Currency Update - 8th April 2010

Please see the high and low from 7th April and the current exchange rate below:

If you are interested in a currency not listed above, +44 (0) 1491 577 550 for an up to date exchange rate.

All prices shown are mid price "interbank" exchange rates which are accurate at the time of writing and change constantly during the course of the day. Your rate will be determined by the amount of currency that you are buying.

Market Comments

The Greece story continues to weigh heavily on the Euro which has continued to sink under the weight of the problems in Athens, as well as weak economic data after Euro zone final Q4 GDP was revised down from growth of 0.1% to show stagnation at 0.0%. The news saw Sterling reach a 7-week high against the single currency.

Sterling had a mixed day yesterday, gaining against the Euro but remaining relatively stable against the US Dollar, after UK PMI data for the services sector came in slightly under expectations at 56.5 against an expectation of 58.

Sterling also received a boost from the OECD (Organisation for Economic Co-operation and Development) yesterday who forecast  UK growth for 2010 will exceed all European countries with the exception of France. They forecast growth for the first quarter of 2%,  above the Chancellor's forecasts of between 1%-1.5% for 2010, which does seem a touch optimistic.

Today's data centres on interest rate announcements from the Bank of England and European Central Bank with monetary policies likely to be left unchanged. UK February manufacturing and industrial production figures are also released and will be watched closely to see if their is continued improvement.

If you wish to discuss any of the topics raised here or have a specific enquiry, please contact SAT Worldwide on 01491 577550.