recent statement from Michel Barnier.
The EU’s Chief Brexit Negotiator, Mr Barnier has stated that the next round of talks with the UK could be scheduled in ‘[the next few] hours or...
Euro Slides against New Zealand Dollar after Trader Shock from Draghi Dovishness
Published: 26 Oct at 4 PM
Euro Collapses after ECB President Gives Cautious Press Conference
Traders had been eagerly anticipating today’s European Central Bank (ECB) press conference, but it has backfired spectacularly and led to widespread Euro losses.
The ECB left interest rates at 0% as expected, but notably cut its monthly quantitative easing (QE) limit...
GBP CAD Climbs Almost 1.5% as Bank of Canada Leaves Interest Rates Unchanged
Published: 25 Oct at 5 PM
The Pound Canadian Dollar exchange rate soared today on news that the UK’s GDP print beat expectations and that the Bank of Canada (BoC) decided to leave interest rates steady at 1% at its October rate meeting.
Bank of Canada Proves Dovish – CAD Exchange Rates Flop
The BoC decided to hold its benchmark interest rate at 1% at the...
British Pound to New Zealand Dollar Surges on NZ Coalition Announcement
Published: 19 Oct at 5 PM
The Pound to New Zealand Dollar exchange rate surged on Thursday, despite persistent economic and political concerns in Britain, as investors digested the latest NZ political surprise.
GBP/NZD began the week trading at around 1.8514. After slipping earlier in the week, the pair shot up over two cents on Thursday and trended near its best...
Euro to US Dollar Focus: Will Catalonian Independence Bid Trigger EUR Crash?
Published: 10 Oct at 3 PM
Euro Outlook: Losses Possible if Catalan President Declares Independence
Given the circumstances, the Euro has been faring well against the US Dollar today. The EUR USD exchange rate has been progressively rising this week, in spite of high tensions in the Spanish region of Catalonia.
The actual source of the Euro’s rise today has been...
GBP USD Exchange Rate Gives up Previous Gains
Published: 27 Oct at 3 PM
Wild Fluctuations in Pound Exchange Rates Demonstrates Current Sensitivity of GBP Traders
Movement in the Pound US Dollar exchange rate has been largely negative today. While Sterling was able to record a few brief gains against the ‘Buck’, it has since dropped off.
Initial gains for the Pound were triggered by the Q3 preliminary...
GBP NZD Exchange Rate Tumbles Following QE Comments from Chancellor
Published: 25 Oct at 4 PM
The Pound to New Zealand Dollar exchange rate has plummeted this afternoon following comments from UK Chancellor Philip Hammond that he would be willing to approve additional quantitative easing.
Pound (GBP) New Zealand Dollar (NZD) Bludgeoned by Hammond QE Remarks
After trading relativity flatly for much of the day The Pound (GBP)...
US Dollar to Japanese Yen (USD/JPY) Exchange Rate Holds Near Best Levels on Fed Bets
Published: 17 Oct at 2 PM
The US Dollar to Japanese Yen exchange rate rested above the key level of 104.00 throughout the weekend and the pair still trends near highs not seen since July. Higher bets of a Federal Reserve rate hike in December have carried USD/JPY higher, but the pair’s movement was mixed on Monday as comments from Fed Chairwoman Yellen weighed on...
AUD/GBP Advances on Thin USD Trading Volume
Published: 10 Oct at 5 PM
The Australian Dollar has been able to avoid depreciation today on the back of negative news thanks to closed US markets undermining US Dollar strength. The AUD/GBP exchange rate has advanced by around 0.7% to trend around 0.6146; near to a three-year high.
Closed US Markets Buoy US Dollar despite Strong Warnings over Domestic...
Euro US Dollar Exchange Rate Slips on Solid US Datasets
Published: 6 Oct at 3 PM
The Euro US Dollar exchange rate continued to slip on Thursday after giving up recovery attempts on Wednesday, as the week’s US data continues to bolster US Dollar demand while Eurozone news fails to inspire. EUR/USD has trended below the week’s opening levels of 1.1239 for the whole week so far, and traded near 1.1185 on Thursday...
