GBP/EUR rising slightly as slide on stocks and oil finally halts (Joshua Privett)

GBP/EUR rates of exchange have been enjoying the lifting of some of the pressure on Sterling which was implanted into the markets last week.

Will Euro buyers finally be seeing a turnaround? It’s unlikely. Already markets are finding resisting when try to rise above the elusive central level at 1.29.

There is simply not enough momentum for positive sterling news to carry us through that level. Frankly the news isn’t really being classed as positive, simply less negative. The loss of value on the financial markets has already been made clear, the losses have simply ceased for the time-being.

The reason this has hurt Sterling so much is due to our reliance on the financial service sector for growth and national revenue.

Moving forward, the same background factors which have been causing Sterling to weaken on the markets since the middle of December are still pervasive. That being the slowing economy which George Osborne and Mark Carney (Governor of the Bank of England) have alluded to over the past few weeks.

This Cent improvement for Euro buyers is a similar gift that many seized a few weeks ago, before improvements gave way to a fall of a further five cents.

Seizing opportunities presented in whatever form in a down market tend to produce happier market participants in my experience, and personally if I had a Euro requirement, I would looking to move sooner rather than later, particularly with markets dropping as Friday afternoon continues.

Anyone with a Euro requirement can contact me jjp@currencies.co.uk in order to discuss a free quote on your transfer in order to maximise your currency return. 

If you cannot reach me before the weekend begins, currency markets barely move in that period, so feel free to reach out over the weekend and we can discuss how to approach any expected movements on Monday.

 

Major Volatility on the back of U.S Fed News

The Sterling Euro rate this morning has already moved a 1% in a few hours. The Eurogroup which is attended by the Head of the Bank and the Finance Minister of each member state will meet today and may give some indication to the future plans. Greece is one of the topics today as the debt there has not reduced and the method to re-cooperate their loans will be discussed.

Yesterday Janet Yellen who is head of the Federal Reserve in America suggested that despite volatile markets and external factors, U.S economic growth would allow the FED to increase interest rates in the coming months. This encourages investors that the U.S is a good place to put their money as they have a better opportunity to receive returns. This in turn reduces the money invested elsewhere causing other areas to weaken.

If you are looking to purchase Euro’s today you might want to consider that Sterling is potentially going to weaken so looking to trade soon could make you a significant saving. If you are holding Euro’s and looking to buy Sterling you have the best rate in over a year.

Please contact me if you would like to find out any further information regarding Pounds and Euros. I am happy to provide you with information that will allow you to make the most informed decision when changing currencies. No matter how small the transaction there is always money to be saved by making a well-timed and educated decision. If you would like to get in touch please contact me Ben Fletcher at brf@currencies.co.uk and hopefully I can be off assistance to you.

GBPEUR rates are falling and I expect this to continue, 1.25 seems concerning realistic

Yesterday the value of the Pound fell significantly once more continuing a very bad week for the UK.  Rates have now dropped nearly 5 cents compared to only a week ago making a significant difference to the cost of buying anything in Europe.  Sellers however are really enjoying this movement as they are now enjoying the best prices we have seen for over 13 MONTHS.  If you want to move quickly to take advantage of this gain please contact myself STEVE EAKINS quickly, either email me at hse@currencies.co.uk or call on +0044(0)1494 787 478

The reason for this fall has been down to a number of factors but the largest is a global sell off from risky currencies and into where the most return is expected. This is forecasted to be the EURO as a result of their QE program so demand for the euro climbs along with its value and therefore cost.  Yesterday we also saw the import/export figures for the UK which was for last year when the strength of the pound hampered export figures. A poor figure was seen which pushed the value of the pound down further, this not only is for this information but as it potentially gives us an update on the GDP figures this afternoon.  This is expected to show yet another fall and poorer picture for the UK economy and therefore more Sterling losses could potentially happen this afternoon.

The rates we were enjoying last year over 1.40 are well gone, even rates over 1.30 seem a fair strentch at the moment. I expect rates to stay under 1.29 now for some time and with new lows potentially seen of nearer to 1.25.  You have to have a very strong argument to suggest rates will get a lot better for euro buyers in the near future.

