Tag Archives: exchange
So we have seen yet another poor week for the Pound against all major currencies, seeing Sterling exchange rates drop by over 2% against the Euro, 4% against the Australian Dollar and almost 2% against the U.S Dollar.
Those readers looking to sell foreign currency will have been watching the rate movements with a big smile on their face, the main question now is how long will the rate stick around at these levels??? Will the rate go lower or are we getting close the the Pound hitting its lowest point.
One point to note is that we have seen multi year lows against a number of currencies and at some point I would expect to see the rates bounce back ,the only issue is working out when that may happen.
August had been expected to be a fairly poor month for the Pound as we start to see the first sets of post brexit economic data. On top of this, the Bank of England also decide to throw a triple whammy of fiscal change into the market when announcing an interest rate cut, increase of QE and an addition to their funding for lending project – all last Thursday.
Since we had this announcement sterling has been slowly sinking and I do feel that it may suffer a little more before it does get better.
Next week we have inflation figures, Unemployment data and Retail Sales figures so be prepared for another interesting week ahead.
If you want to be kept up to date on the markets and you would also like to ensure that you are getting the very top levels of exchange for an imminent currency exchange or one coming up in the future then I can help you with all aspects mentioned above.
Not only do we give clients up to date market information but we all work for one of the largest and longest serving currency brokerages in the U.K – You can email me (Daniel Wright) directly on email@example.com or fill in the form below and I will be more than happy to contact you personally to discuss the options available to you.
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.
Oh brilliant in the midst of one of the UK’s worst political crisis ever the Tories are seeking to open another old wound – Grammar Schools. As a product of a Grammar School I would not be in any way against them, but surely a key priority right now is the Brexit plans? 7 and a half weeks since the vote is probably too early to start expecting a solution to an issue that will surely take years to deliver but will someone please provide some direction and leadership in this affair? Personally I would be advocating a so-called hard Brexit, wouldn’t it be a shame if the UK ended up like Norway? With a basically worse version of what we already have! Personally I would favour a reformed Free Movement of People principle but still seek access to the Single Market. Surely the politicians can see this? Some say it would lead France and Italy to seek Frexit or Italexit – (did I just coin a phrase?!) but can’t the EU leaders see they need to change tact to keep the EU together? Politics is an important factor on sterling exchange rates and any big developments here will have a big impact on the pound. Whilst having a new PM is great and I do support Theresa May in as much as I believe she is one of the best candidates to lead the UK at this time, the likelihood of further political uncertainty from the Brexit is very high. It will probably get worse before it gets better!
The big economic news this week is the NIESR (National Institute of Economic and Social Research) has an estimate on GDP (Gross Domestic Product) tomorrow. The NIESR estimate is a rolling 3 month estimate that reviews the last 3 calendar months which will include July’s data. Since we won’t get any views on July’s GDP from the official supplier of GDP data – the ONS (Office National Statistics) until October, tomorrow’s news is key to understanding the impact of post Brexit vote Britain on UK GDP, the holy grail of economics. We also have a raft of other data including Trade Balance data plus Industrial and Manufacturing data tomorrow but as this data is for June it won’t provide as much insight on the economy as the NIESR data. With the PMI survey’s showing big falls and all the fresh data showing less hiring, less growth and less confidence you would have to say it will probably get worse before it gets better.
There isn’t much else to celebrate this week economically for the pound and with the Bank of England confirming another rate cut is likely in the next month it seems likely the pound will fall further. We have a statement from the Reserve Bank of Australia Governor Stevens speech on Tuesday night, then the New Zealand Interest Rate decision Wednesday night and Eurozone GDP on Friday. So there you have it folks a fairly busy week, I think the UK GDP is the highlight and something I will be closely watching. Have you ever wondered if there was a better way of doing something? if it would be possible to get a slightly better exchange rate than you are currently achieving? Or wished you could talk to someone knowledgeable who treats you like a human being and explain the foreign exchange market clearly and concisely? My name is Jonathan Watson and I am the author of this post and have worked as a foreign exchange broker for close to ten years helping literally thousands of clients both private and business to make informed choices at the very best exchange rates. I have been quoted in national newspapers and even appeared on the BBC discussing the EU Referendum earlier this year. If you have a transfer to consider I would be most interested to hear from you and offer further information to help you get a better deal, please email email@example.com or call 01494 787 478 and ask to speak to me Jonathan Watson. Please note I can only help with bank to bank transfers from £10,000 to the multi millions and do not deal in holiday cash. You can also fill in the form below.
We have a key day for Sterling exchange rates today as we have the Bank of England interest rate decision, meeting minutes and Governor Mark Carney also speaks shortly afterwards.
There are a number of possible scenarios which I will outline below.
- Interest rate cut and a nod to further QE (Quantitative Easing). This will more than likely lead to Sterling weakness this afternoon as although the rate cut is expected and almost priced into the market, more QE would be seen as a negative for the Pound and could cause the rate to drop off.