Pound Canadian Dollar Forecast: ?Brexit? Fears Cause Sterling to Nosedive
Published: 4 Oct at 2 PM
The Pound (GBP) to Canadian Dollar (CAD) exchange rate came close to a yearly low this morning as Sterling continues to struggle following the announcement over the weekend that Prime Minster Theresa may plans to trigger Article 50 of the Lisbon Treaty by the end of March 2017, starting two years of official ‘Brexit’...
Canadian Dollar (CAD) Fell by 0.9% as Domestic Growth Slowed
Published: 31 Oct at 4 PM
Weaker Canadian Dollar Good for Exporters
The Canadian Dollar (CAD) exchange rate fell against almost all of its currency counterparts following the release of disappointing local growth figures. The commodity-driven currency had previously softened on the back of comments from Bank of Canada Governor Stephen Poloz. As well as stating that...
Swiss Franc (CHF) Volatile as Swiss National Bank Reconsiders Euro Cap
Published: 29 Oct at 4 PM
The Swiss Franc (CHF) exchange rate was broadly softer on Wednesday as investors feared the Swiss National Bank (SNB) could readjust its Euro-Franc cap. In November the SNB will be subject to a referendum which could have a serious impact on the way in which the central bank conducts fiscal policy. The proposals would see the central bank...
Australian Dollar (AUD) Strengthens as US Interest Rate Speculation Cools
Published: 28 Oct at 5 PM
Although the Australian Dollar to US Dollar (AUD/USD) exchange rate has lost a considerable amount of ground over the last few months, the ‘Aussie’ has been able to stabilise a little this week. The Australian Dollar pushed back above 88 US cents on Monday as demand for the US Dollar was undermined by below-forecast US services PMI. As...
US Dollar (USD) Exchange Rate Declines Today, US Growth Forecast to Slow
Published: 27 Oct at 5 PM
At the beginning of the week the US Dollar softened against the Pound (USD/GBP) and weakened against the Yen (USD/JPY) as below-forecast domestic data saw investors pare back their interest rate hike bets. The US Dollar came under pressure after both the Markit US Services and Composite PMI’s softened in October, with the former sliding to...
German Confidence Rises, but the Pound to Euro Exchange Rate Remains Strong
Published: 24 Oct at 5 PM
If you deal with the Pound to Euro exchange rate on a regular basis (when paying a foreign mortgage or transferring wages, for example) you’ve probably been taking a keen interest in the recent run of less-than-impressive economic reports to come out of Germany.
Your foreign commitments might be in Spain or France, but as Germany is the...
Sales of US Homes Hit Year High ? Save Money on Your Home Purchase
Published: 21 Oct at 5 PM
According to the latest data, sales of existing US homes climbed in September, achieving their highest level in a year, after jumping by 2.4% on the month. Sales had been expected to increase by 1.0% on the month following August’s -1.8% decline. The report adds to the improving picture of the UK’s housing sector. According to industry...
How could a Eurozone Recession affect your International Property Purchase?
Published: 15 Oct at 5 PM
Although the Eurozone appeared to have dragged itself out of the dark days of recession at the beginning of 2014, reports published over the last few months are indicating that the currency bloc’s tentative recovery could be faltering already. \r\n\r\nIf you were one of the thousands of people who took advantage of the global economic...
UK Unemployment Drops, So Why Didn?t the Pound Sterling (GBP) Exchange Rate Climb?
Published: 15 Oct at 5 PM
On Wednesday the UK published its latest batch of employment figures. They revealed that the UK Unemployment Rate softened to a six-year low of 6%, the lowest level of joblessness recorded since the global financial collapse was triggered in 2008. On the surface the results were very positive, so given that the labour market is such an...
What do low interest rates in the UK mean for the Pound (GBP) exchange rate?
