Category Archives: Sell Euros

GBP EUR Rates Remain Near 7 Year Low

The pound remains close to a seven year low against the Euro this morning as uncertainties over both Brexit and the recent change of stance from the Bank of England keep the pressure on the pound. Although position papers from the government are being put forward with a total of twelve expected to be released in the coming weeks, the pound has struggled to climb higher over a lack of clarity of where Brexit will ultimately end up and whether a trade deal will or not be in place when Britain leaves the EU.

The Bank of England have also reduced the growth outlook for the UK economy and have signalled that there is unlikely to be a rate rise this year. The markets only a couple of months ago were beginning to price in the possibility of a rate hike in the Autumn of this year but this seems highly unlikely now. For any clients who are looking to sell Euros there is a great opportunity to be taken advantage of as things stand.

It’s not just the pound that is performing badly though which has helped see GBP EUR exchange rates fall to a seven year low. The recent improvement in the outlook for the Eurozone has helped strengthen the Euro. Stronger economic growth and also higher inflation have helped see the Euro make considerable gains against most of the major currencies including the pound.

The German election in September will certainly be one to watch as it could create added volatility for Euro exchange rates. German Chancellor Angela Merkel has a strong lead in the polls and is highly likely to win a fourth term which would be good news for Euro exchange rates.

Economic data is light as we end the week so focus will move to UK GDP data and inflation report hearings next week which could see the pound rally on stronger data.

If you would like further information on Euro exchange rates or any of the major currencies and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on jll@currencies.co.uk

The number of GBP to EUR parity forecasts increases, will GBP/EUR hit 1.1 by the end of the year? (Joseph Wright)

The talk of Brexit negotiations beginning badly is having an impact on the Pounds value against all major currency pairs, but it appears that the GBP/EUR rate has been the biggest loser in all of this so far.

Recent comments from David Davis, the Brexit secretary have added fuel to the fire after he revealed that Michel Barnier ‘is getting quite cross with us’. Michel Barnier is the EU’s chief negotiator which just goes to show that the UK going to need to get a move on regarding its Brexit negotiation plans.

With there being less likelihood of an interest rate hike this year from the Bank of England now that inflation pressures have subsided there have been a number of major financial institutions forecasting parity between the Pound and the Euro in 2018.

In just the last week, Morgan Stanley, HSBC and now City Index have all made this prediction which gives those planning on making a large GBP to EUR transfer a decision to make as the rate is currently just below 1.10.

If you would like to be kept updated regarding the Pound to Euros price movements do feel free to register your interest with me.

If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on jxw@currencies.co.uk and I will endeavour to get back to you as soon as I can.

GBP EUR Exchange Rates Find Support over 1.10

The pound has slipped in afternoon trade despite making some attempts at a rally earlier in the day. Sterling exchange rates have found support against the Euro at around 1.10 for GBP EUR.

A gloomy post Brexit outlook which is being portrayed by much of the media is not helping reassure the markets and ultimately British consumers. There are also concerns of a consumer slowdown as a result of higher inflation and there are some concerns in the construction and housing sectors which are helping push the pound lower although so far these are not that significant. The Bank of England reduced the growth outlook for the UK last week which has also taken the shine off sterling.

As a result those clients looking to sell Euros are seeing excellent trading prices which are still available. When parliament returns from the summer recess in September there is likely to be considerable market volatility for the pound. Discussions surrounding Brexit which have been held in private are expected to come into the public domain very shortly and this could have the effect of strengthening the price of the pound.

One of the reasons the pound is so weak against the Euro is because of the lack of detail as to what the future relationship between Britain and the UK will ultimately look like. In my view any detail offered here should only be seen as positive for the pound. Depending on what comes out there could be some better buying opportunities in the coming months. For those clients who need to buy Euros rates are struggling at present but the targets of 1.15 – 1.18 for GBP EUR should become available again. Anyone with a pending requirement would be wise to make contact to discuss your options and how to make the most of the weaker exchange rates which we are starting to become used to.

If you would like further information on GBP EUR Exchange rates or any of the major currencies and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on jll@currencies.co.uk

Will the Pound continue to fall against the Euro? (Tom Holian)

The Pound has crashed against the Euro during yesterday’s trading session after the Bank of England confirmed that interest rates will remain on hold for the 11th month running. The split this time round was 6-2 which was lower than June’s vote which was 5-3.

One of the members of the Monetary Policy Committee Kristin Forbes has left since the previous meeting and the incoming Silvana Tenreyo was unlikely to have caused a surprise.

