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Sterling Consolidates Against Most Majors

After initial wobbles early this morning, sterling has consolidated its gains before the Easter break.  Most UK news of late including retail figures and unemployment, has all been exceptionally good, allowing the pound to make headway against most of the majors.  However the gains are being limited by the fact the Bank of England is still highly unlikely to adjust interest rates before the second quarter of 2015.

The UK markets will be closed tomorrow and on Monday, however many other countries will be open for business as usual so we could still see some movement although I suspect sterling will be reasonably well supported because of the recent jobs news.  We have Australian next Tuesday evening so I am hoping we can break back into the 1.80 barrier for GBP AUD, and whilst European inflation figures recently were just about passable, I am hopeful that next week’s Markit PMI could trigger further weakness for the single currency.

If you are likely to need a currency transfer in the near future and would like to discuss how best to go about it then feel free to email Colm at cmg@currencies.co.uk and I would be happy to explain how our services work.

Sterling having a better run as we head to the long Easter break (Mike Vaughan)

As we head to the long Easter weekend the pound has begun to show some signs of positivity, notably against the Euro and US dollar with rates at a near four year high against the greenback. Prior to this the pound had seen some volatile times against a host of currencies and in particular the Australian Dollar and New Zealand Dollar.

In fact earlier this week the pound was trading at its lowest level against the Australian Dollar since November last year having shifted over 7% from the highs of January. This makes a difference of 24k AUD in a little over three months on a £200k money exchange. Looking at other currencies and the market is also proving very volatile against the NZD having shifted over 5% since February and the ZAR with the pound being some 6% down on this year’s high of 18.81.

Since these lows the pound has shifted back towards 1.80 against the AUD following strong UK unemployment figures yesterday which are now below the 7% level sitting at 6.9% and the sentiment coming from the RBA minutes that maybe they are not as comfortable as originally suggested with the current value of the Australian Dollar. For me this pair is now likely to settle around the 1.80 range.

To finish off the working week the UK has little in the way of data releases with initial jobless claims from the US at 13:30 the major data of note. Should you need to get anything locked in before the Easter weekend then there is still time. Registration is free and carries no obligation and can be done on-line all in a matter of minutes. Contact the office on 01494 787478 or email Mike mgv@currencies.co.uk

Sterling pushes up against Euro & US Dollar after UK Unemployment Falls (Tom Holian)

Sterling has pushed up today against the Euro creating the best rate to buy Euros for a few weeks. This is following on from some very positive next from the UK unemployment sector which saw a fall to 6.9% which is the best in years and below the original figure set out by the Bank of England as an indicator of when to increase interest rates. However, as unemployment has dropped over the last few months Bank of England Governor Mark Carney stated that unemployment will not be the prime reason to change interest rates.

However, any signs that the UK economy is on the rise is good for Pound as a whole and this is the reason why Sterling has shot up against the US Dollar testing 4 year highs and also why Sterling Euro exchange rates have been on the up today.

The unemployment figures were the best they’ve been for five years with 2.2 million people currently out of work. Average earnings have also picked up during the last three months and have outstripped inflation for the first time since 2010. Therefore, this is likely to promote consumer confidence which ultimately means more spending which in turn will drive UK economic growth.

With the Easter bank holiday coming up this weekend if you have a currency transfer to make and want to save money compared to using your bank then contact me directly for a free quote. Tom Holian teh@currencies.co.uk 

 

Sterling receives a boost following better than expected unemployment figures (Daniel Wright)

The Pound has had a really good morning against all major currencies this morning following much better than expected unemployment figures for the U.K and also news that after six long years wage growth has now overtaken inflation.

Both of these factors have led to a spike in the market for Sterling which is great news for anyone looking to buy foreign currency in the near future.

If you are in the process of buying a property overseas then your dream home abroad has indeed just become a little cheaper for you!

We have some European inflation data out shortly and then this afternoon we have the Canadian interest rate decision and statement so keep a keen eye on exchange rates between 3-4pm this afternoon.

Personally I think the Pound has the potential now to kick on once again as long as we see this positive trend continue in terms of economic data.

If you are looking to buy or sell foreign currency in the near future then it is well worth getting in touch with me directly. Not only can I help you achieve better exchange rates than your bank or current broker but I can also help you with the timing of your transaction with years of knowledge of the currency markets. Feel free to email  me directly on djw@currencies.co.uk with a description of what your requirements are and a contact number and I will be more than happy to assist you personally.

Where Next for Sterling Exchange Rates

It’s been a quiet day for the Pound on the currency markets, with little movement against both the EUR and USD. GBP/EUR rates continue to float around 1.21 on the exchange and the markets seem to be waiting for guidance before making their next decisive move. With concerns over France’s economic health and the very real threat of deflation hanging over the region, you can make a very good case that Sterling is more likely to find further market support from its current position than the EUR.