If you want more information, forecasts, prices or a chat about the market please feel free to get in contact with myself Steve Eakins at hse@currencies.co.uk or call and ask for me on +0044(0)1494 787 478

 

GBP/EUR rates plunge as Storm Imogen hits! (Jonathan Worrall)

The UK coastline wasn’t the only thing that took a battering yesterday as the GBP/EUR rate also took a dramatic tumble yesterday, falling by over a cent and a half from 1.292 to 1.275 before pulling back up to just over 1.28.

UK trade figures were released and they were the main catalyst for this plunge towards a 12 month low for the GBP/EUR rate. It showed that the UK had a record trade deficit for goods of £125bn for 2015, reflecting a fall in both exports and imports. The fall in exports for the year is likely a result of the strength of the pound last year, making it more expensive for foreign businesses to buy UK goods. Whilst the fall in imports is likely a result of the significantly lower oil prices we have seen.

With the Office of National Statistics highlighting that these figures would have an impact on its economic growth forecast for later on in the year, it seems probable that the UK’s road to economic recovery may be a little longer. As a result, confidence of investors in the pound takes a hit, and we see Sterling’s value weaken.

This is positive news for those clients with Euros to sell, as you will receive more Sterling as a result. However, it is not such good news for those with Euros to buy, as your purchase has just become that more expensive.

With the referendum looming as to whether the UK will leave the European Union, it is highly probable that we will see increased volatility the closer we get to the event, and this is not likely be in favour of the Pound. Thus trading sooner rather than later may be wise, especially if it can be timed well to take advantage of any spikes in your favour.

If you do have Euros to buy in the near future, getting in touch with your broker is paramount, whereby they will be able to provide expert advice as to when best time your transfer, along with getting you a bank beating rate of exchange. If you don’t currently have a broker, get in touch with me at jsw@currencies.co.uk and we can get you setup with your own personal currency broker. Jonathan Worrall

Best exchange rates to sell Euros since December 2014 (Tom Holian)

GBPEUR exchange rates have hit their best level to sell Euros into Sterling since December 2014 following the release of UK Trade Balance Data which shows the biggest trade gap on record.

A record high of £125bn is worryingly high and this will clearly have a big impact on UK GDP.

NIESR GDP data is due out tomorrow which covers the last 3 months and I think we could see further gains for the Euro vs Sterling.

Prior to this comes the release of UK Industrial and Manufacturing data and if this is similar to January’s figures which were the lowest in 6 years this is also likely to have a negative impact on Sterling exchange rates.

With Eurozone GDP data due on Friday I think we could end the week on a huge positive for Euro sellers leading to possibly even better rates to sell Euros into Sterling.

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. Tom Holian teh@currencies.co.uk 

 

Sterling Euro to hit 12 month low? (Tom Holian)

Sterling Euro rates have once again fallen to below 1.30 during the course of the week as the Bank of England have announced a 9-0 vote in favour of keeping interest rates on hold.

The UK Quarterly Inflation Report has also caused concern for Sterling exchange rates as low inflation means an interest rate hike is well and truly off the cards for the time being.

According to the BoE governor  Mark Carney inflation is now not set to hit its target of 2% until 2018 and I think this could also mean no interest rate change until then as well.

This has really dented the confidence in the Pound and I think next week we could see further falls against the Euro leading to fresh 12 month lows to buy Euros with Sterling.

Industrial and manufacturing data came out recently at a 6 year low and with the same release due on Wednesday I think we could be in for more of the same bad data causing Sterling to fall against the single currency.

The fears of the Brexit are also still looming and until this is resolved I expect Sterling to remain under pressure.

My prediction for next week is for Sterling to fall against the Euro creating some excellent opportunities to sell Euros into Sterling.

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. Tom Holian teh@currencies.co.uk

 

 

GBPEUR struggling in the current market!

The Pound to Euro rate is once more struggling leading to great uncertainty for Euro buyers in particular. Euro sellers for pounds are enjoying some of the best levels in over one year whilst Euro buyers are being subject to misery and worry. If you need to buy or sell Euros then making plans in the current market is I believe a very sensible move to try and limit yourself from volatility that might present itself as a result of the UK Brexit votes and also the worries with the UK Economy. If you need to buy or sell Euros then we offer a number of options and plans to help remove the risk from the market and offer a specific price. Market fluctuations are more of a concern at present because there is so little known at present about the Brexit and what lies around the corner.

