Category Archives: USD

Sterling exchange rates are likely to continue to fall from current levels (Joseph Wright)

It’s a full week after the initial drop from the shock of the ‘Brexit’ vote and I think it’s fair to say that Sterling exchange rates aren’t showing many signs of a fightback as of yet.

The Pound had begun to climb slightly off of its initial lows earlier in the week, although I think that was inevitable as bargain hunters in the FX markets would have propped up the price as they bought it at it’s very lowest looking to make a quick buck, but that upwards momentum was soon reversed as the governor of the Bank of England, Mark Carney announced that a further Interest Rate cut is a possibility, and this immediately drove the Pound downwards, to new 52 week lows in some cases.

The fallout from the ‘Brexit’ outcome of last weeks EU Referendum in the UK is currently one of the main drivers of currency and equity movements worldwide, let alone in the UK. With the UK under the microscope I think we can expect to see any news surrounding the ‘Brexit’ having the potential to affect Sterling exchange rates whether GBP/EUR, GBP/USD, GBP/AUD or any other currency pair involving GBP. Most developments as of yet have had a negative impact on the Pounds value and I wouldn’t be surprised to see the downward trend continue as we approach the Monetary Policy Committee’s next meeting on August the 4th when the next cut in Interest Rates could occur.  

Those with an upcoming currency requirement involving the Pound may wish to get in contact regarding strategies and how best to time the trade, or trades should you be open to the approach of a staggered entry. Our specialist currency exchange brokerage doesn’t offer financial advice but we do assist our clients with the timing of their trades based on price targets and historical data such as annual and daily highs and lows.

If you would like to discuss your currency exchange with me, and would like to consider taking advantage of award winning exchange rates from one of the UK’s leading regulated currency brokerages, feel free to email me directly ideally with a telephone number on jxw@currencies.co.uk with an outline of your requirement. You can also call me directly on 01494 787 478, just ask one of the reception team for Joe.

Brexit Uncertainty Hurting the Pound (Matthew Vassallo)

The fallout from last week’s UK EU referendum result continues to weigh heavily on investors and the Pound has found life tough going against all of the major currencies since. With further losses this morning against the EUR & USD, many clients are now wondering how much further Sterling will fall?

Personally I do expect a sustained recovery under current market conditions and with so much uncertainty hanging over the markets, both economically and politically the overall outlook is fairly bleak at the moment. However, this market will change again and whilst the Pound is suffering now we do need to consider that the EUR has taken a huge hit across the board as well. The EU has lost an integral member and with further problems likely to emanate from Greece over repayment deadlines and a possible domino effect of countries considering their own positon as part of the single market, we could see Sterling start to make a recovery sooner rather than later.

Looking at GBP/USD rates and we are currently seeing a fantastic opportunity for those clients selling the greenback, with rates close to the best levels we’ve seen in over 30 years! With the political uncertainty both in the UK & US likely to build as we head towards the end of the year, I would be looking to take advantage of the current levels and not gamble on an extremely unstable market.

If you have an upcoming GBP currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me on 0044 1494 787 478 and ask one of the team for Matt. Alternatively, I can be emailed directly on mtv@currencies.co.uk

How far can the pound fall?

The pound has actually made some very small gains today but the outlook remains grim in my opinion. Despite the markets bouncing off the bottom today I do not think there is going to be a huge amount to be cheerful about and the rally of this morning quickly halted. The UK has no Prime Minister, the EU say there will be no special deal for the UK and business confidence and investment is down. There is a harsh choice for the next PM will it be abandoning free movement of people or retaining access to the single markets. According to the EU we cannot have both! If you are considering a currency exchange (£10,000 over only bank to bank exchanges please) please email me Jonathan on jmw@currencies.co.uk to keep up with the latest news on how the pound is performing.

How much lower will GBPUSD drop?

The problem on this pair is the US Election is not far away which is bound to lead to uncertainty on the exchange rate. The prospect of a Trump Presidency has in my mind not been properly factored into the dollar. The Brexit vote also makes a US Interest rate hike less likely which I feel is not being reflected on the pair. I expect this rate to trade between 1.30 – 1.40 until August before moving back to 1.40-1.50 August to September. From there the picture is less clear but a move back above 1.50 could not be ruled out. If you have any USD transfers to consider the USD is almost at a 30 year high against the pound. To understand the latest movements please email me Jonathan on jmw@currencies.co.uk

Will GBPEUR hit 1.25?