Published: 10 Oct at 12 PM
When the global economic crisis struck in 2008, governments and financial institutions from across the world had to introduce measures to prevent complete financial collapse. Many developed nations opted to deploy the strategy of cutting interest rates to historic lows in order to reduce borrowing costs and ease conditions for consumers. In...
Canadian Building Permits Dive, GBP/CAD Shifts: Buy Now or Not at All?
Published: 8 Oct at 6 PM
Planning on moving to the Great White North? Get yourself in gear because a rapid decline in building permits could initiate a house price boom; not the kind of hike you will likely enjoy in the Canadian mountains.
The appeal of Canada is undeniable. Can’t decide whether to move to somewhere with sun or snow? Beaver country has you...
Buying Property in Australia? Take Advantage of the GBP/AUD Exchange Rate
Published: 6 Oct at 1 PM
Australia’s agreeable climate, laid back attitude and outdoors lifestyle make it the location of choice for thousands of UK residents looking to start a new life overseas.
While renting property is possibly the more sensible choice in cases of temporary relocation, if your move will be permanent you’re probably looking at buying a place...
Repatriating from the US? Why USD/GBP Gains Could Benefit You
Published: 2 Oct at 6 PM
If you’ve been living in the US but have plans to return to the UK, the current increase in the US Dollar to Pound Sterling exchange rate could leave you thousands of Pounds better off.
Over the last few months the US economic recovery has stepped up a gear, with sectors from employment to housing and construction all showing signs of...
Pound Euro exchange rate slumps to a 2 month low
Published: 31 Oct at 10 AM
The pound fell to a 2 month low against the euro yesterday after the Office for National Statistics (ONS) reported that UK households have seen their living standards stagnate for the past four years and are spending an increasing share of their incomes on "essentials" such as fuel and housing. The ONS says households' true...
US dollar firms ahead of FOMC decision
Published: 30 Oct at 10 AM
Ahead of the monthly policy decision from the Federal Open Market Committee this evening, the US dollar strengthened as all the signs are that the FOMC will keep its $85 billion a month bond buying program, commonly known as quantitative easing in place well into 2014 to support the economic recovery, particularly after the 16 day government...
Money Transfers to Canada: Pound Sterling Best Level vs Canadian Dollar Since February 2010
Published: 29 Oct at 9 AM
The Pound Sterling found fresh support yesterday after property tracking firm Hometrack reported that average UK asking house prices rose by 0.5% in October on the back of a pick-up in demand from buyers and a decline in the supply of houses. This is the ninth straight month Hometrack have reported a rise in UK house prices.
Pound under pressure ahead of GDP data
Published: 25 Oct at 9 AM
The pound lost ground for the third day in a row against the euro ahead of the publication of UK GDP data for the third quarter of the year this morning despite better than expected UK economic data out this week.
Yesterday it was the turn of better than expected UK housing and car production data. Independent estate agent network Move...
Pound falls against the Euro
Published: 24 Oct at 10 AM
The pound fell for the second day in a row against the single currency despite the release of the minutes from the latest Bank of England policy meeting which showed that all nine members of the Monetary Policy Committee (MPC) decided unanimously to maintain the benchmark interest rate at 0.5%and keep the level of the stimulus program...
The US dollar remains centre-stage
Published: 23 Oct at 10 AM
The focus of the currency markets remains firmly fixed on the US dollar after a disappointing set of US non-farm payroll data, the key unemployment data was published yesterday reinforcing the view amongst the majority of analysts that the US Federal Reserve will hold back into at least the first quarter of 2014 before tapering its $85...
Pound Sterling opens the week largely unchanged
Published: 22 Oct at 10 AM
The pound opened the trading week largely unchanged ahead of four straight days of UK economic data.
