Tag Archives: exchange

More is lost through indecision than a poor decision!!! Sterling at multi-year high against the Euro and multi year low against the Dollar (Daniel Wright)

Good afternoon and what a crazy week once again on the trading floor!!!

A very quick update from me as we are currently busier than we have been in a number of years!

The Euro has fallen well and truly out of fashion this week with thanks to the QE (Quantitative Easing) program bought in yesterday.

QE is generally seen as a negative for the currency concerned as we have seen previously with the U.K and U.S so this may weigh heavily on the Euro in the coming weeks.

The Dollar managed to briefly break the pivotal 1.50 level today and is now poised just above the 1.50 mark and I would not be surprised to see it potentially break through it mand offer a trading price of 1.50 at the start of next week.

If you are looking to buy foreign currency and you want the very best exchange rates then feel free to contact me directly and I will be able to not only save you money over your current provider but also ensure you get an exceedingly high level of customer service too.

Feel free to email me (Daniel Wright) directly on djw@currencies.co.uk and I will be more than happy to assist you personally.

 

 

Sterling exchange rates – Potential drop tomorrow morning to be aware of! (Daniel Wright)

Following on from an absolutely crazy end to last week the markets are starting to settle down again for Sterling against most major currencies as all eyes now appear to focus on what the European Central Bank will do on Thursday.

Talk of what may happen next with the ECB (European Central Bank) has been constant since the turn of the year and this may be the reason that the Euro has dropped off quite a lot against most major currencies.

The next key piece of economic for anyone either buying or selling the Pound in the coming days is the Bank of England minutes and U.K unemployment data, both due out tomorrow morning at 09:30am. Unemployment is expected to come out at  5.9% so any change to this may lead to volatility for the Pound. The minutes may be of greater interest as they will show what was discussed at the last interest rate decision and also how many members of the Bank of England voted in favour of or against an interest rate hike.

For a long period of time we have seen two members of the bank of England voting in favour of a hike and seven members against, and now that it is hard to see interest rates go up in the U.k this year you do start to wonder if one of the two members that were in favour of a hike now may have changed their mind?!

With an interest rate hike (or the mere speculation of it) generally being positive for the currency concerned if one less member is in favour of one then we may see the Pound drop in value against all major currencies.

If you are looking to carry out a currency transfer in the near future then I would be surprised if I could not get you a better rate of exchange than you are currently being offered along with a smooth and efficient service. If you feel that the site has been of use to you then feel free to email me (Daniel Wright) djw@currencies.co.uk directly with a brief description of what you are looking to do and a contact number and I will be more than happy to contact you personally.

 

 

Exchange rate update and forecast (Daniel Wright)

Sterling Euro

The Pound has been fairly range bound against the Euro of late following a reasonably good gain towards the start of the year. The main talking points surrounding the Euro at present appear to be  both the potential introduction of QE (Quantitative Easing) and the upcoming elections in Greece.

As regular followers will be aware QE general tends to weaken a currency (like we saw for both Sterling and the Dollar when the U.K and U.S have introduced this previously) however do also be aware that the markets do move on speculation as well as fact so the majority of this movement may have already been priced into the market.

We do appear to keep hitting a glass ceiling not too far above where the market is now and we will need to see some fairly substantial news to push us through this level of resistance so unless we see that I would not be surprised to see us remain within this range (which we are close to the top of) for the next week or two.

You should at least make me aware if you do need to exchange soon as I can then act as your eyes and ears on the markets to try and ensure you do not get caught out if the markets take a turn for the worse. You can email me on djw@currencies.co.uk or call me on 01494 787462 if you do need to carry out a transfer soon.

Sterling Dollar

After an almighty charge from the Dollar towards the end of December/start of January the mid-market price looked like it may well test the 1.50 marker but Sterling managed to hold off the pressure and I currently nestled just above that. The key now is whether the Dollar has a second wind and if it can actually break through a key resistance level.

