Tag Archives: up
U.K GDP Figures lead to Sterling strength as predicted at the start of the week :) Pound up against EUR USD CAD AUD NZD CHF ZAR and more! (Daniel Wright)
The Pound has had a good surge in strength this morning as U.K GDP figures came out better than expected. We have seen exchange rates for Sterling rise against the majority of majors which is great news for those looking to buy foreign currency. Regular readers would have seen this prediction on Monday as shown here so hopefully this once again proves we do know what we are talking about and don’t waffle on pointlessly.
U.K GDP (Gross Domestic Product) data came out at 1% growth for the economy during the third quarter of 2012, meaning that the U.K is now technically out of a recession and hopefully this should place the Pound back in investors good books at least for the short term.
Much of the boost will be thanks to the Olympics but I also think that we are doing things the right way and that the recovery albeit at a lot slower pace will continue to happen as long as we can avoid dropping back into negative territory in the last quarter of the year.
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Pound weakness against Dollar and strength against Euro, Creeping up against the AUD, NZD and ZAR… U.K data of late is still poor so be aware!
Some great movements seen of late for those looking to buy Euros, however you must still be aware of the problems within the U.K that are managing to slither beneath the headlines currency wise and the Pound is still making great gains against the Euro.
Unemployment in the U.K has hit its highest point in 17 years and we just this mornnig had much worse than expected Retail Sales results, there are consistent mentions of strikes in the U.K in many different sectors and there is certainly a grey cloud emerging over us for 2012, yes it might blow over and we may see blue skies towards the summer, but also it could open up to create a real downpour on the U.K economy.
I have many clients at present waiting for the golden 1.20 mark against the Euro however all I can say is this needs to be thought out more…. Just like setting your alarm clock in the morning it is very easy to aim for an exact figure like 07:30am or 08:00am, this is the same with currency rates, everyone aims for 1.15 or 1.20 – The problem you get is that when rates approach these levels they find it very hard to break through as thousands and thousands of orders get filled at 1.20 pushing rates straight back down again. Remember, you need rates to go over and above 1.20 to be able to buy at 1.20 yourself so this makes it very hard to achieve.
The sensible option is to aim for 1.19 and be one step ahead of the rest in case rates just don’t break through 1.20 enough and you miss the boat… That would be my tactic in this minefield of currency movements.
Great news for USD or AED sellers as all this uncertainty is pushing your rates in the right direction again, also those looking for the Antipodean Currencies AUD,NZD and ZAR) however remember these trends are very much short term at the moment and rate movements are turning around quicker than I can say Quantitative Easing (Although that does take a while!)
The key to this market is being in a postiion to book out a rate of exchange and making sure you don’t get too greedy, should you have an upcoming transfer to make be it buying or selling Sterling then feel free to contact me directly, leaving a brief message and a contact number for me to give you a call on – I can be reached on email@example.com Or you can fill in the enquiry form on the right hand side of this page.
Good morning and just a brief update on whats going on at present with our two most traded currencies.
The Pound is continuing its push towards the 1.20 barrier against the Euro however is dropping rapidly against the U.S Dollar as investors pull funds out of the Euro and place them in so called safer havens like gold, priced in USD. This creates more demand for the Dollar which makes it more expensive to buy, or worth more if you are selling Dollars.
Should you have Euros to sell now may be the time to book out a forward contract as although anything can happen the signs are there that things are only going to go from bad to worse, this is something I can assist with so if you would like more information just fill in the contact form and I will give you a call straight away.