In a quiet news day, the interview by Ben Broadbent, one of the nine members of the Bank of England’s Monetary Policy Committee raised a stir. Broadbent sees UK inflation heading back below the Bank’s 3% target level
Risk appetite receives a timely boost
Published: 18 Oct at 9 AM
After the decision from Washington on Wednesday night allowing the US government to return to work from its first shutdown in 17 years and extend the debt ceiling until February 2014, sentiment was further boosted by overnight data from China which exceeded expectations.
The Chinese economy saw Gross domestic product (GDP) annual growth...
US averts debt ceiling default
Published: 17 Oct at 9 AM
They left it to the last possible moment but overnight US Senators reached an agreement on a bi-partisan proposal to end the first US government shut-down for 17 years and temporarily suspend the country's debt ceiling with House Republicans indicating that they will not oppose its passage in the lower chamber. The US government will now be...
UK inflation data supports the pound
Published: 16 Oct at 9 AM
The pound found some support yesterday after the publication of the latest UK inflation data showed that the rate of inflation in the UK remained steady but did not continue to ease as predicted by analysts.
The Consumer Price Index (CPI) measure of inflation remained unchanged at 2.7% in September against the expected reading of...
The pound rises on a quiet start to the trading week
Published: 15 Oct at 4 PM
The pound picked up a small fraction of the ground lost over the course of last week in a quiet start to the trading week as the markets remain cautious ahead of the US debt ceiling deadline of 17 October.
In the only significant piece of UK economic data, the Ernst & Young ITEM club reported that they are making an upward revision of...
Pound falls to a 6 week low against the euro
Published: 11 Oct at 4 PM
The pound has now fallen to a 6 week low against the euro on the publication of mixed UK construction output. The data from the Office for National Statistics (ONS) showed a decline activity from July to August but activity is still at a higher level than in the same period last year.
Of interest, new housing starts jumped by 16.7% while...
Poor UK data hurts the pound
Published: 10 Oct at 11 AM
For the second day in a row, poor UK economic data hurt the pound, sending it to a 5 week low against the euro.
On Tuesday, the British Retail Consortium (BRC) reported worse than expected UK retail sales data for the second month in a row.
Yesterday, the Office for National Statistics (ONS) reported a surprise drop in UK industrial...
A day of two halves
Published: 9 Oct at 10 AM
The pound initially fell heavily yesterday morning after data released from the British Retail Consortium (BRC) showed that prices in UK shops fell for the fifth month in a row last month as retailers offered bargains to get shoppers through their doors.
The BRC data also showed weaker than expected September retail sales figures following...
The US dollar remains centre stage
Published: 8 Oct at 11 AM
The US dollar remains under pressure despite a quiet start to the trading week as the US government shutdown enters its second week and fears grow about a potential default on 17 October if the US fails to lift its debt ceiling.
The Secretary of the US Treasury, Jack Lew was busy over the weekend. Amongst other appearances, he told CNN´s...
Pound Sterling fell against the majority of 16 most actively traded currencies
Published: 3 Oct at 10 AM
The pound fell against the majority of the 16 most actively traded currencies yesterday after worse than expected UK construction sector data.
The Markit/CIPS construction purchasing managers’ index (PMI) fell from a 59.1 level registered in August to 58.9 in September. The August data represented a six-year high. The September data...
Muted response to US government shutdown
Published: 2 Oct at 9 AM
There was a muted response from the markets yesterday to the US government shutown, the first for 17 years, yesterday with the dollar slowing falling to a new 8 month low against the pound.
Data wise, the dollar found some support from the release by the data release from the Institute for Supply Management which reported that its...
Money Transfers: Pound Sterling Reaches New 9 month High
Published: 1 Oct at 10 AM
The Pound Sterling reached a new nine month high against the Euro yesterday on the back of better than expected data and the worsening political situation in Italy.
Property analysis firm Hometrack reported yesterday that UK house prices in England and Wales rose by another 0.5% month-on-month in September and are now up by 2.4% since...
The euro rebounds against the pound and the dollar
Published: 31 Oct at 10 AM
The euro made gains across the board yesterday after better than expected news in Greece, Spain and Italy bolstered sentiment in the euro zone. The markets remain quieter than normal as New York struggles in the aftermath of |Hurricane Sandy.
