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Sterling has mixed day

Sterling had a mixed day yesterday, strengthening against the majority of currencies including New Zealand and Australian dollars, before weaker than expected unemployment data halted the rally.

Currency rates - March 15

EURO/GBP - 1.2001

US$/GBP - 1.5669

CHF/GBP - 1.4544

CAN$/GBP - 1.5554

AUS$/GBP - 1.4938

ZAR/GBP - 12.019

JPY/GBP - 131.18

HKD/GBP - 12.1585

NZD/GBP - 1.9280

SEK/GBP - 10.722

AED/GBP - 5.7541

US$/EURO - 1.3055

INR/GBP - 78.60

Sterling was particularly strong against the New Zealand Dollar and Australian dollar reaching close to two month highs against both currencies.  Data released showed that more people were claiming unemployment benefits than economists had anticipated.

The euro traded in a similar pattern to sterling yesterday; however, remained weak against sterling and the US dollar. The euro zone finance ministers finally formally agreed the second bailout for Greece after all national and parliamentary approvals were completed. The European Central Bank's monthly bulletin is the only significant release today as the markets look to the US for influence.

The US dollar had a strong day yesterday as news of the successful Bank stress tests created a positive sentiment in the world's largest economy that the banks are now in a position to cope with another financial crisis should it occur. A raft of data is released from the US today including more unemployment figures and the Producer Price Index (PPI).

Elsewhere, the commodity backed currencies had a poor day yesterday with the New Zealand dollar and Australian dollar the worst performers. The Official bank rate for Switzerland will be announced first thing this morning with no change expected; however, the statement that follows should shed some more light on the central banks position on the €1.20/Chf1 peg that is still under threat. Call in now for the latest update and the latest news.

Supplied by Nick Ryder of Smart Currency Exchange, the currency partner to Harpers Wine and Spirit who have teamed up with Smart to provide readers with a free bespoke currency service. Go to www.smartcurrencybusiness.com/winespirit for more information or call on 0207 898 0500.