Tag Archives: currency
What will happen to Sterling exchange rates this week? The Great British Brokerage – Don’t settle for second best….(Daniel Wright)
The Pound has yet again had a torrid start to the week and appears to be finding that it has very few supporters out there at present.
Sterling exchange rates have dropped off against every major currency and with very little economic data out this week until Friday it is hard to see where the catalyst for the fight back will come from.
The markets are kicking the Pound whilst it is down and you can see why… if you were a big investor due to put money into a business, would you proceed with that investment not knowing what the actual plans for the business were over the next few years? More than likely not unless you have a high appetite for risk.
With this in mind big investors and speculators are at present leaving the U.K and indeed the Pound alone, settling for safer options. In the world of supply and demand, the demand for Sterling has dropped off and so therefore the value of the Pound has followed suit.
There are plenty of reasons why other currencies may start to weaken off but none seem to be impacting matters as much as the referendum has hit the Pound. You have lots of problems politically and with the European economy, the U.S election is about to get into full swing and both Australia and New Zealand are suffering a little due to their currency being too strong.
As we move into October anyone looking to buy foreign currency with the Pound will need to hope for economic data to continue to be solid post referendum and this will give the Pound a chance of coming back a little, although I hate to write negative posts about Sterling performance unless this data is good then the Pound may suffer as we approach the Christmas period.
If you have a large currency exchange to carry out involving buying or selling the Pound then you need not worry as I can help you every step of the way. The brokerage I work for is one of the longest standing and one of the few privately owned currency brokerages left in the U.K.
We can cater for clients all over the world and have access to the very top rates of exchange due to our large buying power and we also try to ensure that we keep clients fully up to date with market movements, along with explaining to them in simple terms the various options that they have in front of them.
If you feel that I (Daniel Wright) may be of use to you then you are more than welcome to contact me personally. You can email me on email@example.com and I will be more than happy to get in touch as soon as I can.
The Pound has taken another tumble overnight as the rumours are that the UK could be getting ready to start the Brexit process by February.
President of the European Council Donald Tusk has said that Theresa May has told him that the UK could be ready to start the talks by as early as February.
The Pound has really struggled to make any significant gains vs the Euro, US Dollar and other major currencies since the vote to leave the European Union in late June as confidence has really fallen in the Pound.
The uncertainty as to when or even if Article 50 may be triggered has also caused uncertainty in Sterling and with this latest news this could cause further uncertainty for Sterling exchange rates.
The formal negotiations are not able to begin until the UK triggers Article 50 and as yet there has been no obvious signs as to when the UK may begin the process.
The Pound has suffered and may continue to do so during the course of next week and I think we will need to see a statement from the government to provide the markets with some reassurance rather than just these rumours.
UK economic data has been mixed since the vote to leave the European Union but overall the confidence is just not there for Sterling until we know exactly when the formal step of leaving the European Union will begin.
With such uncertainty ahead for the UK and therefore Sterling if you need to buy a foreign currency then it may be worth organising this early in the week.
If you’re buying a property abroad and don’t need the funds for a few weeks or months it may be worth looking at how a forward contract can help which allows you to fix an exchange rate for a future date.
If you need to make a currency transfer and want to save money on exchange rates compared to using your own bank or another currency provider then contact me directly for a free quote. Having worked in the industry for 13 years I am confident of being able to make you a saving.
Email me directly Tom Holian firstname.lastname@example.org
Despite the Pound rallying over the past week or so we’ve seen it’s bullish run come to an end today, as the currency has softened by at least half a percent versus both the Euro and the US Dollar.
Economic news out of the UK recently has mostly been coming out considerably better than analysts expectations, and that’s left Sterling sellers with the opportunity to make their conversions at considerably better rates of exchange than would have been available just a couple of weeks ago. Those hoping to capitalise on these improvements may be wise to consider making that move sooner as opposed to later, because as we’ve seen today I’m expecting financial markets to react quickly and negatively to weak economic data out of the UK at the moment due to market sentiments towards Brexit.
Today’s economic update, released by the Office of National Statistics showed that Manufacturing Production contracted by a considerable 0.9% in July, which was disappointing for those hoping the Pound would continue to climb as previous to today’s news release the last set of Manufacturing data we saw (Manufacturing Purchasing Managers Index) was particularly positive.
Moving forward, I expect to see the Pound come under further pressure as despite the recent Services PMI figure posting the biggest gain record (on Monday), we still haven’t seen the Pound test the psychological level of 1.20, and I think after the Pounds recent gains there is likely to be profit taking from market speculators which may drive Sterling’s value down once again.
If you have an upcoming currency exchange to make and would like to discuss it, feel free to get in contact with me (Joseph) on email@example.com and I’ll be happy to discuss timings with you as well as being able to offer award winning exchange rates. If you would like a quote just email me with an outline of your plans and I’ll be back in touch with you as soon as possible.
Since the UK public voted out of the EU, a cloud of uncertainty has surrounded the UK economy and therefore sterling exchange rates. Many economists stated it was doom and gloom and that the UK would enter recession by Christmas. Some of the leading banks including HSBC exclaimed they thought GBPEUR would reach parity before the end of the year!
So far it seems as this is a slight overreaction. In fact UK retail sales and Unemployment numbers have exceeded expectation and exports are flying out of the UK because of the cheap pound. The golden question now is what next?