- Interest rate cut and no QE. I actually think this would give the Pound a boost, again the cut is pretty much priced in but no movement on QE for the foreseeable would be likely to boos the Pound.
- No interest rate cut. I still think this is a possibility however a small one but this would give Sterling strength.
- A cut and then an aggressive stance in the speech on economic policy. We may see a rate cut and then Mark Carney could come up with an aggressive stance on where we head next which would more than likely lead to weakness for Sterling this afternoon.
All in all, I would say there is more chance of Sterling dropping than going up today but I wouldn’t fall off my chair if we finished the day higher than where we are now. The rate cut will not make a huge difference but what is carried out or spoken about around the rate cut will be the most important part to follow is what we see in the minutes from the meeting and what Mark Carney says in his speech shortly after.
Should you need to exchange currency either now or in the near future then it is highly important to have an experienced and proactive broker on your side, and of course someone that will get you a top exchange rate. I have so many new clients come to me through this site that have used the same broker for years and become comfortable with them to the point where they do not check prices any more. Pretty much every one of these people ended up using us as they found that their loyalty had led to their rates being nowhere near as good as they were when they first starting using their current broker.
Here at Pound Sterling Forecast we do not only offer market information but we also work for a huge currency brokerage in the U.K with a big buying power, meaning we can get our clients extremely good rates of exchange. If you would like to get a quote, speak about a pending currency exchange or just to get some more information on our service then feel free to email me (Daniel Wright) the creator of this site and I will be more than happy to get back to you personally. You can email me on firstname.lastname@example.org and I will aim to get in touch as soon as I can.
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.
Following on from a fairly turbulent few weeks Sterling has found itself reasonably stable against most major currencies over the last week or so but will that trend continue?
The key issue is what happens next with the Bank of England and whether or not we do see an interest rate cut at the next Bank of England interest rate decision a week on Thursday.
It does look more likely now that we will be seeing a cut which may lead to a further drop in the value of Sterling. An interest rate cut is generally seen as bad for a currency as it makes it less attractive to investors. We have indeed seen only this morning that a few banks have confirmed that they will potentially start to charge their business clients to hold money should the Bank of England end up entering into the realms of negative interest rates.
On top of this, as we enter August we will start to see the release of economic data for July (the first full month since we voted out) which will start to really show the initial signs of what the referendum vote meant for the economy.
A lot of businesses and the general public held back following the result of this vote so it would not be a great surprise to see economic data next month to be fairly poor and Sterling to feel the brunt of that so the next few weeks are a time to approach with caution.
There are plenty of other issues to be aware of around the world inclusive of the Italian Banks, the U.S election and the horrendous acts of terror that keep on happening, so be aware that at any time the markets can move rapidly and in any direction.
On Friday evening we also have banking stress tests released on Friday night at 9pm which is one to really look out for. The fact that this data is being released outside of trading hours suggests to me that we may well have quite a lot of problems that have been discovered and that they do not want the market to over react upon the release, therefore they are giving the market the weekend to calm down before trading. All European banks are being tested so be aware that this may lead to big market swings when the Asian markets open on Sunday night.
Should you have a currency exchange coming up in the near future and you want to make the most of your money then feel free to get in touch with me at any time today or this week to discuss the options available to you, including a forward contract where you can lock in a rate for anything up to a year in advance for just a small deposit.
Should you be in the process of buying a property, sending money overseas for your business or exchanging currency for any other reason then it is well worth getting in contact with me (Daniel Wright) the creator of this site directly. You can email me on firstname.lastname@example.org with a brief description of your requirements and a contact number and I will be more than happy to deal with you personally.
We have seen a fairly quiet day on the trading floor today with little in terms of economic data for the markets to feel off of, however the next two days there are a few big releases for the markets to get their teeth into.
The Pound has been sat just above and just below what I see as a pivotal point against the Euro of 1.20. I feel that if we see Sterling break above this level then the Pound may push up by a couple of cents.
Tomorrow morning we have inflation data out at 09:30am and with inflation being one of the key factors involved in interest rate changes, investors and speculators alike will be watching to see the results.
Following on from this we have the unemployment rate on Wednesday morning, also due to be released at 09:30am. Expectations are for unemployment to remain steady at 5% so any deviation from this level will no doubt lead to the Pound being particularly volatile.
I personally still feel that the weakness for Sterling will not last, of course there are banana skins ahead that could lead to the odd drop off, but in my opinion Sterling has slightly overshot the runway and should be a little stronger than it is at present.
We do not only offer out up to date and insightful market information but if you have a currency exchange to carry out involving any of the major currencies and you would like to speak with me personally then feel free to email me (Daniel Wright) on email@example.com – I deal with clients buying and selling properties overseas, business transactions, high-net-worth individuals and premier league footballers on a daily basis so would be happy to assist you too in the strictest of confidence.
It only takes two minutes to email me on firstname.lastname@example.org to get a comparison and those few moments spent may save you a great deal of money as it is very rare that I cannot better someones rate of exchange and in this current market it is even more important to make the most of your money.