The pound is now at some of the lowest levels against the Euro in 1 year which is presenting an excellent deal for Euro sellers which might not last. If yo need to sell Euros making some plans soon is I believe sensible since there is a chance of the Euro weakening in the future when the ECB talkes about QE next month. For more information at no cost or obligation please speak to me Jonathan by emailing jmw@currencies.co.uk

GBP/EUR Begins to Plummet After Bank of England Vote

The Bank of England has chosen to vote 9-0 against raising interest rates, creating a sharp drop on the GBP/EUR. For people looking to trade Euro’s into Sterling this is the ideal opportunity to get a good rate. If you are looking to purchase Euro’s today then you might want to wait till tomorrow but the rate may not rise back up for a short while and cutting your loses might be an option.

Tomorrow will hopefully be a calmer day for the GBP/EUR and may offer some respite to purchase Euro’s. It may be a while before we see a major rise to the high 1.30’s especially as the Brexit decision slowly comes upon us.

Please contact me if you would like to find out any further information regarding Pounds and Euros. I am happy to provide you with information that will allow you to make the most informed decision when changing currencies. No matter how small the transaction there is always money to be saved by making a well-timed and educated decision. If you would like to get in touch please contact me Ben Fletcher at brf@currencies.co.uk and hopefully I can be off assistance to you.

GBPEUR levels expected to fall on UK data on Thursday.

Sterling exchange rates have been falling of late and I expect this to continue, This being in anticipation of SUPER THURSDAY tomorrow when we get the latest full update from the Bank of England of the economic health of the UK. This includes the all-important Quarterly Inflation Report which is a key release that the market uses to forecast any potential change to the interest rate in the UK. Remembering that this is part of the forward guidance the bank has been trying to keep to. Remembering that they first hinted of an interest rate hike in 2012.

Due to the slowdown in China and a fall over most financial markets there is a building expectation that a hike won’t come until the summer of 2017. If the data tomorrow confirms this assumption this will further drive down investment into the UK and therefore I expect Sterling to fall. We have already started to see this through tis afternoons session as traders start to price in the expectation.

On Friday we could see rates pick up once more due to the US information due on Friday afternoon. This I don’t expect to re-capture the losses we will see tomorrow but indeed may help a little before the weekend comes around.

Great news for EURO sellers who are currently enjoying the best levels seen for nearly 12 months.

For more information, live prices or forecasts please contact myself Steve Eakins via hse@currencies.co.uk

GBP/EUR rates face likely volatility tomorrow on what is being dubbed Super Thursday! (Jonathan Worrall)

So far this week we have seen Sterling recover slightly from last week with the Pound reaching highs of 1.325 on Monday. However, Eurozone unemployment figures released yesterday showed a small improvement falling from 10.5% to 10.4%, and we saw GBPEUR rates dip a little as a result. GBPEUR rates are likely to now face extreme volatility for the remainder of this week as we see plenty of major economic announcements from both the UK and the Eurozone.

Tomorrow, or Super Thursday, as it is being called will be the cause of the potential volatility I mentioned above. We have a speech from ECB President Mario Draghi addressing the current European economy, an Interest Rate Decision from the Bank of England and their accompanying Monetary Policy Summary, the UKs Quarterly Inflation Report and a speech from the BOE Governor Mark Carney.

The outcome of all these announcements from the BOE will be very interesting and could well set the tone for Sterling’s value for the foreseeable future. With UK inflation coming out at 0% for 2015, and the recent slump in oil prices, it would not be surprising to see inflation forecasts for the year ahead cut. If this is the case, then we may well see the vote make up for the BOE interest rate decision change from 8-1 in favour of keeping rates on hold, to all nine members voting the same.

Mark Carney’s subsequent speech may also deliver a similar rhetoric. If he is dovish about the UK economy and confirms that interest rates will be on hold until 2017 at the earliest, or even mentions that a cut in the rates could occur, then this combined with the inflation report could see GBPEUR fall back towards the 1.30 barrier. This will make buying Euros with Sterling more expensive, and thus if you have an urgent requirement to buy Euros I would recommend trading before tomorrow. Please feel free to email me at jsw@currencies.co.uk and I will be able to help you out with your currency transfer.

There could be some softening to this potential hammer blow to Sterling’s strength, and this could be Mario Draghi’s speech. If he gives any further hints that the ECB may increase their Quantitative Easing programme and add further stimulus into the economy, then this may help to counteract any negative impact from the UK announcements.

