Tag Archives: pound

The moment you have been waiting for?

I hope this finds you well and 2015 has been a good year. It has certainly been an interesting year for the currency markets and the weeks ahead look set to see this continue. I hope that if you are going to be considering a currency transaction in the near future you have made some plans for what is likely to be an unpredictable volatile period. If I can make your life easier by offering my services for any transactions you need to consider please do get in touch.

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GBP – Sterling fell last week because the economy is growing slower than thought at 0.3% and we have the most uncertain General Election in generations. Labour and the Conservatives are neck and neck with fringe parties likely to upset any majority and create more uncertainty in the scramble for government. Will we have a new government on Friday? It is looking unlikely and deliberations to achieve a majority could take weeks. Sterling is likely to fall as we approach the event but a last minute swing for the Conservatives from electorate fears over the economy may cause a spike. It would appear markets do not favour a Labour coalition and such a vote or even a Labour majority might see further GBP losses.

I would foresee the news of a government being formed as GBP positive but it will depend on whom exactly this comprises. The last election and other politically uncertain events have see GBP move by 5-6 cents and swings of this magnitude this month should not be ruled out. I wish I could tell you which way and by how much but no one can, all I would say is if you do expect to be buying some currency involving sterling this month or next making some plans soon is I believe a very sensible option.

EUR – Greece fears had caused GBPEUR to spike back above 1.40 last week, only for the poor UK news above to see it close some 5 cents lower. Greek uncertainty looks likely to be a lifeline to anyone buying Euros with sterling should the pound suffer too much. A more understanding approach by Greece and creditors to resolving the issue seems likely, the one thing everyone still agrees on is Greece should remain part of the Eurozone. Ironically the Eurozone economy is growing at 0.4% putting it ahead of the UK and US, partly helping explain the recent rebound of the Euro currency against its peers. If you have any Euros overseas to sell for sterling the election may provide some good opportunities to regain the losses the Euro has suffered so far in 2015.

USD – The American economy was shown to be growing at 0.2% last week causing GBPUSD to spike midweek only for it to fall 4 cents by the end of the week. Friday we have US Unemployment data and Non-Farm Payroll data which should only serve to make the week for cable more unpredictable. If like all the other recent US data, it is poor, expect some USD weakness.

AUD – Overnight is the RBA Interest rate decision and Rate Statement. Thursday is Unemployment data and Friday Monetary Policy Statement. Expectations had been high for another rate cut in 2015 but so far this has not yet materialised. Combined with sterling uncertainty I see this rate falling in the short term.

For the very best exchange rates and to speak with a currency specialist about all of your options please email jmw@currencies.co.uk

GBP/ EUR Forecast. UK Election Vs Greece! (Dayle Littlejohn)

For many financial experts GBP/ EUR current exchange rates are a surprise. In recent elections around the globe the currency in question normally weakens months before. This is because of the uncertainty created. Therefore GBP/ EUR exchange rate in my opinion should be around the 1.35/1.36 mark. However in recent weeks GBP/ EUR has floated around the 1.38/ 1.39 level as Greece is counteracting any political uncertainty as they are still indicating a ‘Grexit’ could occur.

Ministers within the Eurozone including Angela Merkel from Germany, understand the importance of keeping Greece within the Euro. The reason being if Greece did decide to leave we could see a ‘domino effect’ where countries like Portugal, Spain and Ireland following suit and then in my opinion the start of the end for the Euro. Therefore this is the reason I believe Greece will stay.

Prediction

Going forward I still believe Sterling will weaken before the Election and by May the 7th GBP/ EUR exchange rate will be between the 1.3550 and 1.3650. Depending on which parties form a coalition (as its fair to say no party will gain the majority) GBP/ EUR could strengthen or weaken. For further information into the possible outcomes to who could form the government and the effects this could have on the currency markets please click here.

Going forward if I was looking to buy Euros I would be buying as soon as possible taking no risks. Where as if i was selling Euros I would be following the Greece story closely, however I would look to trade just before the election. For further information and a quote to receive award winning exchange rates feel free to email me on drl@currencies.co.uk or alternatively call 01494 787 478 and quote Dayle Littlejohn.

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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:

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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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We look forward to speaking with you soon!

FOMC Minutes show a split decision on rate hikes (Daniel Wright)

The latest set of Federal Reserve minutes from the last interest rate decision released this evening have actually shown that even the Fed are currently torn on when to raise interest rates.