For Euro buyers this is the question I am being asked most. Well I think Greek concerns and worries may resurface in the next few months and a top of 1.25 is possible, the negative impact of Brexit is also hurting the Euro. But I think sterling will be the main loser and would call lows in the 1.10-1.15 range up to September. From there much will depend on how Brexit negotiations but I think the pound will remain weak until we have certainty. If you have any Euro transfers on amounts above £10,000 (eg property sale of business transfer) please email me Jonathan Watson on jmw@currencies.co.uk for more information on securing the best GBPEUR and EURGBP exchange rates.

Brexit may well not prove to be too bad in the long run but it is clear to me the impact on sterling exchange rates still has much further to run, we still know very little about what to expect next. Any signs of an interest rate cut or further Quantitative Easing could easily send the pound lower and I would be most worried about this prospect towards the end of this year or early next.

Sterling is at multi year lows against GBPAUD, GBPCAD, GBPNZD, GBPCHF and GBPZAR..  Make sure you don’t miss out..

  This aware winning blog has enabled tens of thousands of people globally to save money on their currency exchanges through helpful, friendly knowledgeable information from experienced currency brokers. As one of the Chief contributors here I would be delighted to hear from any of you wish for information at this important historic time for the pounds. An email will only take you a minute and the savings on offer could be thousands, what have you to lose. If you have a currency exchange to consider and would like to learn the latest exchange rate forecast please email me Jonathan Watson on jmw@currencies.co.uk.

 

The Brexit Fallout (Daniel Charles Johnson)

The impact of Brexit is clearly evident on the currency market. Sterling is it the lowest levels since ’85 against the Dollar and the Euro is battering at the 1.20 resistance barrier. The resignation of David Cameron also does not bode well. In times of political uncertainty the currency in question usually weakens. The next Prime minister is due to be elected on 2nd September and whoever is voted in will have the task of bringing the UK’s economy back to a position of stability. I feel Sterling could be in for a rough time short term and I doubt to see many positive data releases over the coming weeks to assist in a rally for the Pound. I think once the Bank of England have made there stance clear, a Prime minister  is in place and the markets have settled the Pound will gain strength.

If you are currently buying Sterling you are in an extremely favorable position. With the majority of major currencies at record highs against the Pound. Although there could be further falls for Sterling it is important to keep in mind the factors that could affect the value of the currency  you are selling. For example the Euro is in trouble, Greece have stated they will be unable to make there next payment to the International Monetary Fund, France are threatening a referendum of their own and Draghi is still pumping in €80bn a month in an attempt to stimulate growth. If you are selling Euros I would not procrastinate.

Looking at USD, an election looms and as mentioned earlier political uncertainty, generally  causes the currency in question to weaken. The Head of the Federal Reserve, Janet Yellen had indicated at the start of the year there would be several rate hikes in the US this year, none of which has materialised.

Australia is currently going through a general election which is currently very close. So we could see a fall in AUD value. China whom Australia rely on heavily for their exports are also not looking stable. There has been recent stock market crashes, where circuit breakers have been used to cease trading to stop panic selling and the rumors of shadow banking and distorted data figures will not go away.

If you have a currency requirement I would be happy to assist. If you let me know the currency pair you will be trading, volume and time scale I will provide an individual trading strategy to suit your needs. I work for one of the top brokerages in the country which puts me in a position to beat nearly every competitors rate of exchange. Feel free to contact me at dcj@currencies.co.uk. Thank you for reading my blog.

What will happen to the Pound now the referendum is over? (Daniel Wright)

Well, we have had quite a few days here on the trading floor and I can honestly say I have never been so busy.

Many people are asking me now just where do I see Sterling exchange rates heading next and of course the exact answer is that it is impossible to call but let’s look at what may happen in the coming weeks.

I personally feel that once the dust has settled on the result of the referendum we have a little room for some Sterling recovery. We are already seeing share prices start to creep back up a little and the Pound’s dramatic fall has already seeming stopped as we have seen gains against most major currencies during trading today.

We do have plenty of economic and political uncertainty which will hold the Pound back, but people need to realise that as we stand today there is not a huge amount that has changed, just a lot of doom and gloom in the newspapers and speculation as to what might happen.

Everyone now needs to pull together and try to make the best of this situation and to try and avoid letting our heads get down and the economy following suit and should that happen I would expect Sterling to start to gather pace again and I would not be surprised to see the Pound gain back most of the value recently lost.