The Bank of England have also downgraded the UK’s growth forecast for this year from 1.9% to 1.7% as well as cutting next year’s growth forecast from 1.7% to 1.6%.

This has led the Pound to fall against the Euro to its lowest rate since October 2016 and this is largely part to the Brexit discount currently on offer.

Bank of England governor Mark Carney has spoken out about the uncertainty caused by the Brexit and this is causing a lack of investment in the UK until a resolution is reached which is likely to take a long time.

One good thing for the British economy is that UK inflation appears to be falling at the moment from 2.9% to 2.6% but for the Pound this is not good news as it provides further support to keep interest rates low for a long period of time.

If you’re in the process of selling a property in Europe and would like to take advantage of these current low exchange rates to buy Pounds then feel free to get in touch.

If you have a currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency.

A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on teh@currencies.co.uk and I will endeavour to get back to you as soon as I can.

GBP EUR Crashes after Bank of England Meeting (James Lovick)

Sterling exchange rates have fallen sharply against the Euro after the Bank of England Meeting earlier today. With rates having plunged by almost 1% levels for the GBP EUR pair are now sitting at 1.1065. Those clients looking to sell Euros have been presented with an excellent opportunity for converting Euros into pounds.

The Bank of England held interest rates at 0.25% as widely expected but there was a change in voting patterns. Only two members voted for an interest rate hike today which is one less than at the last meeting. Today saw a 6-2 split on the committee in favour of maintaining rates compared to a 5-3 split at the last meeting. Particular attention to Brexit was also given and the Bank stated that the uncertainty of both Brexit and Britain’s future trade relationship with the European Union is now starting to have a negative impact on the UK economy.

This all would suggest that the Bank of England are unlikely to be raising interest rates in the near future which should keep downward pressure on the price of sterling. Those clients looking t buy Euros may wish to consider moving sooner rather than later as the weaker outlook may result in further fall for the pound against the Euro.

Tomorrow sees little economic data from the EU and UK so focus moves to next weeks UK housing data. The UK hosing markets has become very topical of late with some commentators pointing to a cooling in prices which could signal problems in the future.

If you would like further information on sterling and Euro exchange rates or any of the major currencies and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on jll@currencies.co.uk

Will the Pound recover against the Euro? (Tom Holian)

The Pound is now at is lowest rate to buy the Euro since November and the problems for the Pound do not appear to be reducing anytime soon. The fears of the Brexit affecting the economy are appearing to be realised which is resulting in the Pound falling against the single currency.

The negotiations have been going on for a few weeks now and so far little progression has been made. There has been no decision as to whether the UK will opt for a softer or a hard Brexit and until this is resolved I think the Pound will remain under huge pressure for a long time to come.

The first estimate of UK GDP for the second quarter was published on Wednesday and although it came out as expected with 1.7% year on year this did little to support Sterling. Indeed, the Pound vs the Euro fell to its lowest level at the end of the week since last autumn.

Next week the Eurozone releases inflation on Monday morning as well as the latest set of unemployment data. If both announcements come out positively then I think we could see further losses for GBPEUR rates to come going into August.

EURUSD exchange rates are now trading at their highest rate since the start of 2015 and it is becoming clearer that not only is the Pound weak against the single currency but the Euro is also very strong against a lot of other currencies at the moment.

If you have a currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency.

A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on teh@currencies.co.uk and I will endeavour to get back to you as soon as I can.

GBP/EUR Short Term Forecast – Will Sterling Strengthen? (Ben Fletcher)

Sterling has been under continuous pressure these past few months presenting the opportunity for people to sell Euros back at some of the best levels in 9 months. Each week the range in which the GBP/EUR rate resides at has fallen nearly a cent suggesting there is more potential for the rate to continue to fall. If you have been waiting to sell Euros back to Pounds and are still holding on, the next month might be the best time.

German Election

At the end of September Germany will head to the polls in what is thought to be a non-event to re-elect current Chancellor Angela Merkel. Whilst Merkel is the major favourite there has been some surprising events that have taken place around the globe in the past year and anything unexpected could create Euro weakness. At the moment there doesn’t really appear to be any major rivals and the concern that Nationalist parties were coming back seems to have died down. Merkel was heavily criticised by many in her own country for welcoming 1 million refugees, however in the light of no other viable leaders her tenure looks set to continue.

From the perspective of the GBP/EUR rate, over the next month we may see some Euro weakness start to creep in due to election uncertainty. But by that point the GBP/EUR may be close to moving below the 1.10 level, which in my opinion would be a best case scenario for Euro sellers.

