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Sterling exchange rates set to have a busy week!! Best rates for buying your Euros and Dollars (Ben Amrany)
It turned out to be a fairly flat week for the pound in general with only a cent or so movement against the single currency. Against the USD though we witnessed a welcome boost with the pound climbing now over 4% from the lows of 1.48 recently seen. The spike saw the pound gain to 1.54 on Friday and I feel this represents a good buying opportunity. If you need to buy the USD and wish to capitalise on this current spike please do email me at bma@currencies.co.uk. Let me know what your target level is and I will keep you informed should the rate occur.
Comments from the Federal Reserve have led the markets to believe that they may be starting to slow their monetary easing programme. Couple this with the uncertainty of threats from North Korea the Dollar has taken a bit of a hit this week. Looking into next week against the Greenback their is a host of inflation data out on Tuesday and the FED’s beige book (The Beige Book reports on the current US economic situation) but apart from that significant economic data is a little bleak.
Here in the UK their is also a host of inflation data out on Tuesday and the biggest release will be on Wednesday morning when the Bank of England will release their minutes from the last interest rate decision. The minutes will show how many members of the BoE voted for interest rates to change and how many voted for the dreaded QE. The last few months there has been no QE and it has given the pound a slight boost. On Wednesday though should more members show that they voted for QE it will bring up the question will it happen in May? This is one of the key releases which can cause the pound to be very volatile against a host of currencies. If you have a transfer to make in the next few weeks Wednesday’s release may give you an indication if you should hold out a little longer before making your conversion. Email me with your requirement at bma@currencies.co.uk and I can go over the options that are available to you to help you try and maximise your exchange. Plus the rate will be a lot better than your bank!!!!
If you do not trade next week then the next key release that the markets will be keeping a very close eye on will be the GDP figures on the 25th April. If data continues to be positive and the UK misses a triple dip recession then the pound I feel will remain stable and not nose dive. However I still cant see the rates pushing back towards the 1.20 verses the Euro. If we do hit a triple dip then I think the pound will test the 1.14 level against the Euro and the 1.50 level again against the USD. Things are certainly on a knife edge so if you do not want to take any risks with your funds their are good options that are available. Email me at bma@currencies.co.uk and I can go over all the info for you.
Not only do we offer you our expert opinion on the markets but we can help you achieve rates up to 4% better than some banks. If you have not contacted me in the past can you afford not too with the state of the pound. Even if you are buying sterling and the rates are attractive it is human nature to want to achieve as much as possible so feel free to contact me to help you try and maximise your currency exchange.
Thank you for reading.
Ben Amrany
Best selling Euro rates may have been missed this year. (Ben Amrany)
The pound has nicely risen from lows against the USD & Euro over the last 2-3 weeks. Data here in the UK is slowing improving and the risk of a triple dip recession is slowly diminishing. This week alone factory output has increased from February and the NIESR GDP estimate showed that the UK economy grew by 0.1% in the 3 months up to March. Previously the economy in the UK had contracted by -0.1%. You may feel what is the difference between a plus 0.1% to a decline of 0.1% but it fills investors with confidence about the UK economy and hence we see sterling strength.
The main figure will be at the end of the month when we have the actual GDP estimate. This will be the release which could mean that sterling gathers momentum should we not be in a triple dip recession.
If you are looking at selling Euros to buy your sterling then you may be wise to look at converting sooner rather than later. The levels that we reached before the Cyprus event I feel are long gone. If you have a significant volume to exchange don’t get caught out trying to recover your losses as it may get worse 2-3 months down the line. I feel that their will be opportunities when sterling does weaken again but not down to levels pre- Cyprus. So you may be looking at a range bound of 2-3% one way or the other and being in a position to capitalise on a favourable movement could end up saving you thousands.
If you have a specific target level why not inform me at bma@currencies.co.uk so I can keep you updated should the right level occur. A limit order can be key to maximising your exchange.
I assist thousands of private and corporate clients with their money exchange and the rates can be up to 4% better than that of the high street banks. If you inform me of your timescale then we can look at all the options that are available to you to help you maximise this. With very little data out of the UK for the remainder of the week now may be a good time to look at getting things in place so if a rate occurs you can act.
Thank you for reading
Ben Amrany
Is the recovery around the corner for GBP? (Ben Amrany)
So with the pound nicely rising against a basket of currencies we learnt yesterday that the governor of the Bank of England Sir Mervyn King felt that recovery for the UK economy is with in sight and that the weakening of the pound has gone low enough.
