Monday, February 17, 2014

Money Transfer Rates: Best Pound Dollar Exchange Rate In 5 Years; Best Pound Euro In 12 Months

The Pound Sterling (currency:GBP) continued to make strong gains against the majors on Friday, with the Pound Dolllar exchange rate rising through 1.68 GBP/USD, while the Pound Euro exchange rate also moved towards a 12 month high GBP/EUR. The trade weighted index pushed to the highest level in five years. There was further speculation that distribution of Vodafone payments surrounding the Verizon purchase was boosting the UK currency with the Pound rising against all of the 16 most actively traded currencies. The latest unemployment data and Bank of England minutes will be watched very closely this week, as markets look for further evidence on economic trends and any potential divisions on forward guidance within the MPC. The Governor Mark Carney maintained his commitment to no short-term policy easing, but underlying Sterling sentiment remained strong and there was a sharp monthly increase in the Rightmove index, which boosted sentiment towards the housing market with the Pound spiking towards 1.68 against the Dollar and to the highest level since 2009. 

The Euro-zone growth data for the fourth quarter was marginally stronger-than-expected with a 0.3% GDP gain for the fourth quarter, from 0.1% previously with stronger-than-expected readings for France and Germany. There was a 0.1% gain in Italy, the first expansion since the first quarter of 2011, which provided some marginal relief. Following the stronger-than-expected data and reduced speculation over March ECB action, there was reduced speculation that the ECB would look to sanction an easing of monetary policy at March’s council meeting, which helped to underpin the Euro. The Italian Prime Minister tendered his resignation to the President on Friday, effectively pushed out by party rival Renzi, who has now been asked to form a government. 

Data Released 17th February 2014

U.S Presidents’ Day Market Holiday 

To see live, historical exchange rates and charts or to get the best rates on your money transfer please refer to the main Exchange Rates UK website. 

Important Pound Sterling to Euro & US Dollar Exchange Rates (Updated17:00 GMT 17/02/2014)

The Pound Sterling to Euro exchange rate is trading down -0.41% at 1.21828 GBP/EUR. 

The Pound Sterling to US Dollar exchange rate is trading down -0.38% at 1.67000 GBP/USD. 

The Euro to Pound Sterling exchange rate is trading up +0.41% at 0.82083 EUR/GBP. 

The Euro to US Dollar exchange rate is trading up +0.03% at 1.37078 EUR/USD. 

The US Dollar to Euro exchange rate is trading down -0.03% at 0.72951 USD/EUR. 

The US Dollar to Pound Sterling exchange rate is trading up +0.38% at 0.59880 USD/GBP. 

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