I think GBPEUR rates will continue to track in the range around 1.30 in the short term, and thus trading on any spikes, either higher or lower depending on whether you are buying Euros or selling Euros, is going to be most beneficial to you, and help squeeze the most of your purchase.

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. Jonathan Worrall jsw@currencies.co.uk

 

Sterling Euro Rates Stuck in Limbo (Tom Holian)

As covered in some of my previous articles I think it will be Thursday when we start to see potentially big swings for Sterling Euro exchange rates when the Bank of England meets to announce their latest interest rate decision.

Due at the same time will be the UK’s Quarterly Inflation Report and with inflation running at just 0.2% this is clearly weighing heavily on the BoE minds.

Recently the split has been 8-1 in favour of keeping rates on hold with Ian McCafferty the one in favour of a rate hike.

However, I think it will be a matter of time before he changes his mind as continued low inflation means an interest rate hike could be devastating to the economy.

BoE governor Mark Carney has stated recently that interest rates will stay on hold until 2017 and there is even a potential chance of a rate cut whilst UK inflation remains well below the target level of 2%.

Eurozone unemployment came out better than expected today at 10.4% down from 10.5% the month before showing signs of improvement for the Eurozone which provided the single currency with some strength vs Sterling throughout today’s trading session.

Retail Sales for the Eurozone are due at 10am tomorrow and I think this could be a bit of a blip as retail sales have been rather mixed recently owing to the weather.

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. Tom Holian teh@currencies.co.uk

Alternatively call me on 01494-787478 and ask for Tom Holian when calling.

 

 

Will Sterling continue to fall against the Euro and expectations for February (Tom Holian)

Sterling vs the Euro has endured a torrid time since the start of December dropping by 13 cents from the high to the low during the period.

In that same time UK economic data has generally speaking been very poor and fallen below expectation which has caused Pound exchange rates to fall vs the single currency.

Retail sales are at their lowest in 6 years and Manufacturing and Industrial production data fell to a 4 year low.

I think the economic problems have occurred owing to the Pound being so strong for much of last year which caused British exports to become less competitive.

Therefore, the Eurozone will have ramped up domestic demand and not traded with the UK as much because of the high exchange rate.

The Bank of England have stated recently that UK interest rates are unlikely to go up until 2017 and with the fears of the Brexit this is causing a huge loss of confidence for Sterling exchange rates.

Next week on Thursday the UK Quarterly Inflation Report is published and with inflation running so low I’m almost certain that this report will include some worrying data.

The Bank of England meet later that same day and I think this could send Sterling Euro rates to new 12 month lows and fall past their lowest point hit in January.

Good news for Euro sellers and not so for Euro buyers.

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. Tom Holian teh@currencies.co.uk

 

 

 

German Retail Sales weaken the Euro and Eurozone Inflation Data (Tom Holian)

German Retail Sales have come in this morning much lower than expected which has caused the Euro to weaken providing some short term opportunities to buy Euros at the highest point of the week.

However, already this morning Sterling Euro exchange rates have started to fall back already and I think the two factors which are keeping Sterling very weak at the moment are the fears of a Brexit and the Bank of England stating that UK interest rates are unlikely to go up.

Oil prices are now close to their lowest levels since 2003 which is causing problems for the Pound and with the North Sea oil industry needing approximately US$60 per barrel to make a profit.

This is worrying for the British economy and also Sterling as it is such a big revenue generator for the UK.

Eurozone inflation due out in an hour could cause big movements for Sterling Euro exchange rates as it will be used to see whether or not the recent addition of QE has had any influence.

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. Tom Holian teh@currencies.co.uk

Alternatively contact me directly on 01494-787478 and ask for Tom Holian when calling.

 

 

GBP/EUR Continues to Weaken with More Drops Expected

GBP/EUR is on the edge of a drop into the 1.20’s as we await the UK Gross Domestic Product (GDP) figures for Q4. These are expected to show a Year on Year drop but an increase from Quarter 3, if the figures are lower than predicted this could cause a drop in sterling strength. Furthermore tomorrow will see the EU reveal the Consumer Price Index for January which is expected to show an improvement from previous months. Essentially there is a strong chance of a low week end for the GBP/EUR rate.

It is worth considering that from the very start of next week there are figures from the UK that might create a generally negative outlook. On Thursday there will be a vote by the Bank of England that will almost definitely keep the same opinion on interest rates, further emphasising that the UK economy is not in a majorly strong position.