An interest rate hike or more the timing of the interest rate hike has been key to the strength of the Dollar over the past few months with many major analysts expecting to see a hike this summer.

Now that it appears that the members of the Fed are actually quite split you would imagine that the Dollar may actually gain strength but at present it is still the best of the three majors.

With numerous problems within the Eurozone and a pending tight election for the U.K expected to hold Sterling back the Dollar is still well and truly holding ground.

Personally I expect this to continue however depending on the result of the election there is a high chance of a Sterling fight back should there be no major changes in terms of Government for the U.K.

If you have the need to exchange any currency in the coming days, weeks or months then it is key to have a proactive and efficient currency broker on your side for it. The company we work for has won awards both for our exchange rates and customer service so even if you are already set up with a broker it may be well worth you getting in touch with me directly and should save you money.

You can email me (Daniel Wright) on djw@currencies.co.uk with a brief description of what you are looking to do and I will be more than happy to contact you personally. I look forward to hearing from you.

Elections Debate to impact Sterling Euro exchange rates (Tom Holian)

Sterling Euro exchange rates have had a mixed week as UK GDP came in better than expected which caused the Pound to shoot up by 1% against the single currency. However, during yesterday’s trading session the Pound lost most its gains.

All eyes will be on tonight’s live debate and depending on the public perception we could see exchange rates move over the next few days.

With Easter coming up the UK banks will not be open for business tomorrow or Monday so o in order to avoid the uncertainty over what may happen it may suit you to organise your currency transfer before the break.

With the election held previously the rate for GBPEUR dropped by as 3 cents when it was announced that there was a hung parliament and I think this time it will be no different.

Indeed, various opinion polls have suggested that the Tories are likely to win with 279 seats compared to Labour with 266 seats. However, neither will gain the majority required which is likely to cause uncertainty for the currency markets.

Wednesday is the next day for volatility with the release of a number of announcements in the UK and Eurozone. Arguably the most important data will be the Eurozone retail sales which if better than expected could see the Euro strengthen against Sterling.

On Wednesday evening the Federal Reserve publish their minutes from their recent interest rate decision and any mention of raising interest rates in the near future could see Dollar strength and Euro weakness which could lead to Sterling rising against the Euro on Thursday.

If you have a currency transfer to make and want to save money on your currency transfer then contact me directly for a free quote. Tom Holian teh@currencies.co.uk

 

 

How do I get the best exchange rates for buying and selling sterling?

1 – Don’t use the bank! Despite what they might claim, they will not get you the best rate. If you believe my claim suprious call me now and make a comparison. 01494 787478 is my number, ask to speak with Jonathan.

2 – Speak to a currency broker about all of your options. A broker will be able to offer you an exchange rate that is better than a bank. If you have a broker already and want to check if they are truly getting you the best deal, speak to me again! I work as a broker and have done for 6 years. I have only ever worked for the same company and they have been in business for 15 years. I am very confident I can better any rate you are given, please speak to me Jonathan to learn more or email jmw@currencies.co.uk

3 – Make some realistic plans! Just hoping exchange rates will rise isn’t enough. And just expecting the rate to move to a level you need is not enough either. Exchange rates move for a huge variety and range of reasons. Accept you will not buy at the absolute top of the market and that it could move against you. Speak to me about the range of contract options available to fix rates for up to one year and to receive updates on the foreign exchange market too.

How will the pound perform in April?

The rates really are predicted to fall in the coming weeks owing to the uncertainty of the election. Labour are not being viewed favourably by markets as they plan to increase spending, the Tories have pledged a referendum on Europe (bad for business confidence) and the consensus is for a hung parliament – again more uncertainty. Let us look at the last few events which led to political uncertainty in the UK. Ahead of the 2010 General Election sterling lost 7 cents, ahead of the Scottish Referendum sterling 5 cents. Now I ask you dear reader, what do you think will happen to sterling in the coming weeks?

Of course no one can tell you exactly or precisely what will happen on exchange rates. But by working with a specialist who understands the market and setting some realistic targets you can limit your exposure and maximise your gains when opportunities do arise. The gamble is to do nothing so please contact me to learn more and have a chat about your situation. Each transaction and circumstance is different, with various options to consider.

