Sterling depreciated against the yen, hitting its lowest in over 2 ½ years. Despite this, the pound strengthened against the euro for a second day after data from the UK’s top property website, Rightmove Plc showed 0.7% increase in house values for September. Also out today was the BoE’s (Bank of England) quarterly bulletin which indicated that the quantitative easing programme introduced in March 2009 has raised UK GDP by 2%. Out tomorrow is the BoE’s minutes from this month’s meeting. Call in now for a rate.

In the euro zone, concerns over Greek default continue. European stocks terminated their four day rally whilst the common currency depreciated 1.4% against the US dollar. Many are worried that Greece will not meet the conditions of rescue loans. If this is the case, the country will not receive its sixth tranche of loans to prevent default. Additionally, with Germany’s ruling coalition receiving another electoral defeat, public dissatisfaction with Merkel’s choices regarding the euro zone is being becoming evident. Out today is German Producer Prices. Call in for a live exchange rate.

In the US, the US dollar rallied against the Swiss franc due to growing concerns over a Greek default. Though the Swiss franc is the ‘go to’ currency in times of turmoil, the Swiss National Bank’s recent decision to weaken the currency against the euro has inadvertently pushed more investors towards the US dollar. Yesterday President Obama called for tax increases (mostly targeting high earners) as another part of his plan to cut the US deficit. Out tomorrow is the Federal rate decision. This may cause significant movement so call in now for a rate.

Elsewhere, the rand depreciated to a one year low versus the US dollar. The South African currency fell as much as 2.1%, the weakest level since July 2010. Asian currencies also weakened, particularly South Korea’s won. There is increasing worry that Europe’s debt crisis is restricting global economic growth and in turn damaging the region’s exports. Out tomorrow is Canada’s Consumer Price Index. Call in now for a live rate

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