Whilst the GBP/EUR seems a low rate compared to the highs we saw only a few months ago in the summer of 2015, this might be in my opinion one of the last times we see consistent 1.30’s. On the flip side, buying Sterling with Euro’s is at one of the best times. If you are looking to complete a transaction in the short term, this week and next are arguably going to present the best opportunities we’ve seen in a while.

Please contact me if you would like to find out any further information regarding the GBP/EUR. I am happy to provide you with information that will allow you to make the most informed decision when changing currencies. No matter how small the transaction there is always money to be saved by making a well-timed and educated decision. If you would like to get in touch please contact me Ben Fletcher at brf@currencies.co.uk and hopefully I can be off assistance to you.

GBPEUR rates dropping – where is the growth coming? STEVE EAKINS

Why are GBPEUR levels dropping – without growth we see Sterling fall

Sterling exchange rates continue to be under pressure this week with levels continuing to fall.  Many of my clients are asking – why are rates dropping against the euro with Europe being in such a worse position than that of the UK? The simple reason is that the market prices live up to date health forecasts, so the current situation is already priced in.  The question investors are asking is – we have to ask where the growth is coming? As a result of the global slowdown and how open the UK economy is to this due to the high dependency on financial services, you can understand why rates have been dropping and are at risk to drop further.

This is why being up to date on market expectations and forecasts are key in trying to understand market prices and direction.

If you want more information on the current situation and forecast please feel free to contact myself STEVE EAKINS at hse@currencies.co.uk or on 01494 787 478 for a full break down and prices

GDP figures expected to move markets once more.

Tomorrow is the next key date for the GBPEUR exchange rates and one which could have a large impact on pricing, this being the UK GDP figures. These are the first forecasts for Q4 of 2015 and expected to show a slight climb. If confirmed we could see rates climb giving EURO buyers the best levels for the week.  Something to be very aware of however is that with the data for December looking so poor this forecast could be incorrect and we could see rates actually drop if a fall is seen.  Therefore if you are in the market for currency you need to make an educated decision on how to act based on your risk appetite or indeed look at exploiting the tools avalible to take advantage or any gains, these being limit orders, spike notification and stop-loss orders.  If you would like more information on this topic please feel free to get in contact.

I have been assisting people in the market for nearly a decade helping people move money to almost every corner of the globe. Talk to me STEVE EAKINS for a full breakdown, costing and forecasts.

Email me directly at hse@currencies.co.uk or alternatively ring me directly on 01494-787478 and ask for STEVE EAKINS when calling.

GBPEUR consolidates, what can we expect next?

GBPEUR has been trading in a much tighter range this week hovering around 1.30. Last week’s low levels of 1.2890 have not been retested but the highs of close to 1.33 indicate the rate is not sufficiently strong enough to hold its own on the back of other data releases we are confined to. Expectations are for the rates to respond more to political uncertainty in the UK this year rather than economic data. The big worry is the UK Brexit which at present we know very little about. The two key issues at this time would be the worry over the timing or date of the Referendum which could be as early as June or 2017, the other is the governments position. Much will hinge the extent to which the government has renegotiated the UK’s relationship with the EU. Until we get clarification of these issues sterling is likely to be underfunded and susceptible to further weakness.

Big economic news next week will be the Bank of England quarterly Inflation Report due next week, the economic news from the Eurozone could be greater however as markets eye the possibility of the ECB revising their QE program. If you have a transfer to consider please let me know by emailing jmw@currencies.co.uk or calling 01494 787 478. I am very sure I can offer you some helpful useful information to aid you in any decision making for your money transfers.

What to Watch out for when Trading this Week (Daniel Johnson)

Sterling has rallied today moving up into the 1.32s, although I do not see any reason for further significant gains. Keep a keen eye on Thursday’s UK GDP figures at 9.30am. I expect there could well be a contraction which could cause movement on GBP/EUR.

I think the most important data release of the week will be Eurozone Inflation figures (Consumer Price Index) on Friday at 10am. Mario Draghi the Head of the European Central Bank is basing any changes in Quantitative Easing (QE) on inflation. QE is essentially pumping money into an economy in order to stimulate growth, if there is an increase in the amount pumped in per month expect significant Euro weakness. The inflation figures could well cause volatility.