If you have a upcoming requirement you would like to discuss or ask any questions about the comments please send me an email briefly explaining your requirement at brf@currencies.co.uk. I would be more than happy to share my thoughts and try to help you develop a plan that will enable you to maximise your transfer. I will aim to respond within a few hours.

Further losses for the Pound this week? (Tom Holian)

The Pound vs Euro is now at its lowest level since last autumn as economic and political woes continue to increase in the UK.

UK Inflation has started to fall which in a way is a good thing but this has caused the Bank of England to rethink any attempt to look at raising interest rates in the near future.

Meanwhile across the water on the continent the European Central Bank have suggested that they may be looking at tapering their current QE programme.

The Eurozone is performing very well recently and this has led the Euro to hitting its best level to buy US Dollars in over a year which highlights how strong the single currency is compared to other currencies as well.

UK GDP for the second quarter is due for release on Wednesday and as this period covers both the general election as well as the start of the Brexit talks I think this could be lower than the expectation of 1.7% and in my opinion I think we’ll see losses for the Pound vs the single currency on Wednesday.

If you have a currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on teh@currencies.co.uk and I will endeavour to get back to you as soon as I can.

 

Buying Euro rates dip following Draghi speech (Joshua Privett)

The Pound has suffered further this week and buying euro rates have now hit some of their lowest levels since the beginning of the year.

Tuesday’s inflation figures once again (seemingly the third time in as many weeks) changed the narrative on whether the UK would be raising interest rates anytime soon.

Some were stating this could occur as early as this November – however, this drop in interest rates has at least put the currency back by 3 months.

Today, the poor news for buying Euro exchange rates doubled down on itself, with news coming out of the Eurozone.

Another rollercoaster has been on the future of the Eurozone’s financial policy coming from the ECB. Similarly there have been murmurs about whether they will be moving away from their now two year long bout of emergency financial stimulus package.

This was largely introduced from a slowing Eurozone and one dealing with the Greek Debt crisis back in 2015. But now optimism in the Eurozone is relatively high and growth data is rivalling that of the UK.

Today Mario Draghi, the Head of the Eurozone Central Bank, came out fairly positive towards the potential to wind down this emergency financial help – contradicting some sentiments from one of his sub-ordinates last week who indicated that such a move was very unlikely.

These rollercoasters are set to continue, which is why it is so important to be kept abreast of current events and developments to ensure you maximise your currency transfer.

I strongly recommend that anyone with a Euro based currency requirement should contact me on jjp@currencies.co.uk to discuss a strategy for your transfer aimed at maximising your currency return.

You can contact me directly by calling +44 1494 787 478 and asking the reception team to speak to Joshua.

I have never had an issue beating the rates of exchange on offer elsewhere, so a brief conversation could save you significant sums of money on a prospective transfer.

UK Data and Carney to Dictate GBP/EUR (Ben Fletcher)

This we will see a whole flurry of UK data including the Producer Price Index along with the latest Consumer Price Index. The CPI data which currently sits at 2.9% compared to this time last year, is a key indicator of inflation levels. If this level moves above 3%, which it isn’t expected to however the recent climb would suggest other wise, he market could move. If inflation continues to rise faster than average earnings consumers will start to feel the pinch, however the Bank of England could have a solution.

Governor of the Bank of England is expected to deliver a speech just after lunchtime today discussing his latest thoughts on the UK economy. The big question for investors at the moment is the potential of a UK interest rate hike in the short term. The Bank of England can encourage people to stop spending by raising interest rates, alternatively if people start to save more that has consequences on retail as a whole.

There is a very fine balance with so much uncertainty surrounding namely Brexit. Whilst the data and speeches are happening in the UK, David Davis along with his Brexit negotiations team are sat around a table with the EU team. We’re not likely to see any outcomes to the talks in round two of discussions, but we may receive news that the talks are going well and any concessions for Sterling will be seen as positive.

When the markets are this volatile there will always be spikes and drops, making timing a transfer vital to maximise your funds. If you have any questions with my forecast above or would like to simply discuss an upcoming requirement you have please send me an email to brf@currencies.co.uk. I would be happy to share my thoughts with you and I may be able to offer a viable solution to help you complete a trade, as I have several years experience working for a brokerage

Pound drops lower once again as interest rate hikes suffer setback and Euro gains on the Dollar (Daniel Wright)

GBP/EUR exchange rates have dropped to the lowest point we have seen since since the U.S elections back in November, which is due to two reasons we saw yesterday.