If you need to make a currency transaction in the coming weeks I would love to hear from you and personally assist in the execution and planning of any payments. Even if you believe you have a system in place a second opinion and price is often sensible. Please email me jmw@currencies.co.uk or call (+44) 01494 787 478 and ask to speak to Jonathan. If I am on a call please leave some details and I will call you back personally as soon as possible.

We assist clients located all over the world but if you are in the UK, don’t forget to vote!

How the election may impact Sterling exchange rates – Will the Dollar continue to gain strength?

The election and how it may impact Sterling exchange rates

On Sunday evening Parliament dissolved and the election race began for the U.K which I have no doubt will have a great impact on Sterling exchange rates in the coming weeks and potentially until the end of May.

In fact in 2010 we saw a great deal of weakness for the Pound in the lead up to the election and then a little strength following it when the uncertainty had been removed. I remember the trading floor being particularly busy before, during and after the election and I expect this year to be no different.

election currency 2010

Political uncertainty can be rather damaging for a currency and not only when we get a result but also depending on the result the uncertainty will cast a grey cloud over the Pound which will make it hard to gain too much strength until we have a firm and satisfactory resolution for who is going to run the country.

My view is that the media will yet again hype up the polls to be exceedingly close in the build-up and we may see similar to what we saw in the lead up to the Scottish referendum where the Pound lost almost 4% just before it.

If you have foreign currency to purchase in the coming weeks it may be prudent to protect yourself against market movement for this very reason as a 4% movement can end up with you paying over £7000 more for a €150,000 so is it really worth the risk of holding on?

We have various contract types available to protect you against market movement’s, you can contact me (Daniel Wright) directly to discuss these on 01494 787 478 or by emailing me directly on djw@currencies.co.uk

Will the Dollar continue to gain strength?

With the election coming up in the U.K, lots and lots of problems still hovering over the Eurozone and the antipodean countries still seemingly trying to weaken off their currencies the main currency of choice at present appears to be the Dollar.

I think had the Federal Reserve not been slowing the hype of an interest rate hike over in the States we may have been looking at even move Dollar strength than we have seen lately.

Personally I still feel economic data will be the key to any real further Dollar strength and we have quite a lot of data out this morning and tomorrow from the States with Consumer Confidence this afternoon, mortgage, employment and manufacturing data out later tomorrow afternoon.

Further positive news and we may start to see the Dollar head closer to new multi-year highs to sell Dollars and a move down to 1.45 would not be out of the question.

For more information on how future data releases could affect your currency requirement, email me directly on djw@currencies.co.uk

Economic data out in the coming week

There is a huge amount of data coming out this week and early next so it is  imperative that if you are due to carry out an important currency exchange that you keep in close contact with us here and let your account manager know exactly what you are looking to do and during which timescale.

This morning we have key GDP (Growth figures) figures for the U.K however this is only a revision and no change to the 0.5% already out is expected to wrap up 2014.  A little later at 10:00am we have key inflation figures for the Eurozone which is been extremely important for the Euros as the risk of falling into deflation becomes increasingly likely. At 11am we will also have the unemployment rate for the Eurozone.

Tomorrow morning to start the month off we see manufacturing figures from Europe throughout the course of the morning so for those looking to exchange Euros this week before the Easter break there could be some great opportunities that arise throughout the next day or so

Sterling exchange rate movements today – Quiet week for economic data this week (Daniel Wright)

First and foremost our sincere condolences to anyone involved in the air crash today, always deeply saddening to hear such news.

Regarding currency, we have seen another fairly stable day for Sterling against the Euro and Dollar yet with fairly sharp drops against the Swiss Franc, Australian Dollar, Canadian Dollar, New Zealand Dollar and South African Rand.

We saw inflation figures out earlier this morning which immediately knocked the Pound as inflation dropped to a rather concerning 0% against market expectations of dropping down to 0.1%.

The inflation issue remains a concern for the Bank of England, along with the fact that Manufacturing figures at the start of the week showing the U.k manufacturing levels are really down.

This may be partially down to the fact that Sterling has been so strong against the Euro of late which has possibly led to European clients of U.K businesses seeking to buy their goods and services from elsewhere in Europe instead of from the U.K as Sterling is just so expensive for them.