Timing a trade correctly is vital to maximising your return, with the help of a broker you can expect to be kept up to date with vital data releases and market movement. My clients have been extremely happy with the way their trades have worked out as of late and I would would take pleasure in assisting any new clients with their trade. I will also guarantee to beat any competitors exchange rate. If you have a currency requirement I would  recommend getting in touch by calling 01494 787 478 or e-mail me directly at dcj@currencies.co.uk . Thank you for reading my blog it is greatly appreciated I look forward to hearing from you.

Sterling Continues to Fall, Carney to Speak Later

This morning we see Sterling’s revival on Friday against the Euro completely wiped off as we start to head to the more predicted mid 1.20’s. Mario Draghi, the President of the European Central Bank, in announcing the potential to increase the Quantative Easing has not created the weakness expected. In fact the Euro has been able to strengthen further and I think will continue to do so as the recent glut for Sterling continues.

Today we will see a speech from Mark Carney, the Governor of the Bank of England, that is not an official event but as such an influential figure anything he says has effect. If Mr Carney further emphasises that the UK economy is not strong enough to have an interest rate hike in 2016, the GBP/EUR rate may well enter into the 1.20’s today. I personally can’t see what Mark Carney will say that won’t have a negative effect and with Q4 growth figures for the UK coming out at the end of this week buying Euro’s sooner rather than later might allow for substantial savings.

Please contact me if you would like to find out any further information regarding Pounds and Euros. I am happy to provide you with information that will allow you to make the most informed decision when changing currencies. No matter how small the transaction there is always money to be saved by making a well-timed and educated decision. If you would like to get in touch please contact me at brf@currencies.co.uk and hopefully I can be off assistance to you.

Sterling Euro Exchange Rates Continue to Fall (Tom Holian)

Sterling Euro exchange rates have once again continued to fall as the expectations are that we’re in for another difficult week ahead for the Pound.

Bank of England governor Mark Carney is due to speak publicly tomorrow morning and when he spoke last week this saw Sterling Euro exchange rates hit their lowest level in 12 months.

He suggested last week that UK interest rates are unlikely to go up until 2017 which has caused a big fall in confidence for Sterling.

When you look at the other data that has come out over the last few weeks it should come as little surprise to see Sterling trading so low vs the Euro.

The fears are mounting of a Brexit and currency does not react well to uncertainty.

Indeed, when looking at both the Scottish referendum and the General Election in the UK this caused GBPEUR rates to fall by as much as 5 cents in the run up to both events.

Industrial and manufacturing have come out at their lowest levels in 4 years and with Retail Sales last Friday showing their biggest fall in 6 years things are not looking good for the British economy at the moment.

On Thursday the UK releases Quarter 4 GDP figures and with GDP having been downgraded last month I expect more of the same which is likely to push GBPEUR rates lower.

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. Tom Holian teh@currencies.co.uk

Alternatively ring me directly on 01494-787478 and ask for Tom Holian when calling.

 

 

Is this Sterling Euro Rally short-lived? (Tom Holian)

Sterling Euro exchange rates took a big jump during Friday’s trading session following the release of better than expected Public Sector Net Borrowing figures.

This surprised the market which allowed Sterling Euro exchange rates to jump by over 1% during the day.

UK Retail Sales which came out at the same time showed a big fall month on month and although they were up on the year before they were still lower than expected.

Therefore, although the market reacted favourably for Sterling the Borrowing figures managed to cover up what is yet another sign of an ailing British economy.

UK GDP was downgraded last month and with oil prices hitting their lowest levels since 2003 this is having a negative effect on the North Sea oil industry which is a big revenue stream for the UK economy. Furthermore, the fears of a Brexit are also weighing heavily on Sterling exchange rates.

Bank of England governor Mark Carney said earlier in the week that UK interest rates are unlikely to change during 2016 which has caused confidence in Sterling exchange rates to drop and he will also speak publicly on Tuesday which could cause Sterling’s gains from yesterday to be quickly wiped out.

Towards the end of the week UK GDP data is released on Thursday for the fourth quarter and I think we could see Sterling Euro exchange rates fall again during the course of next week. If you need to buy Euros it may be worth buying a forward contract which allows you to fix an exchange rate for the future and will protect you from any potential negative movements.

If you have a currency transfer to make and want to save money in exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian teh@currencies.co.uk

Alternatively call me directly on 01494-787478 and ask to speak with Tom Holian.