In times of global uncertainty you general tend to see the Dollar come into favour as a perceived ‘safe haven’ currency and on top of this at present the U.S look almost nailed on to raise interest rates before the U.K.

An interest rate hike generally tends to strengthen a currency and a cut in rates can weaken it and at present the bank of England appear to be constantly pushing back their rate hike expectations which is not doing the Pound any good.

Sterling – Australian Dollar

Following on from Sterling hitting multi year highs the Australian Dollar has also managed to gain back ground moving back against the pound by almost 4% since the start of the year.

We have had comments from RBA Governor Stevens towards the back end of the year that his preference would be to see a weaker Australian Dollar since it is damaging the Australian economy. Personally I would not be surprised to see further comments or some sort of action to push the rate back up however this must be approached with caution as the Australian Dollar can move rapidly and substantially when it is in a particular trend.

With the rate also moving overnight, if you are looking to achieve a particular level of exchange there is the option of a limit order r stop loss contract to ensure that if your rate becomes available overnight it will be taken advantage of, or the stop loss can protect you from adverse market movements if you want no lower than a particular rate of exchange.

Thursday morning will bring unemployment figures from Australia which are currently expected to not be too great which may weaken the Australian Dollar a little.

Sterling – New Zealand Dollar

The New Zealand Dollar had also made great progress at the start of the year against the pound however a drop in dairy prices yesterday caused it to weaken away again, seeing it drop by almost 1.5%. Personally I feel the NZD may well try to head back towards 1.90 again unless we see any major news as demand for the currency is still fairly high.

Forward contracts

If you have a requirement in the future but you do not yet have the full availability of funds you can book out a forward contract. This is where you can book a rate out for up to a year in advance with just a small deposit, removing the risk of the currency market making your purchase any more expensive in the future.

This is ideal if you are in the process of buying a property overseas as you can know exactly how much the property is going to cost you today and eliminate the risk of the Pound dropping away again and missing out on this great opportunity.

I look forward to speaking with you if you have any questions or queries or you would like to book out a rate of exchange. Please feel free to email me on djw@currencies.co.uk and I will be more than happy to contact you personally.

Our award winning site is not only a great source of information but we can save you money and make your life easier too! Contact us today! (Daniel Wright)

Just to make you aware we have now had over 5500 people contact us through the site who have managed to get better rates of exchange than their current currency provider. 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.

The company we work for is FCA registered and Authorised as a payments institute and all funds are kept in client transaction accounts to give you peace of mind your funds are safe and secure, we have won awards both for our exchange rates and customer service and have now 50,000 clients under our wing. Anyone that contacts us through this site will deal with one of the authors, if there is an author you find particularly informative you can use them directly.

I have to say I am really proud as to how much this site has picked up over the past three years and it is thanks to my regular readers that it is as popular as it is today – Let me return the favour with exceptional exchange rates.

If you feel we could be of assistance to you as well, feel free to get in contact with me (Daniel Wright) the creator and main editor of this site  djw@currencies.co.uk or you can indeed fill in the enquiry form on this page and one of us will call you back.

You can also join our mailing list on this page too.

We look forward to speaking with you soon!

Sterling exchange rates drop off a little as the Pound falls back out of fashion (Daniel Wright)

The Pound has slightly fallen out of favour once again this week seeing a drop against most major currencies over the past few days.

We have seen fairly poor economic data to start off the year for Sterling however I don’t feel this is enough to have seen such a drop on a trade weighted basis. personally this all appears to be down to the fact that an interest rate hike seems to be getting pushed further and further back by the Bank of England and the current drop in oil prices to the lowest level since May 2009 (under $50) per barrel which is leading to inflation dropping significantly and adding to the problems that are currently faced by the Bank of England.

An interest rate hike is generally seen as positive for the currency concerned and a cut in rates usually negative and even the mere speculation of a hike in interest rates can lead to quite a change in the value of a currency.