Firstly, we had two members of the Bank of England speaking during the course of yesterday afternoon and both of those members dampened expectations of a U.K interest rate hike happening  in the near term, which led to the Pound losing further ground against the Euro and most major currencies too.

An interest rate hike is generally seen as a positive for the currency concerned as it makes it more attractive to investors, and the markets can more on speculation as well as action, so even the mere hint of a hike moving closer can lead to the Pound gaining strength, we saw this shortly after the last Bank of England interest rate decision where they confirmed 3 out of 8 members had voted in favour of interest rates going up in the U.K and this gave Sterling a boost.

The chances of a hike appear to have decreased again after yesterday which is why the Pound has lost a little value.

Secondly, due to more issues over in the States surrounding Trump and Trump JR the Dollar has lost plenty of ground against the Euro. With EUR/USD being the most traded currency pairing in the world when you see a large amount of money coming out of the Dollar and going into the Euro, the Euro can gain strength against most major currencies too, making it more expensive to buy.

Unfortunately economic data is still not dragging the Pound back up and we have unemployment figures and average earnings due out at 09:30am today. Average earnings are of great importance at present as inflation is increasing and making goods and services more expensive where as peoples earnings are actually increasing at a slower pace which is not a good sign for the economy. Should this trend continue people will have less and less money to spend and this may cause further problems for the economy as the year moves on.

We really do need to see a catalyst for the Pound to start moving in the right direction again but at present that has not materialised. The worry now is that we are starting to see the true impact of the referendum vote start to shine through now and that Sterling may be in for a tough month ahead.

If you have Euros to buy or indeed sell then it is more important than ever to make sure you maximise your exchange rate. Feel free to contact me (Daniel Wright) to discuss the various options available to you. Yo ucan email me on djw@currencies.co.uk and I will get back to you personally.

 

 

GBP/EUR Drops Again During Friday’s Trading (Matthew Vassallo)

Sterling has come under pressure once again during Friday’s trading, following poor Manufacturing & Industrial Production figures this morning.

With figures well under market expectation, the Pound was under pressure immediately dropping almost a cent at the low to 1.1281.

Despite a recovery during the afternoon following the NIESR Gross Domestic Product (GDP) prediction.

The well-respected think tank has predicted GDP to grow to 0.3% this month, which if it comes to fruition, will show a steady improvement from last month’s reading.

It wasn’t that long ago that the Pound was creeping towards 1.20 but a complete shift in conditions, has seen the EUR gain almost seven cents at its high.

Despite Sterling finding a foothold over recent days, the current climate both politically & economically inside the UK means that any major upturn is unlikely in the short-term.

We can help our clients pin point specific moments to execute their currency exchanges, even when they are battling a falling market.

The current uncertainty surrounding our fragmented government and grave concerns amongst investors regarding how we will facilitate our Brexit, are two of the defining factors driving Sterling’s value at present.

With both of these issues, in particular the long Brexit process, will be resolved in the short-term and as such clients with a GBP/EUR requirement need to be realistic in terms of what they’re targeting on any exchange.

Clients should also consider any bottom lines, in order to protect their positions wherever possible.

There are no guarantees in the currency markets and with so many unanswered questions, let us help you navigate this turbulent market and maximise any currency exchange you need to make.

If you have an upcoming GBP or EUR currency transfer to make 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.

 

GBP/EUR – Where Next? (Daniel Johnson)

Sterling struggles against the Euro

We have seen gains for Sterling against most major currency pairings  following a government being appointed in the UK. The euro however is proving to be stubborn, with a resistance point at 1.14. I think there will need to be a significant catalyst for GBP/EUR to breach 1.14 and remain above it.

Over the last decade Eurozone positive data has been sporadic and has held back The European Central Bank (ECB) from tapering Quantitative Easing (QE). We have recently however seen positive data more widely spread both geographically and in industry sectors. This is good news for Draghi and could mean we could see tapering sooner rather than later. If this does occur I would expect a sharp rise in Euro strength.

It is not all good news in the Eurozone however, let us not forget Greece, struggling to make debt repayments to the IMF. The debt is so great it seems impossible to imagine a stable Greek economy. If this problem comes in to the lime light this could hinder any Euro advance.

I am of the opinion Sterling is chronically undervalued, before the referendum announcement GBP/EUR sat above 1.40. I think short to medium term it will be tough time for the pound. I think once we have a more stable government and the Brexit stance is clear the pound will have the opportunity to rally. Although leave voters will not be happy, it may be the wise move to  compromise on immigration in order to have market access. This would almost certainly cause a spike in Sterling value. It is a shame we are in this position, it seems the whole reason the UK is in tatters is due to politicians pursuing their own agenda.

