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Pound Sterling exchange rate update – The week so far – Cyprus, Bank of England minutes, The Budget and what may happen going forward this week?
Wow, what a choppy week so far for Sterling especially against the Euro!
News on Friday night that Cyprus were planning to essentially tax money from savings accounts sent the Euro into a plunge and made buying Euros a lot cheaper over the weekend, following this there has been constant speculation as to what may happen next leading to exchange rates for GBP/EUR going up and down like a yo-yo.
This volatile market has led to some great buying opportunities over the course of the week and I have made many people that have informed me of upcoming transfers aware of these spikes in the market.
This morning the Bank of England minutes from their previous interest rate decision actually helped the Pound a little against all major currencies as they showed there had been no extra votes in favour of any further Quantitative Easing.
The budget this lunchtime led to exchange rates moving by over a cent from high to low during its announcement – a difference of £735.00 on a €100,000 purchase. Luckily nothing too terrible has been announced so the Pound has indeed held its ground so far.
The Pound has indeed had a terribly rocky start to 2013 and unless we start to see potential that the U.K may avoid a triple dip recession then we may see these minor gains drop back again.
The on-going situation in Cyprus will however hold the most force this week in my personal opinion, purely by mentioning the plans to tax savings accounts we may see panic in Cyprus and possibly other troubled economies once the Cypriot banks re-open and the longer that they don’t the more chance of trouble erupting too.
Tonight we have the Federal Reserve Interest rate decision over in the States and GDP (Gross Domestic Product) details from the States.
No change in interest rates is expected in the USA but do be aware they may bring in or comment on new fiscal policies. Over in New Zealand GDP figures are expected to show growth of 0.9% which will be fairly solid for the NZD if they do come out as expected, any change to this however may lead to a sharp correction for GBP/NZD overnight.
If you have a pending transaction to make involving buying or selling Sterling against any other major currency then it is key that you make me aware, I can then inform you of any opportunities that arise in a market that literally moves every two seconds.
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Spain sees credit rating downgrade leading to further Euro weakness against Pound – US GDP data due out today market volatility expected for all majors
Credit rating agency Standard and Poors have knocked down Spains credit rating another two notches to BBB+. With Spanish unemployment nearing 25% and the economy looking in great danger of becoming Greece the part two….
Spain now appears that it may be the next weight piled on the European Central Bank’s shoulders in the coming weeks and months and as mentioned before this is a much bigger situation than we have had previously and will indeed make confidence in the Euro extremely low.
If you have Euros to sell then it may be prudent to look at all the options available to you fairly quickly, if you are in the process of selling your property overseas then a forward contract may be the right option, this is where you can lock into a rate of exchange for anything up to two years in advance for just a small deposit… The deposit can indeed be taken in another currency if you have no access to Euros at this time. Email me directly if you would like more details on this firstname.lastname@example.org
U.S GDP data today
Todaywill see the release of U.S GDP figures to round off what has been a reasonably volatile week on the currency market. This data release can lead to volatility for all major currencies with the U.S being a key indicator as to how the entire global recovery is going as a whole. Poor figures could lead investors to be a little more risk adverse which may lead the them pulling out of the riskier currencies such as the AUD, NZD and ZAR meaning that they weaken and are cheaper to buy. Should U.S figures be much
better than expected it may lead to investors being more prepared to take risk and these particular currencies may become much more expensive to buy. If you have a pending currency transaction to carry out then feel free to contact me directly as I can save you money by getting you a better exchange rate and save you time and hassle with a proactive and high level of customer service too. Email me today email@example.com
You can protect yourself from adverse market movements by
using such tools as a stop loss order or forward contract, contact us today on
0800 328 5884 if you would like a more detailed explanation on how these work.
Happy new year and a busy week for the Pound to start us off – Lots of data for the Dollar, continuing European issues and much more!
I’m sure I wasn’t the only one that had to prise myself out of bed this morning, but i’m back into the swing of things now and so are the markets with a minor fightback against the Dollar in early morning trading and fairly flat against the rest.
This week presents a lot of important data to kick the year off, this evening being the next release of interest as the Federal Reserve (Kind of the U.S version of the Bank of England monetary policy committee) release their minutes. I don’t expect any shocks tonight but again the U.S are good at throwing little surprises into the market so those with an interest in buying or indeed selling USD may wish to put protection in place in advance of this.
Tomorrow brings some data for the U.K at 09:30am with mortgage approvals, not a huge release unless the figure differs a lot from expectations.
Overnight tomorrow night we see the release of trade balance figures for the high flying Australian Dollar, personally after the slowing up of China it wouldn’t surprise me to see these slightly worse than expected and a small movement back in the right direction for the Pound however be warned the Australians spent most of 2011 surprising everyone so this certainly is not set in stone!
Friday is the biggest day of note for Euro, U.S Dollar and Canadian Dollar starting off with retail sales and unemployment data for Europe at 10:00am – to be honest with the continuing European problems one would imagine these aren’t going to be great, 12:00 brings unemployment data for Canada and with the Canadian Dollar haveing a great few weeks another bit of positive data could push this down even further, however no change is expected.
The biggest release of the week is in my opinion Non Farm Payroll Data for the States – This release can be just as important as interest rate decisions for the following reason – The markets move on rumour as well as fact and experts predictions of this release can be a million miles away therefore causing large swings in the rates of exchange as the markets price the actual result in accordingly. This release also seems to effect the markets as a whole and can cause volatility for all currencies so you really do need to have a close eye on rates on Friday at 13:30pm.
If you have a currency transfer to carry out either now or any point this year and want to get the best rates of exchange, email me directly firstname.lastname@example.org and I shall be happy to assist you both with my opinion on timing and when you do decide to do it I can get you the best rate too – I look forward to hearing from you soon.