However, there is a is a case to be argued that the EUR, when considering its recent history against GBP, has far more scope for improvement than the Pound. If the negative issues raised earlier in this post can be resolved then you do feel the EUR could go on a run and break back through 1.20 for a sustained period.

Personally I feel GBP will continue to be well supported in the market, in line with the improvements we are seeing in the UK economy. Any move towards 1.25 against the EUR is likely to find market resistance but it will be difficult for the EUR to make a decisive move under 1.20, based on the current market conditions.

We have seen a positive spike during Tuesdays trading against both the AUD and NZD, following loses against both currencies last week. With China’s economy starting to show signs of improvement and their demand for Australia’s raw materials once again starting to increase, we may find the AUD can gather market support over the coming weeks and help to control Sterling’s recent gains.

If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me directly at mtv@currencies.co.uk.

GBP/EUR back over 1.21. Attractive buying Euro rates (Ben Amrany)

Key UK inflation figures were released this morning and has given the pound a tidy boost after weakening against many of the majors overnight. UK BRC retail sales monitor came in much lower than expected with a reading of -1.7%  against the consensus of -1.0% This did hurt the pound in early morning trading with GBP/EUR falling to 1.2067. Inflation figures measuring 1.6% assisted a rebound. Now although CPI is below the Government’s 2% target many analysts were predicting a steeper fall which would have raised questions whether the UK economy could cope with an interest rate hike next year.

The retail figures go to show that competition on the high street is fierce and is assisting this drop in Inflation. Now, should inflation remain low and stay below wage rises then this will give the BoE some relief that an interest rate hike next year could be coped with by the economy. This is what has given the pound a boost. If wages rise at a lower rate than  the inflation figure then the public would have less to spend and could cause a hole within the economy and the chances of a rate hike would be less likely hence harming the pound.

Looking forward tomorrow at 9.30 the key employment numbers for the UK will be very heavily scrutinized as the unemployment number is being directly linked to when an interest rate hike may occur due to the Mark Carney’s (Governor of the Bank of England) previous comments that interest rates may rise when unemployment falls below 7%.  The number is expected to fall from 7.2% to 7.1% Although this does not sound like a big movement the mere fact that we may get closer to 7% could give the pound a boost tomorrow morning against a host of the majors.  

The pound in general has been very volatile over the course of this year with significant losses against the southern hemisphere currencies in the last month but with gains against many of the majors like the USD & EUR. Depending on the currency you are buying or selling we may recommend different strategies to help you maximise your exchange. To find out my thoughts on the best solution for your currency exchange you may email me directly at bma@currencies.co.uk

If you feel that you would like assistance with an up and coming currency transfer you have to make we will strive to help you beat the rate of exchange your bank will offer you. Our savings can be up to 4% and I will also offer a very personal service to help you judge when you should buy the currency you require. if I know what your requirement is I can recommend the best options available to you.

If you are in the situation needing to move money internationally and looking for the best price – please feel free to contact the author – Ben Amrany – via the telephone number at the top of the page or via email at bma@currencies.co.uk 

 

 

 

 

 

 

GBPEUR this week – GBP vrs EURO – STEVE EAKINS

Sterling rates have remained flat on Monday which is one of the quietest days of the week. Rates did pick up over the weekend however following yet more commentary from the head of the European Central bank Mario Draghi with regards to inflation.  As we have mentioned on a number of blogs the euro is actually at a near multi year high against the dollar which is hampering exports and their inflation figures are worryingly low.  De-inflation is the risk so many people expect the central bank to either introduce new policy, lower interest rates or introduce more QE in an effort to tackle this.  So this commentary over the weekend made this more likely and therefore weakens the euro.

Wednesday still remains the key day this week. This is when we have economic data due from both banks either side of the channel. The UK release unemployment figures which are expected to have fallen down towards the 7% target the central bank had once hinted would result in the interest rate climb. Then the Europeans release key inflation figures, inflation being key at the moment as already mentioned.  This points towards sterling strength being projected for Wednesday probably creating the best day to buy your euros this week.  Sellers are however a little more wary.

For a full breakdown of the times of these releases and therefore when to potentially trade get in contact. My name is Steve Eakins and I can be contacted directly through hse@currencies.co.uk or call me on 0044 (0)1494 787 478

Do you need to exchange foreign currency? Whether you plan to use your bank or already have a currency broker in place we can more than likely save you a great deal of money! (Daniel Wright)

I have now had thousands of new clients contact me through this site in the 4 years I have been running it and have found that I have been  able to save the vast majority a great deal of money on their foreign exchange needs.

Some were planning to just send money through their banks and others have used a broker a few times already if not for years…. I would say 99% of people that have got in touch have got a better rate through me than the other options they have available.