King who himself has recently talked the pound down has made a U turn and stated that he thinks “we are moving to a properly valued exchange rate. I think we’re probably there” This assisted sterling to rise over 1% against the USD, 0.72% against the Euro and we witnessed gains against the southern hemisphere currencies. If you would like to capitalise on these gains then please feel free to contact me at bma@currencies.co.uk and I can explain the options that are available to you.
You could be reading this article thinking that King’s comments could pave the way for the pound to start to claw back the average loss of 6% across the board this year. Playing devils advocate if the governor may think that an average of 1.15 against the Euro and 1.50 against the USD is the right level for the currency pairs then surely this gives the bank scope to try and devalue the pound as soon as it starts to strengthen!! For this reason I would not get too excited.
At present many of the central banks around the world are happy for their currency to remain weak as it will help their exports. I tend to call this a currency war. With political, economic and credit rating issues in the UK the pound has weakened all by itself with out the Bank of England having to re stimulate the economy with more quantitative easing (QE).
If the pound is able to gain further by the end of the month I would seriously consider securing your currency even if you do not require the funds immediately. We have different contract options like forward buying which can help you minimise your risk to volatile exchange rate fluctuations should you not have full funds available at present. This can give you the peace of mind that your funds will not weaken any more. If you would like information on this or any other contract that we offer then please do contact me with your contact details and I will explain all the options that are available to you.
If you have any specific target levels that you would like to be informed about for any of the major currencies then email me at bma@currencies.co.uk
Thank you for reading
Ben Amrany
Sterling continues to climb against the Euro and USD (Ben Amrany)
During yesterday’s trading there was a surprise jump for the pound against a basket of major currencies on a day of no economic data to note of for the UK. The biggest gain of the day was against the USD of over 1% and trading against the Euro was up around 0.70% by close of trading. This is a welcome boost for those of you looking at selling the pound. The trend has even continued this morning with the pound spiking at 1.1624 against the Euro and 1.5153 verses the US Dollar
This week alone if you were buying USD & Euros now, as opposed to the beginning of the week you would be achieving on a £200K purchase $5400 & €4400 more now.
Looking forward I feel that pressure will however remain on the UK economy and with a budget fast approaching next Wednesday, you may be wise to capitalise on the recent gain. Feel free to contact me on the trading floor and I will explain all the options available to you and the mechanics of trading through us. Just ask for Ben on +44 (0) 1494 787 478
Here at www.poundsterlingforecast.com we offer our clients a very personal service to help you try and maximise your exchange. The savings can amount up to 4% better than what your high street bank will offer you. Even if you have moved money overseas in the past and use a different currency broker please do get in contact we will always strive to beat any rate that you have been offered elsewhere.
If you have a requirement to buy or sell any major currency you can email me directly at bma@currencies.co.uk and I will look at what your exposure is to the market and help you judge the timing of your currency conversion.
Thank you for reading
Ben Amrany
Where next for the once great British Pound. (Ben Amrany)
Sterling exchange rates have been through the mill this year. With losses of around 8-9% against the USD and losses of around 6.5% against the Euro things are very bleak for those looking at selling the pound. In fact the pound is the second weakest currency of 2013 only behind the Japanese Yen
Yesterday we witnessed the pound claw back some of its losses after the increasing pressure of potential further easing by the Bank of England has really weighed on sterling. The slight increase helped the pound jump back to 1.4953 against the USD and 1.1557 against the Euro. This spike that we have seen may mean that this is a good time to capitalise as the data out at the beginning of the week in the form of poor industrial and manufacturing data has meant that a triple dip recession is very real.
Looking forward there is very little data out for the UK but a member of the Bank of England will be speaking tomorrow and last time they came out with comments that a weak pound is good for the UK economy meant that the pound fell sharply after. If you are concerned that a similar scenario may occur then do not take the risk with your exchange. I personally feel that we will see the pound start to hover around the 1.50 level against the USD and 1.16 against the Euro by the weekend.
Due to no data to note of from the UK I am looking ahead at key data releases in the form of inflation data from the US this afternoon along with some employment figures. Then tomorrow in Europe they will release a batch of inflation figures so by tomorrow the pound could have once again weakened to the recent lows.