In Greece, Prime Minister Antonis Samaras announced that a deal has been reached with the so...
Money Exchange Rates Today - Hurricane Sandy Pushes Safe Haven Buying
Published: 30 Oct at 10 AM
The effects of Hurricane Sandy are been felt in the worldwide financial markets with trading volumes sharply down as the New York exchange will remain closed at least until tomorrow and safe haven demand on the increase.
Hurricane Sandy produced 85 mile-per-hour winds in and a 13 ft tidal wave that tore into New York, paralysing capital...
Yesterday Saw Single Biggest Gain by the Pound Against the Euro for Over a Month
Published: 26 Oct at 2 PM
The pound obtained a major boost yesterday after the publication of much better than expected UK gross domestic product (GDP).
The Office for National Statistics (ONS) reported that in the three months to September, UK GDP rose by a full 1%, the strongest reading since late 2007. It also means that the UK economy exited from its...
Pound Sterling Receives Timely Boost; GBP NZD Exchange Rate Close to 200 Day Moving Average
Published: 25 Oct at 10 AM
The pound enjoyed its biggest one day rise in a month against the euro yesterday after Prime Minister David Cameron promised “the good news will keep coming” during his weekly Prime Ministers Questions in Parliament. Although aides immediately refuted claims that the PM had broken the law by divulging sensitive economic data ahead of the...
Money Transfer Update: Pound Sterling Benefits from Risk Appetite Against Dollar
Published: 24 Oct at 6 PM
The markets have lurched back into ‘risk appetite’ mode after better than expected Chinese manufacturing data was published late on Tuesday evening.
The HSBC purchasing managers' index (PMI) continued to improve for a second month in a row and is now at its best single reading of the last three months.
"October's flash PMI...
US dollar strengthens against euro and yen
Published: 24 Oct at 9 AM
Concerns over Spain’s debt and the state of the world’s economy saw the euro, the yen and the Australian dollar fall against the US dollar in recent trading. A loss of appetite for risk has seen investors return to the greenback. Concerns over the state of the global economy have been fuelled by data coming out of the US that indicates...
Money Transfer Update: The Pound Slides to a 5 Month Low Against the Euro
Published: 23 Oct at 9 AM
A very quiet start to the trading week saw the pound continue to lose ground against the euro, at one point reaching a 5 month low against the single currency but continue to make modest gains against the US dollar.
In a light news day, the euro strengthened against the majority of the 16 most actively traded currencies after the results...
Poor economic data sees NZ dollar drop
Published: 17 Oct at 9 AM
Disappointing economic data coming out of New Zealand has seen the NZ dollar slip against the US dollar. The currency hit a low of 0.8139 on Tuesday before clawing back to 0.8158.
New Zealand’s consumer price inflation for the third quarter was 0.03 per cent according to official figures, which is the same as the previous quarter....
Euro struggles as economic growth predictions cut
Published: 10 Oct at 9 AM
Although the euro remains down against the dollar, the single currency has been able to claw itself back slightly. Ongoing problems in countries including Greece and Spain have kept the euro under pressure and an announcement that global economic growth remains sluggish has not helped matters.
In a meeting with the European Parliament,...
Australian dollar slips after cash rate cut
Published: 3 Oct at 12 PM
The Australian dollar has fallen against almost every other major currency around the globe after Tuesday’s decision by the Reserve Bank of Australia to reduce its cash rate to 3.5 per cent, a drop of 25 basis points. This is the lowest point it has been in three years and the central bank has not ruled out further easing.
Euro down to three-week low versus dollar
Published: 1 Oct at 2 PM
The euro dropped to a three-week trough against the dollar at the beginning of the week after an audit of Spanish banks was unable to ease concerns over whether the country was set to request a bailout to bolster its embattled economy.
The independent audit published on Friday revealed that Spain’s banking sector would require 59.3bn...