With this in mind it is no surprise that the 1.40 level for GBP/EUR did not stick around for long and although there are many problems still within Europe I personally still do not see Sterling gaining significant ground against the Euro in the coming weeks, so if you have a pending requirement to buy Euros for your business or to purchase a property overseas then it may be prudent to look at making a purchase soon rather than potentially seeing another boat of opportunity sail away.

If you have the need to exchange any currency in the coming days, weeks or months then it is key to have a proactive and efficient currency broker on your side for it. The company we work for has won awards both for our exchange rates and customer service so even if you are already set up with a broker it may be well worth you getting in touch with me directly and should save you money.

You can email me (Daniel Wright) on djw@currencies.co.uk with a brief description of what you are looking to do and I will be more than happy to contact you personally. I look forward to hearing from you.

 

Sterling Euro creeps down from 1.40 – Market poised on Federal Reserve decision tomorrow and RBA minutes confirm future interest rate cut is probable (Daniel Wright)

An interesting day on the currency markets for Sterling, seeing the rate come down from 1.40 against the Euro, finished the day in the mid 1.47s against the Dollar and ended close to 1.94 against the Australian Dollar.

Earlier this morning European inflation figures were one of the main drivers for a little Euro strength which has been an extremely rare occurrence over the past few weeks. This gave those looking to sell Euros a brief opportunity to achieve a slightly better price and showed again just how important it is to buy on spikes when they occur and not to get greedy and miss out.

There is every chance we may see the rate push back through 1.40 but it is key to remember that if you are buying Euros then you are almost already a whopping 10% up on the rate at the turn of the year so if you are in the process of buying a property overseas with Euros it may be prudent to at least lock in a portion of your funds as there are still plenty of issues that could bring the rate back down… One being the election.

If you are looking to buy or indeed sell Euros in the near future and you would like my assistance and to get not only award winning exchange rates but a high level of customer service then feel free to email me (Daniel Wright) directly on djw@currencies.co.uk and I will be more than happy to contact you personally.

Anyone in the position of selling Dollars will be pleased with the last few weeks movements as we saw the rate burst through the 1.50 mark for the first time in a few years. Tomorrow we have the Federal Reserve interest rate decision and monetary policy statement which will be a key indicator as to when the Fed may look to raise interest rates and could lead to quite a volatile evening for the Dollar.

For Australian Dollar followers the RBA commented last night in their latest meeting minutes that they would cut interest rates if they needed to in the future which suggests there is every chance of an interest rate cut and the Australian Dollar to weaken again in the coming months.

An interest rate cut is generally seen as negative for a currency and a hike in rates is generally positive and with exchange rates moving on speculation as well as fact even the slightest hint of a cut or hike can lead to quite a lot of market movement.

Tomorrow is an extremely busy day for those with Sterling to exchange to or from any other currency. We have the Bank of England minutes from their last interest rate decision at 09:30am and the budget at 12:30pm so be sure to keep a keen eye on the rates on and shortly after these times.

Once again if you have an exchange to carry out then I welcome all new clients and can generally get better exchange rates than any other company out there so even if you are already set up with a broker there is a good chance you can still save money. All you need to do to get in touch is email me (Daniel Wright) directly on djw@currencies.co.uk with a number and an explanation of what you are looking to do and I will make sure I get in touch.

Important News for GBPEUR buyers and sellers in the next 24 hours!

Tomorrow is the UK budget and some Unemployment data which could mean some volatility. Rates have already dropped due to comments by the Bank of England Governor the pound is overvalued. The ray of hope would be tomorrow night’s US Federal Reserve meeting where we will learn more about the prospect of the US raising their base interest rate. One driver of Euro weakness has been USD strength. As the USD strengthens much of the funds are arriving from the Euro (as EURUSD is the most heavily traded currency pairing) and this means further USD strength should mean more Euro weakness.

So if you are prepared to risk further losses holding on for later in the week is an option, if you are concerned and would be upset at it dropping further moving sooner is probably best. Longer term the UK election seems likely to cause GBP weakness and current levels are significantly improved from the last few weeks, months and years. In my opinion therefore representing an excellent buy opportunity.

Is this useful? I am very confident I can save you money over other brokers and the banks. Registering takes a minute online and we can be quoting you a live price to buy your currency within minutes of you contacting us. Even a small difference on the price you receive from your broker could be a big difference in the currency you receive. Please email me jmw@currencies.co.uk to learn more!

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