Tag Archives: currency
The pound has faltered against the euro due to some not so positive GBP data for Consumer Credit and spending. This has underlined the recent trend of GBP weakness as a result of the US slowdown. Longer term if the economic data improves we should see the pound make some gains but Q4 has been made much more cloudy following the US shutdown.
Will the pound make a comeback?
Sterling does look reasonably well placed to now make a comeback but it is important to look at the bigger picture with the UK. Let us look at the positives, namely an economy that is growing and will soon (if the growth continues) be paying off their debt. However this is against as backdrop of debt significantly rising and a global economy that (thanks to the US) is a little more uncertain than it was a few weeks ago.
We will not know the full effects of the US shutdown on the UK economy until next month when we get the first data for October. This is not expected to be GBP positive and could cause GBP weakness.Last week’s positive GDP data did very little to spark interest in sterling and a big move higher seems highly unlikely in the absence of some truly exceptional (and unexpected) economic data.
When to buy or sell?
If you considering buying or selling the pound for a foreign currency a small movement on exchange rates can make a huge difference to the amount of currency you receive. If you are selling Euros now versus the start of the month, on a €250,000 exchange you would be over £6000 better off.
Daily movements can be as much as a couple of cents and keeping up to speed with the latest trends can save you a fortune. If you are weighing up an exchange this site has helped thousands of people through information. For information on the best way to move funds into or out of the UK at the very best exchange rates please contact me Jonathan on firstname.lastname@example.org
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Just to make you aware we have now had over 5000 people contact us through the site and so far we have managed to get better rates of exchange and win business from numerous companies, if you are using one of the following it may be worth you getting in touch for a direct comparison:
Moneycorp, HIFX, World First, Smart Currency, UK Forex, Oz Forex, Foremost Currency, Foreign Currency Exchange, Currency Index, Currencies Direct, XE.com, Transferz, NZ Forex, Halo, Afex, Tor FX and Hargreaves Lansdowne.
Not to mention Barclays, Lloyds, Natwest, HSBC, Yorkshire Bank, Clydesdale Bank, RBS, Halifax, Nationwide and pretty much all major banks.
We don’t only pride ourselves on a great exchange rate but also a really high level of service too, which you may find you are not getting to a high enough standard at present.
If you are using an online trading platform then make sure you get straight in touch, with an online platform you do not have someone negotiating on your behalf therefore generally do not receive the best rate of exchange you can.
We deal with bank to bank transfers ranging from one thousand Pounds to multi million Pound transactions for both private clients and corporate clients… We have a regular payments facility too which is free and can assist anyone with smaller payments to Europe.
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Despite an excellent run of late, sterling has suffered in the last 24 hours as investors become worried about the effect on the UK economy. Just as expectations were being raised for the pound, the effect the US situation may ultimately have on the UK economy. We have been warning sterling looked fragile, prolonged uncertainty across the pond could lead to further significant impacts on exchange rates.
Will sterling weaken further? Until this budget impasse is resolved I think so. Whereas sterling was finding favour as an alternative to the greenback earlier this week, as the reality sets in of what this US situation could actually mean, investors are going back to the dollar, hence the near 2 cents moves on GBPUSD in favour of USD sellers. On a $1,000,000 exchange, you would have made nearly £10,000 exchanging at today’s high’s versus yesterday’s lows.
I think therefore we could see some further GBP weakness in the coming weeks if nothing is resolved regarding the US. Political and potentially economic problems in the US will threaten the UK and European recovery. It was only a week ago Mark Carney declared no more QE and investors raised expectations of the UK’s interest rate hike. What a difference a week makes!
Making your exchange at the highs and lows will ensure you are really maximising your exchange rates, just look at movements this week. GBPEUR has moved 1.6% this week, GBPAUD 2.36% and GBPUSD 1.41%. These high to low movements (which are quite high for just one week’s movement) can make a big difference on larger volumes of currency.
Next week could be as volatile as this week so making some careful preparation in advance could save you money. We are specialist currency brokers offering a personal service to anyone interested in maximising their currency exchange. For more information affecting your situation please feel free to contact me Jonathan on firstname.lastname@example.org
With Mark Carney due to speak with parliament tomorrow it is likely that the idea of Forward Guidance will again be discussed. Previously the Bank of England Governor has mentioned that UK interest rates will remain on hold and not be cut unless UK unemployment drops below 7%. Apart from his first MPC meeting his comments have generally favoured Sterling and seen the currency gain against both the Euro & US Dollar. However, as he is still relatively new to the role things could be volatile following the meeting.
With uncertainty over a military strike in Syria oil prices have shot up and this has helped to strengthen the US Dollar during today’s trading session. As tensions increase in Syria this could lead to some very volatile trading as experienced during the beginning of the Iraq War and the military action taken in Afghanistan so if you’re considering making a currency transfer and worried about potential market movement against you please email me directly Tom Holian email@example.com
Germany will be publishing unemployment data tomorrow due out early in the morning and we could see some mild Euro strength tomorrow following the announcement.
The US government has said that it is likely to reach its debt limit in a matter of weeks unless Congress allows then to raise the debt ceiling. Currently the country’s borrowing limit is capped at USD16.7tn so it will need to be raised in order for the US to service its current debts. This is an ongoing issue between the Republicans and the Democrats and it is only a matter of time before the parties agree in order to ensure the US doesn’t face financial difficulty.
If you have a currency transfer to make and want to ensure you are getting the best exchange rates feel free to contact me directly Tom Holian firstname.lastname@example.org
Sterling has performed well over the past couple of weeks, showing improvement against the EUR, USD and AUD amongst others. This upturn in fortunes has coincided with a run of positive economic data releases and if it hadn’t been for last weeks Eurozone Gross Domestic Product (GDP) figures, which came in much better than expected, I believe GBP would be even closer to the 1.20 level.
As it stands it could be argued that Sterling is undervalued against the EUR but in order for rates to test or break 1.20, we will need to see further evidence that the UK is now fully on the road to economic recover. Moreover, this may still not be sufficient evidence for investors and the chances are that the Bank of England (BoE) will continue to talk GBP down if we see rates spike towards this level. A strong Pound whilst beneficial for you and I, will not help our export industry and a wide trade deficit will continue to hamper our long term economic recovery.
GBP/USD levels are also creeping up, with pressure being put on 1.57 earlier today. Cable rates are always difficult to predict due to the fact the USD is still considered the currency of choice by investors during unstable times. For this reason market spikes are not always obvious or in line with economic data but I still wouldn’t be surprised to see rates move towards 1.60 before the end of 2013.
GBP/AUD rates are still floating near a three year high and this improvement from the low back in February has coincided with the recent upturn in UK economic data and two interest rate cuts by the Reserve Bank of Australia (RBA). There has also been a slowdown in China’s demand for Australia’s raw materials and market sentiment has certainly soured compared to the feel good factor that surrounded the AUD over the first two quarters of this year. GBP/AUD rates have now broken 1.71 and if I was buying AUD I would be very tempted around the current levels, as the RBA have already indicated that it is unlikely we will see further rate cuts this year.
The currency markets can be a difficult place to navigate, even during more harmonious times. We have over 55,000 private and corporate clients who rely on us, not only for best exchange rates but also any key market analysis surrounding their transfers. If you would like to compare our rates with your current provider, or would like to be kept up to date with all the latest market developments then please feel free to contact me directly at email@example.com, or you can call one of our experienced brokers today on 0044 1494 787 478.