Many major analysts have been thinking that the Euro is in for a tough few weeks as well and I am of the same opinion, we have the potential of QE (Quantitative Easing) from the European Central Bank and also a pending Greek election which may lead to Greece starting the process of leaving the Eurozone. QE when introduced generally tends to weaken a currency so this could put pressure on the Euro, however much of this may have already been priced into the market.

The Euro is a funny old character as no matter what seems to be thrown at it, it just never seems to lie down so do not expect extreme weakness just yet.

I feel the Dollar charge will more than likely find resistance at the 1.50 level but unless we get some positive news for the U.K and quickly it could potentially break through it.

Regarding Australian Dollars, although there is a minor fightback going on at the moment the RBA Governor Glenn Stevens still keeps on commenting that he would like to see a weaker Australian Dollar so I feel this could head back to the 1.90 level in the near term.

If you have a pending currency transfer to carry out and you would like to get a commercial level of exchange rate for it then we can assist you. We deal with bank to bank transfers ranging from £5000 to multi-million Pound transfers and welcome any new enquiries for business or personal exchanges. We deal with a huge amount of overseas property transactions too so if you would like assistance with any of this and you find this site of use then feel free to email me (Daniel Wright) directly on djw@currencies.co.uk with a brief description of what you are looking to do and a contact number and I will be more than happy to call you personally.

Our award winning site is not only a great source of information but we can save you money and make your life easier too! Contact us today! (Daniel Wright)

Just to make you aware we have now had over 5500 people contact us through the site who have managed to get better rates of exchange than their current currency provider. 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.

The company we work for is FCA registered and Authorised as a payments institute and all funds are kept in client transaction accounts to give you peace of mind your funds are safe and secure, we have won awards both for our exchange rates and customer service and have now 50,000 clients under our wing. Anyone that contacts us through this site will deal with one of the authors, if there is an author you find particularly informative you can use them directly.

I have to say I am really proud as to how much this site has picked up over the past three years and it is thanks to my regular readers that it is as popular as it is today – Let me return the favour with exceptional exchange rates.

If you feel we could be of assistance to you as well, feel free to get in contact with me (Daniel Wright) the creator and main editor of this site  djw@currencies.co.uk or you can indeed fill in the enquiry form on this page and one of us will call you back.

You can also join our mailing list on this page too.

We look forward to speaking with you soon!

 

Sterling exchange rates 2014 – A look back at what has happened (Daniel Wright)

Euro

2014 was generally a fairly good year for the Pound against most major currencies with the most notable gain of 6.02% against the Euro. This has made buying a €150,000 property in France or Spain over £7500 cheaper which is a huge help towards fees other associated costs, if you have been considering buying a property within the Eurozone over the past few years then with lower house prices and higher rates of exchange 2015 could be the year for you to make that jump.

The main driver behind this movement appears to have been both ever improving economic data for the U.K and the fact that Mario Draghi (Head of the European Central bank) has had to make many fiscal changes most notably interest rate cuts. There has also been talk of a QE program coming into place for the ECB in the coming months so there is still a little potential for the Euro slide to continue.

Dollar

The largest loss of 2015 for Sterling against major currencies was against the Dollar dropping 6.11% or gaining those looking to sell USD an extra £3,750 per $100,000 exchanged.

The main movements from the Dollar were towards the back end of this year as the U.S became the front runner in the race to raise interest rates next year along with being first to bring a close to their QE program.

Australian Dollar

The Australian Dollar has been a funny old character over the course of 2014 remaining fairly strong throughout the first half of the year then taking a real bashing in the past couple of months.

There are a couple of reasons behind the recent Australian Dollar weakness with the first being a clear slowdown over in China (China is a key purchaser of raw materials from Australia) and also down to the RBA (Reserve Bank of Australia) hammering home the fact that they would like a weaker Australian Dollar.