A lot of attention may now also be placed onto the Euro, with one economy leaving the EU others may also look to follow suit which may really pressurise the Euro and lead to it weakening off accordingly, making it cheaper to buy.

There is so much out there for the market to feed off of that it is extremely key to ensure if you have any currency exchange to carry out that you have a proactive and efficient currency broker on your side.

I can help you with any exchange you have personally, I have worked on the currency markets for years and the company I work for assists clients in currency exchanges with award winning rates of exchange and customer service.

Feel free to contact me (Daniel Wright) the creator of this site by emailing djw@currencies.co.uk and I will be happy to get in touch to discuss the various options available to you in the coming weeks and months.

 

 

So what exactly happens next for the UK and the pound?

Sterling is at some exceptionally low levels and is likely to weaken further in the coming days and weeks but until we get concrete news on the new Tory leader and the process of leaving the EU is physically triggered the rates might not have any days similar to last Friday. It is the best time in two years to sell euros for pounds and the best time in 30 years to sell dollars for pounds.

Whilst the pound is sure to remain on the back foot as ripples spread through financial markets, the immediate news is that well there isn’t a great deal to say. The key point of the UK’s withdrawal is the triggering of Article 50 of the Lisbon Treaty which sets out a two year window within which the UK would leave the EU. By resigning David Cameron has sidestepped invoking this Article and it is now down to probably the next Tory leader. With the leadership contest not due until October there is now a window within which we will not know exactly when Article 50 will be invoked. If you have a currency transfer to consider the pound is bound to struggle but until Article 50 is triggered the physical process of leaving the EU is not going to happen. EU leaders are already lining up to encourage this all to happen very quickly but it is highly unlikely this will happen before October. And even then once a new Tory leader is voted in, it might be that they then decide to call a General Election.

What kind of deal will the UK get?

The UK’s deal has to target two key points. One the issue of immigration and two access to the free market. Other countries outside the EU which have deals allowing access to the Single Market require them to accept the free movement of people principles which the UK is unlikely to agree to since this was a central point of the Leave campaign.

In short nothing is going to happen quickly but there is likely to be plenty of uncertainty as investors scramble to make sense of what is around the corner. The Bank of England might seek to cut interest rates or look at more QE to help boost the economy, this is all much further down the line but investors always look to the future.

If you have a transfer to consider keeping up to date with the market is key to make an informed decision. Please email me Jonathan on jmw@currencies.co.uk to learn more about what the future holds and how to maximise your transfer.

 

Brexit vote results in huge losses for the Pound against the Euro and US Dollar (Tom Holian)

The Brexit vote has caused Sterling to fall by 11 cents against the Euro and 16 cents against the US Dollar as the Pound went into free fall during yesterday’s trading session. This has led to huge demand from clients looking to sell Euros or US Dollars into Sterling.

The vote to Leave the European Union caused a big surprise to financial markets as bookies had given odds of 10-1 on that the UK would vote to Remain just hours before the results came in.

Prime Minister David Cameron has also announced his resignation, which will take place in October, so we have another four months of political uncertainty as well as the economic uncertainty surrounding the European Union issue.

Currency does not like uncertainty and with yesterday’s results this is what caused the Pound to suffer and in my 13 years dealing in the foreign exchange markets I have never seen such huge single day movements for GBPEUR rates and GBPUSD rates during that time.

We could see further struggles for Sterling in the week ahead as the media is likely to hype up the story over the weekend.

Credit ratings agency Moody’s has downgraded the UK’s credit rating outlook to negative as the uncertainty of the vote is likely to lead to big falls in GDP and cause the UK’s economy to struggle.

The result of the referendum could also see a second independence referendum in Scotland as the vote to stay in the European Union in Scotland was huge.

I expect to see Sterling continue to come under pressure next week so if you’re looking at either selling Euros or indeed any other currency to buy Pounds now is an incredible opportunity to do so.

 

If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote.

For a quicker response on Monday morning please email me this weekend with your requirement and a phone number. Tom Holian teh@currencies.co.uk

I look forward to hearing from you.

 

The best way to predict the future is to create it!