For the sake of taking two minutes to email me directly you may potentially save yourself thousands of Pounds so if you feel that our award winning exchange rates and level of customer service may be of use then feel free to contact me (Daniel Wright) on djw@currencies.co.uk

Benefits of you getting in touch and dealing with me are:

  • I will be your personal account manager, so you have one point of contact for all transfers
  • We have been trading for over 14 years and are one of the UK’s leading specialist foreign exchange companies with over 45,000 satisfied clients
  • We are registered with the FCA and Authorised as a Payments Institution
  • We have achieved Best Currency Deals, Best Currency Provider and Best Exchange Rates 3 years running by the Sunday Times as well as more recently by The Telegraph. I am confident I will get you the best rate.
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  • We are purely an execution only service and we do not speculate with your funds, or company funds

If you feel that you are not getting the very best rate of exchange that you can through your bank or current broker or feel that there is room for improvement on the service side of things then it may be prudent to get in touch.

Once again all you need to do is email me (Daniel Wright) on djw@currencies.co.uk with a contact number and a brief description of what you are looking to do and I will be more than happy to contact you personally.

Next week we have a fairly busy start with key inflation data on Tuesday morning for the U.K followed by unemployment figures on Wednesday, keep checking back here for further information on how this affects the strength of the Pound.

 

Trading Week Overview (Matthew Vassallo)

Sterling was well supported during the early part of the trading week, following the release of better than expected UK Industrial and Manufacturing Production data. These positive figures helped to push GBP/EUR levels through 1.21 on the exchange and this good feeling was reinforced by the NIESR’s prediction that UK GDP would grow at 0.9% for the first three months of this year, the fastest pace at which our economy has grown since 2010.

Thursday was also an important date in the diary as we had the latest BoE interest rate decision and monetary policy statement, both of which stayed at their current levels. A monthly report by the ECB seemed to help ease pressure on the EUR and rates have dipped back under 1.21 as we move towards the end of the trading week.

GBP/AUD rates have dipped below 1.80 on the exchange, as the AUD continues to move away from its four year low against GBP. An announcement this week that Australia and Japan have agreed a trade deal is also likely to reinforce this positive feeling. The deal between Australia and Japan has been in negotiation for seven years and is seen as key to future trade between the two economies. The agreement in place will lower tariffs on key imports and it is the first time Japan have negotiated such an agreement with another major economy.

It’s been well documented that the AUD has found life tough going due to a slowdown in China’s demand for their raw materials and the Reserve Bank of Australia (RBA) was keen to see the AUD lose value, in order to help boost exports. Following the market loses witnessed against Sterling over the past twelve months the RBA recently stated that they would not be cutting their base interest rate further and this seems to have steadied the ship.

It now seems the markets have found a level in which GBP/AUD rates seem to be fluctuating and if GBP/AUD rates did spike above 1.80 again I would be very tempted to consider my position.

If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our exchange rates with your current provider, then please feel free to contact me directly at mtv@currencies.co.uk.

Sterling slides after BoE interest rate decision. Still best rates for buying the USD & Euro. (Ben Amrany)

The pound has weakened today after we learnt that the Bank of England kept their base rate of interest on hold at 0.5% for the month of April. It also left its Asset purchasing programme on hold too. We were not expecting any rate hike which would have strengthened the pound and GBP/EUR is now at 1.2076 GBP/USD 1.6780 GBP/AUD 1.7810.

Now until the bank of England look at hiking interest rates we will not see any real significant rises for the pound. We are expecting them to raise rates in 2015 and before other central banks providing economic activity continues to grow. The central bank does have an obligation not to raise the interest rates to quickly as this could hamper the UK economies growth. With low inflation and an unemployment rate that’s above 7% it seems not a great deal will happen this year.

In other news Greece have returned to debt markets for the first time since 2010. This is giving the single currency a boost and has risen on average by 0.35% today against the pound and US Dollar. It seems the European bond market has advanced after the Federal Reserve minutes (US) damped speculation that policy makers are moving toward raising interest rates anytime soon. One main reason why the USD is weakening at an alarming rate against the pound.

I feel going forward that GBP/EUR will rebound as the risk of inflation continuing to fall will have to be dealt with at some stage by the European Central Bank and i fully expect the rate to head back above 1.21 soon. For GBP/USD with the news from the latest minutes stating a rate hike is unlikely in teh next few months the pound will probably try to test 1.70 but i do think there will be a big resistance level and will then fall once getting close. Rates at the moment are around a 4 year high. If you are buying the Dollar why take the risk on this.

If you do require to buy or sell any of the major currencies then we are here to help you achieve a better rate of exchange than your bank. Savings can be up to 4% and we will give you our expert knowledge to help you time your transfer. if you feel you would like to know more about our service then please do email myself Ben Amrany at bma@currencies.co.uk with your contact details and requirement and we can then discuss the options available to you.

If you are in the situation needing to move money internationally and looking for the best price – please feel free to contact the author – Ben Amrany – via the telephone number at the top of the page or via email at bma@currencies.co.uk

 

 

 

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