Governor of the RBA Glenn Stevens does appear to change his mind like the wind regarding the strength of the Australian Dollar but it appears now he has finally settled on the fact that the strength of the AUD is damaging the Australian economy and a move to make it a little weaker cannot be ruled out in the coming months.

Canadian Dollar

Sterling has made solid gains against the Canadian Dollar as the Canadian economy has started to drop off a little along with low oil prices and a poor economic outlook. Major analysts currently believe that the ‘loonie’ still has further to fall next year and that the Bank of Canada may lower growth forecasts which may weaken the CAD further in early 2015.

Swiss Franc

The Swiss Franc has been one of the more stable currencies throughout the year however Sterling has still managed gains of 3.95% during the course of 2015. Usually perceived as a safe haven currency the Swiss Franc has dropped off a little towards the end of the year as we have concerns surrounding what we may see the SNB (Swiss National Bank) do next regarding their artificial pegging of 1.20 against the Euro.

Holding this level is becoming increasingly difficult and a move to introduce negative interest rates in December was the latest bid to weaken the CHF. Personally I see the start of 2015 continuing the range bound trend but do be prepared for a surprise move from the SNB to weaken the CHF further at any point in the near future.

South African Rand

The South African Rand has always been a particularly volatile currency and this year certainly has not been any different. With strikes slowing economic output and the economy seriously floundering I feel that a move towards a buying price of 20 could be a distinct possibility unless major changes are made.

If you have a currency exchange to carry out in 2015 involving any of these currencies then it may be prudent to get in contact with me directly as I can achieve you not only award winning exchange rates but also award winning customer service.

Feel free to email me personally (Daniel Wright) on djw@currencies.co.uk if you feel I may be of assistance to you and I will be more than happy to call you personally.

Happy new year!

2 Key reasons to sell the £ today! Politics and Economics…

If you need to make some currency exchanges in the New Year involving the pound, you should be very much aware of some volatility expected on exchange rates. It is important to note that making firm predictions is impossible but just like we predicted in the Spring sterling would rise against the major currencies towards the middle and end of the year we can now make a prediction in the New Year sterling is likely to fall. We cannot tell you exactly how much by or which date but falls of up to ten cents on GBPEUR and 15 cents on GBPUSD wouldn’t be completely out of the question.

How can you make such a forecast? Well primarily I am basing this one major event, that is the General Election. Political Uncertainty and Economic Uncertainty are two key reasons to sell the pound today. These two factors are likely to combine and undermine much of the confidence we have seen behind sterling in 2014.

Economic Uncertainty – The sums don’t add up. The UK is still spending much more than it receives in tax receipts which is ballooning the public debt. Much slower growth than forecast will obscure the Chancellor and the OBR’s (Office of Budget Responsibility) plans for the economy to heal itself through more tax income. The Eurozone is slowing down, China and the global economy are slowing down, where exactly will all this growth come from? The current plans set out by Mr Osborne some 4 years ago were well received by markets at the time but how much patience is there? How long will workers and business stand by the current government with no real signs of the improvements promised and discussed?

Headlines surrounding the lack of any major economic progress by the government are likely to dominate the New Year and this will in my opinion combine with Political Uncertainty to fuel a sell off on sterling.

Political Uncertainty - It is very rare the government of the day increase their share of the vote when challenging for a second term. This is because it is more than likely the government has lost popularity  by nature  of being in government and the opposition can pick holes in their abilities. The Tories whose laissez faire approach to economic policy is generally the favoured approach by the markets (versus the uncertainty of Labour getting us in more debt) will likely lose their hold on parliament and require further support in the form of another coalition. Will it be the Liberal Democrats? Unlikely, they have lost swathes of support in the UK. Will it be UKIP? They plan to leave the EU immediately which in the short term at least would be terrible for UK plc as business and government has to completely renegotiate international relationships.