The next 48 hours and next week could see excessive volatility on sterling exchange rates with swings of up to 10% not unexpected. If you are considering a currency exchange in the next few weeks or months the decision today and tomorrow could change your rate dramatically, now is not a time to be too complacent! On a Leave vote the pound could slip by up to 10 or 15% according to some reports whilst a Remain vote will see the pound rise by I would say 5-8%. At the moment the market has priced in a roughly 70% chance of a Remain vote so the big risk in this event will be the Leave vote which would seer the rates fall so dramatically. If you are considering a trade currently and wish to check your exchange rate or get some useful information on options please speak to me Jonathan on jmw@currencies.co.uk.

A Leave vote will signal big changes and uncertainty as the pound will be subject to big changes in the UK’s relationship with Europe and the wider world. The Brexiteer argument will suggest this will open up new opportunities but I don’t think anyone can deny the potential negative impact a vote to Leave on the economy. At the moment we just don’t know exactly what will happen in the future and therefore I would suggest a Leave vote is the big risk to the pound.

If you are considering a transaction in the future I would strongly suggest making some plans in advance is a very sensible move to try and avoid the risk of losing a great deal of money. Excessive volatility on the exchange rate could cause great distress and hanging on to see what happens might prove very costly. We are working around the clock to support anyone who has a currency transfer to consider, if there is anything you are looking to do or to receive information on please speak to me Jonathan on jmw@currencies.co.uk

How will the Referendum Result Affect GBP Exchange Rates?

Sterling has been on a roller-coaster ride this week, with all eyes now firmly fixed on tomorrow’s EU referendum. The Pound has spiked this week against all the major currencies following a YouGov poll on the weekend, which indicated that the Remain camp had taken a small lead. The markets are in disarray at the moment and we are seeing aggressive spikes off the back of these pre-referendum polls, which are not always a great indicator of the overall opinion.

Personally I do feel we will see a Remain vote but I am not overly confident of this and I certainly wouldn’t be placing a wager on it. I feel the key question now for clients and investors alike, is what is the likely reaction to each result?

I do feel that a Remain vote will solidify Sterling’s position but whether we will see an aggressive move up against the EUR in particular I’m not so sure. I feel the markets are now pricing in the likelihood that we’ll stay and therefore a small rise is possible but I doubt it will be ground-breaking. I think it is far more likely that we will see the Pound nosedive should a Leave vote come to fruition and this is my concern for those clients holding the Pound, who are gambling on a positive result.

Even the Leave campaigners have accepted that there will be a period of economic instability and this is more than likely to heap pressure onto the Pound. Therefore I would be extremely tempted to secure any Sterling positions ahead of the referendum result, which is due out early Friday morning.

If you have an upcoming GBP currency requirement and would like to secure a rate ahead of the EU referendum results on Friday, or are keen to discuss the currency market conditions and forecasts ahead of a future exchange, then please feel free to contact me on 0044 1494 787 478 and ask for Matt.

Why are buying Euro and Dollar rates rising gradually? (Joshua Privett)

Overall during the past few weeks, buying Euro and buying Dollar rates have seen net losses in the run up to the Referendum vote, which articles on this website have covered extensively.

However, now that we find ourselves closer to the vote itself, and with no real change in the polling data, this flop on the Pound has suddenly abated, and even marginally reversed. Is this something we can expect moving forward?

There is no straight answer unfortunately. Markets are wound very tight, and with so many parties looking to move at a moment’s notice, the whole Cent gains or drops on buying Euro or Dollar rates we saw on occassion last week will be happening again this week, more regularly. It is simply a matter of when.

At this point it still seems more likely than not that there will be losses on buying rates rather than gains. The Pound’s marginal strength last week can be accounted for in the positive retail sales, wage and employment figures posted last week. With the hiatus brought on in Referendum campaigning from the tragic death of Jo Cox, this was likely allowed more traction on the value of the Pound than it otherwise would be.

Polls will be governing everything from here on out. It is difficult to know how the public will behave in the final week in the run up to the vote. Will the polls reflect cold feet or a steadfast 50-50 split as we currently see it?

In these situations it is best to play it by ear, particularly if you are planning to buy Sterling and take advantage of any sudden sell offs of the Pound ahead of the vote and the cheaper prices this entails.

If you have Euros or Dollars to sell, you can contact me overnight on jjp@currencies.co.uk. I offer a personalised service here to make sure you are kept abreast of market movements, for both opportunities and negative turns you should be made aware of.

Anyone holding Sterling and considering buying another currency, can contact me as well, though your answer from me will likely be more pressing. I can provide a live quote for your transfer to alleviate the risk of the upcoming vote should you wish, and I have never had an issue beating the rates of exchange offered elsewhere.

 

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