We have to remember the UK did cut interest rates this month and are now pumping a large amount of quantitative easing into the economy, which overtime should devalue sterling. Looking ahead there is still a chance the pound could devalue further if the Bank of England cut interest rates to 0%. In addition I still believe there will be a slowdown in the UK and therefore we will see a decline in sterling rates.
HOWEVER its important when trading sterling with a foreign currency that you analyse both currencies.
Are you buying euros for a property purchase in Europe? Are you selling US dollars to buy sterling because you get paid in dollars? Have you received inheritance in sterling however you live in Australia? Each scenario I would have a different strategy that I believe would maximise your return. Therefore its important I have a deep understanding of your requirements so I can help you!
My area of expertise is property purchases and sales. Therefore if you need to purchase a foreign currency or you are about to complete on a sale abroad, today is the day to get in touch to discuss your options and to get an understanding of how we can save you as much money as possible.
Feel free to email me on firstname.lastname@example.org or alternatively fill out the form below.
** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you minutes and in the past I have saved clients thousands! **
Another week passes and the pound continues to struggle against its counterparts. GBPUSD floats at a 30 year low and GBPEUR at a 3 year low. Looking ahead its difficult to see how the pound could improve against the major currencies. We have had a few post ‘Brexit’ economic data releases and they have shown a major decline, one to note is Purchasing Managers Index (PMI).
In addition the Bank of England have cut interest rates to 0.25% in line with current market conditions and made the decision to buy Government bonds in the form of Quantitative Easing. Furthermore the Governor Mark Carney has stated a future cut to 0% could occur if the UK economy continues to struggle.
It seems like its going to be a testing period for people purchasing a foreign currency HOWEVER if you are selling a foreign currency to buy pounds you are in a fantastic position compared to 3 months ago. For example if you trade €200,000 into sterling today compared to before the EU referendum, you will now receive an extra £20,000!!!
Its a quiet day on the markets today for the UK with limited economic data releases. The Eurozone will release their latest GDP numbers at 10am and the US are set to release their retail sales numbers at 1.30. I expect the pound could lose value against the euro today however make gains against the dollar as the retail sales figures are set to show a decline.
My area of expertise is property purchases and sales. Therefore if you need to purchase a foreign currency or you are about to complete on a sale, today is the day to get in touch to discuss your options and how we can save you as much money as possible. Feel free to email me the currency pair you are trading (GBPUSD, GBPEUR, GBPCHF etc) the reason for your trade (company invoice, buying a property) and I will email you with my forecast for the currency pair email@example.com. Alternatively please fill in the form below and I will be in touch within 20 minutes.
Make sure you get the most on your foreign exchange – Take a few moments to get a free, no obligation comparison with us (Daniel Wright)
Over the past 6 years we have helped countless readers get a better rate of exchange than they are being offered elsewhere for their business transactions, property purchases/sales, car purchases, overseas weddings, wages or just simply their living expenses.
During the current economic climate it is important to make sure that you are getting the most out of your money and with currency exchange it really is no different.
We have seen an increase in clients contacting us that have been using the same broker for many years assuming that they are still getting a fantastic rate of exchange. Whilst that may be true with some, many actually found that when they compared with us we could actually get them much better and that their rate had slowly got worse year on year much the same as if they did not change their car insurance or electricity supplier.
We also have a lot of property buyers or sellers who come to us that have been referred a broker by their estate agent…. This also more often than not means that you will not be getting the most for your money and the agent generally is pushing you to use their broker because most will get paid a commission for passing over their client. If a brokerage has to pay out a commission then they cannot afford to give the client the very top rate so you end up losing out.
If you are in any of these positions it is important to realise that here at Pound Sterling Forecast we also can help with currency exchanges too, and generally at better rates than elsewhere. We all work for a huge independent brokerage based in the U.K and have been helping clients all over the world for 17 years now.
It is well worth taking two minutes out of your day to email me (Daniel Wright) directly on firstname.lastname@example.org for an honest opinion and to see if we can actually get you a better deal. even saving half a percent on a £200,000 exchange makes it £1000 cheaper for you so it is well worth getting in touch. You can also fill in the form below.
Tonight we have a fairly important night for all banks in Europe as the latest banking stress tests are released.
What I find a little concerning is that the results of these stress tests are not being released until outside of trading hours at 9pm, this may be because this is when they are ready or more like that we may hear some fairly interesting news from them.
It is very rare that an economic data release from Europe comes out late on a Friday night and I feel that the reason they are doing this may be that they have some bad news to bring to the market and they do not want investors and speculators to react on it straight away.
By releasing data late at night on a Friday this gives ample time for statements to be released afterwards to settle the markets and two days for investors and speculators to calm down before the market sees large knee jerk reactions.
It is fairly common knowledge that banks in a number of areas are in quite a lot of trouble, most notably the Italian banks at present. Should the stress tests back this theory up then the Euro may find trouble and be down on Monday morning.
If you are in the position where you have a large Euro transaction to carry out then it may be prudent to keep an eye on the rates when the Asian markets open on Sunday night.
To be honest, these results may impact global attitude to risk so all major currencies may see volatility so it is key that you are on the ball and ready to react as your currency exchange may become thousands of Pounds cheaper or more expensive very quickly.
Here at Pound Sterling Forecast we do not only write up to date and important market information for you but we all work for one of the largest currency brokerages in the U.K so can also help you with your currency transfer. If you have a transaction to carry out involving buying or selling the Pound then feel free to get in touch with me (Daniel Wright) the owner and creator of this site and I will be more than happy to contact you personally to discuss your requirements. You can email me directly on email@example.com and I look forward to speaking with you.