Foreign exchange rates 2nd august

Published on in Foreign Exchange News by
A drop in manufacturing activity pushed the pound to its lowest level in more than two weeks against the Euro on Wednesday.

Coming after recent data showing an unexpected sharp contraction in the UK economy during the second quarter, Wednesdays PMI survey showed Britain’s manufacturing sector shrank at its fastest rate in more than three years. Yesterday evening, the FOMC held rates unchanged at 0.25%. The Fed said it will provide additional accommodation as needed, repeating its previous stance of exceptionally low rates at least through late 2014. Analysts are predicting the Fed will announce a further round of QE at its next policy meeting in September.

Although the BOE is widely expected to leave interest rates and its quantitative easing programme unchanged in today’s policy announcement at 12.00pm ,the raft of recent weak data have increased the chances of more easing in the coming months. The euro was also supported by the possibility that the ECB could take action to tackle the euro zone debt crisis at today’s meeting . If the ECB supports Chairman Mario Draghi comments last week that they will do “whatever is necessary “ to support the Euro , it could boost investor appetite for taking on risk, helping sterling against the dollar, but if it disappoints it could lead to sharp falls in currencies perceived as higher-risk.

The euro is also likely to weaken in the formers case

Main Currency Pairs * Yesterday Today
GBP/EUR 1.27050 1.26550
GBP/USD 1.56470 1.55430
GBP/CAD 1.56580 1.56440
GBP/NZD 1.92320 1.91440
GBP/AUD 1.48490 1.47870
GBP/AED 5.74500 5.70790
EUR/USD 1.23130 1.22800
GBP/CHF 1.53250 1.52550
GBP/ZAR 12.8268 12.9120
GBP/SEK 10.6627 10.5637
GBP/JPY 122.495 122.159
GBP/PLN 5.23630 5.21370
GBP/SGD 1.94880 1.93640
EUR/PLN 4.10500 4.10220
EUR/CHF 1.20140 1.20200
GBP/MAD 14.0309 13.9664
PLN/EUR 0.24320 0.24380
GBP/CZK 32.2151 32.2006
GBP/DKK 9.49130 9.44990
GBP/HKD 12.1495 12.1091
GBP/HUF 355.813 356.038
GBP/NOK 9.46680 9.37780
GBP/INR 87.2084 86.6311
GBP/THB 49.3271 49.1759

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