STERLING fell against the US dollar yesterday causing further loses as automatic ‘sell’ orders got triggered, hitting a low of $1.6375/ £1. The euro also climbed verses sterling by 0.5%. Investors suspect that sterling will struggle today and find direction only after Friday’s speech by Federal Reserve Chairman Ben Bernanke, in which he is expected to announce further monetary stimulus. Out today is CBI survey on retail sales and the second quarter estimate of GDP on Friday. There is worry that if data indicates fragmented UK recovery, the likelihood of the Bank of England adopting another round of quantitative easing will increase. Protect yourself and call in now for a rate. In the Euro zone, the Euro made slim gains against sterling and the US dollar. Further German manufacturing data came in better than expected, but it was the weakest rate of expansion for the past two years. Concern over the European debt crisis is causing European banks to cut their workforces six times faster than their US counterparts. The euro strengthened also off the back of speculation ahead of Fed Chairman Ben Bernanke’s speech – further monetary easing would see a flood of cheap US dollars being invested elsewhere. Call in now to ensure you are ahead of the game. In the USA, the US dollar traded at a record low against the yen yesterday falling by 0.2%. This was due to a large number of market players ignoring a program which urged firms to exchange yen for foreign assets. Data for the USA came in better than expected showing that durable goods orders climbed in July. Home prices increased by 0.9% in June. Despite this, property prices dropped by 5.9% compared to this time last year. There is concern that U.S consumer business will continue to weaken in comparison to markets such as China which continue to grow. Call in now and get a live rate. Elsewhere, the Swiss franc gained against a number of currencies rising for the first time in three days against the US dollar. This is largely due to a decrease in German business confidence and an increase in Greek bond yields. There is speculation that an interest rate hike is now unlikely to happen in South Africa as South African 4 year bonds fell, gaining an upper hand on the US dollar. Protect yourself and call in now for a live exchange rate. EURO/GBP – 1.1342 US$/GBP – 1.6372 CHF/GBP – 1.3038 CAN$/GBP – 1.6165 AUS$/GBP – 1.5658 ZAR/GBP – 11.8848 JPY/GBP – 126.31 HKD/GBP – 12.7688 NZD/GBP – 1.9745 SEK/GBP – 10.3516 US$/EURO – 1.4421 To request a up-to-the minute quotation or for more information on Smart Currency Exchange, please call our freephone: 0808 163 0102 (+44 (0)207 898 0541 from outside the UK) or visit our website at: http://www.smartcurrencyexchange.com

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