If you have a requirement and are concerned how data releases or comments from central banks can effect your currency requirement please do feel free to contact me at bma@currencies.co.uk and I can explain all the options that are available to you.
If you have any target levels on rates that you would like to achieve please feel free to inform me and I can place a rate alert on our system so you do not miss any opportunities.
Thank you for reading.
Ben Amrany
Interest rate decision for the UK fast approaching. This could be one of the most volatile days for the pound against the Euro and USD. (Ben Amrany)
Yesterday was a fairly positive day for the pound as it stabilised slightly over the last couple of days after the volatile times that we have witnessed over the last few weeks. In fact yesterday the pound was one of the best performing currencies out of all the majors and we saw some good gains against the USD and Euro. Although we had a good day the levels are still extremely weak for clients looking at selling the poound. If you are looking at purchasing the pound then you are currently trading at a two and a half year high for US Dollar sellers and a 15 month high for Euro sellers. While if you are one of the southern hemisphere currencies you are bordering at all time highs for selling Australian & New Zealand Dollars against the pound.
This morning the Governor of the Bank of England is speaking and I am sure you are all aware that they have made comments over the last few weeks that a weak pound is good for the UK economy so it will be interesting to see if his comments continue to weaken the once great British Pound.
Tomorrow will be the big day for the UK though. With the interest rate decision for March fast approaching we beleive that the bank of England may look at further monetary stimulus in the form of QE. If this were to occur then the losses could well continue tomorrow against a host of majors. Recently one memeber of the BoE even stated that we could have negative interest rates. If ever there are signs that the bank would like to weaken the pound those comments should frighten you. If you need to sell the pound you may be wise to look at your position before this key data release tomorrow morning. If you are buying then why not place a limit order in the market so you can try and achieve a better rate than what is currently available.
In the Euro zone there will also be an interest rate decision. If the ECB decide to cut rates (although unlikely) then this could counter act the potential QE in the UK. If the UK do QE and the Eurozone do not cut rates then I would exect the pound to weaken. If there is no QE in the UK and the eurozone cut rates then I would expect to see some sterling strength. So overall tomorrow could be very volatile. I do however feel the Euro will continue to gain as confidence is slowly moving back into the single currency.
If you have a requirement to buy or sell any major currency then please do conatct me with your currency requirement at bma@currencies.co.uk or call the trading floor and ask for Ben Amrany. I will strive to make sure that you receive a better rate than your bank or current provider plus we will make sure that you receive a very personal service to try and help you maximise your conversion by giving you the information to decide when may be a good time to do your currency conversion.
Thank you for reading.
Ben Amrany
Do you import goods for your business? GBP/USD is down at a two and a half year low. Let us help you minimise your risk with your currency transfer. (Ben Amrany)
We have recently had a big increaseAs volatile exchange rate fluctuations continue to hamper the pound against a host of currencies, we have recently seen the pound dip down to a two and a half year low against the USD. We have though witnessed a slight rebound against the Euro. If this is a concern for your business or general currency requirement please do feel free to contact me to discuss the situation at bma@currencies.co.uk
The lows against the USD can be a real concern for those of you that are importing goods from the US, Far East or looking at buying a property in US Dollars. The losses against the Dollar are around 6.8% this year. If you have not looked at the situation to minimise your risk to exchange rate flutuations you should do as this can help your profit line. We are able to look at what your monthly, quarterly or even yearly exposure is to the markets and help you budget on a rate of exchange so that you can work out your exact profit without continuing to worry about the rates weakening.
With low interest rates and negative growth to persist for most of this year we expect pressure to remain on the pound. If you would like me to look at your exposure we may just help you save a significant amount on your exchange over your bank. Just email me with your contact details at bma@currencies.co.uk and I will call you to discuss the options that are available to you.
In Other news the UK posted their GDP figures for Q4 of last year. The contraction came out as expected of -0.3% so we did not really see any major movements for the pound as this was expected. It does though go on to cement the negative press the UK economy has been receiving. With the downgrade of our credit rating the pressure is sure to remain and I would recommend trying to capitialise on any spikes that may occur on the currency markets in the coming weeks or months.
The next potential blip for the pound could come when we have our next interest rate decision a week tomorrow. With the Bank of England potentially looking at further monetary easing and happy with a weak pound the losses in March could be big.
Thank you for reading
Ben Amrany