The Tories are also talking about an in or our referendum on Europe. The prospect of the UK leaving the EU is potentially disastrous for the UK. Attitudes towards the UK as a centre for global business will deteriorate and we will, at least in the short term suffer from a loss of inward investment.

Labour’s economic plans are not well thought out and involve some fairly draconian measures which will ultimately limit competition and drive investment overseas.

When you look at how sterling reacted to the Scottish Referendum in September we are reminded of the potential for political and economic uncertainty to affect markets. If you need to make a transfer involving the pound in the New Year making some plans now might well be a wise move because what is very clear is that the market shave not yet factored in any of the issues outlined above as of yet. Whether this trend manifests in January or the week before the election is impossible to say. But holding on to find out is the risk and with the pound at such great levels compared to averages of the last five years, it would appear any decision to hold on too long may become very costly.

To keep up to date with market ‘spike notifications’ and ‘rate alerts’ or for a personal forecast for your situation please contact me Jonathan on jmw@curencies.co.uk

 

 

GBPEUR rates spike higher above 1.27 but fall back very quickly!

GBPEUR has fallen from 1.2755 as the high today back down towards 1.2637 as Mario Draghi disappointed on the big Eurozone ‘QE’ question. In fact what we saw was him refrain from announcing a full blown QE operation. This caused the Euro to strengthen and I think represents a good opportunity for anyone selling the Euro in the future. Longer term it does seem very likely that the Euro will be weaker against the pound, on balance if you are buying sterling with Euros buying on the dips is the best way to maximise your transfer.

The big gamble on GBP rates in 2015 is going to be the election. It would not be surprising to see an increase in voter apathy and the old 2 or 3 way party system split yet further. If you have any major transactions in the New Year making some careful plans now might be a very good idea. We offer a range of contract options including the option to fix prices for the future and trade automatically at certain higher or lower rates. A quick discussion with us over the best strategy to maximise your deal really might be best the course of action. Just look at the high to low movements today! A well placed order could really make a big difference in rates on a large volume of currency.

If you wish to learn more please contact me Jonathan directly on jmw@currencies.co.uk

Sterling exchange rate latest – Economic data due out soon that may cause volatility (Daniel Wright)

The Pound has dropped against most major currencies during trading today, however we have seen a positive movement for Sterling against both the Norwegian Krone and Canadian Dollar.

The Pound in general appears to have fallen slightly out of fashion this week but anyone looking to buy either NOK or CAD in the coming days or weeks will have been pleased to see a decision from oil ministers to keep their output target unchanged. With oil prices being key to both of these particular currencies this news weakened both off with the Canadian Dollar losing roughly half a percent and Norwegian Krone losing over 1%.

We have plenty of economic data due out in the coming few days, first and foremost we have consumer confidence figures due out for the U.K which are actually released shortly after midnight. Consumer confidence is a measure of the general feeling of consumers and a positive figure may give the Pound strength yet negative may lead to quite the opposite.

Tomorrow morning is key for those that have the requirement to either buy or sell the Euro as we see inflation figures released at 10:00am. Inflation has been one of the key talking points during European Central Bank interest rate decisions and the press conference shortly after as there had been a fear of deflation which did lead to head of the ECB Mario Draghi taking fiscal action.

Later on in the day we have Canadian growth figures which may either give the Canadian Dollar a chance to recover or kick it whilst it is down. Expectations are for a positive figure but as regular readers will know the market is here to surprise us.

Over the weekend we also have an extremely important vote surrounding Switzerland which may have an effect on the Swiss Franc and the price of gold. A great overview of that can be seen by clicking here.

If you have foreign currency exchange in the coming days, weeks or months then it may be well worth you getting in contact with me directly. You can email me on djw@currencies.co.uk with a brief description of what you are looking to do and a contact number and I will be more than happy to call you personally. I would be extremely surprised if I could not better any exchange rate that you have already been offered.

Happy thanksgiving to our friends over in America – I look forward to speaking to you soon.

This site is protected by Comment SPAM Wiper.