The Monetary Policy Commitee (MPC) recently voted on a change an interest rate and there was change in stance with 3 members voting in favour of a hike.  I believe this is not a solution to the rapid rise in inflation. The Bank of England are trying to fight a problem with the wrong tools. Many believe rate hikes drop and fall usually by 0.25%. This is not gospel and rates may move by as little as 0.5%. If there is a change in rates I would expect this to be the choice which would not have a huge impact Sterling value.

If you have a large currency transfer to perform in the coming days, weeks or months then I will be happy to speak to you directly as I will be willing to help you both with trying to time a transaction and getting you the best possible rate when you do come to trade. A small improvement in a rate of exchange can make a significant difference so for the sake of taking a few minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can contact me (Daniel Johnson) on dcj@currencies.co.uk and I will endeavor to get back to you as quickly as possible. Thank you for reading.

 

Where next for GBP/EUR Exchange Rates? (Matthew Vassallo)

It’s been yet another unsteady week for Sterling exchange rates, with heavy losses followed by a slight recovery as we head into the weekend.

GBP/EUR rates have touched 1.14 again this morning, having been trading in the 1.12’s earlier this week.

Much of yesterday’s focus was on whether the Queens Speech would be passed through Parliament and Theresa May was able to breath a huge sigh of relief, as it was passed by 323 votes to 309.

This small majority of just 14 though indicates how close it was to not being approved and if that had occurred surely it would have been the end of Theresa may’s tenure as Prime Minister?

Whether she is able to survive the coming months is being debated fiercely among economists and much will depend on her ability to bring the best out the coalition deal with the controversial Northern Irish DUP party.

The Pound has struggled to make any kind of sustained impact against its EUR counterpart for weeks. Its value has deteriorated in line with the political and economic uncertainty created by the election result and a difficult start to Brexit negotiations.

With so many unanswered questions about how the UK will eventually separate itself completely from the EU and what deal will be left in place, now is not the time in my opinion to be gambling on sustained improvement for the Pound.

The current market instability means that clients should look to protect any short-term gains, with the EUR likely to find support again sooner rather than later.

If you have an upcoming currency transfer to make you can contact me directly on 01494 787 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.

Our award inning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.

Feel free to email me directly on mtv@currencies.co.uk to find out all the options available to you ahead of your currency transfer.

 

A stable government is needed for a Pound rally (Daniel Johnson)

Theresa May’s position has now been brought into question following her call for a snap election and the aftermath. Her decision to call an election when the opposition seemed so weak back fired when the conservatives failed to win a majority victory. Attacking tory core voters was deemed a poor move by senior conservative members. The PM’s stance on Brexit is causing much unrest, with the DUP now in place alongside the conservatives it has been rumored we could be moving towards a softer Brexit. If her stance changes she could be ousted from her position, This could well cause further political uncertainty and could cause the pound to weaken further as investors lose confidence.

For Sterling to rally it is vital a stable government is in place.

Keep a close eye on Brexit negotiations as they unfold this will be key to GBP/EUR buoyancy levels moving forward. The magnitude of these talks should not be underestimated, they are the most important talks for Britain in the last 50 years. Many have the opinion these negotiations could take far longer than the two year target. I think this could well be the case when you take into account the quickest negotiation for the US and another country took four years.

It is important to take into account if that if Brussels choose to play hard ball it could be detrimental to all those involved. Britain is one of the largest economies in Europe, the cost to other countries would be substantial if trade laws become problematic. Germany would be particularly effected when you look at the amount exports to the UK. The car industry would definitely be an area hit.This could cause negotiations to go through more quickly than anticipated, although the two year target still seems unrealistic.

If you have a currency requirement I will be happy to assist. If you let me know the details of your trade I will endeavor to produce a trading strategy to suit your needs. If you have a current provider I will be happy to perform a comparison and I am confident I can demonstrate a considerable saving. It will only take a few minutes and could potentially save you thousands. I can be contacted at dcj@currencies.co.uk. Thank you for reading.

GBP EUR Falls After Mario Draghi Statement (James Lovick)

The pound has fallen sharply against the Euro today with rates falling to a low of 1.1281. Bank of England governor Mark Carney spoke earlier today although it was European Central Bank President Mario Draghi’s comments which stole the headlines. We will hear more from Mark Carney tomorrow which could result in some market reaction for the pound.

An upbeat speech from Mario Draghi however helped strengthen the Euro and his comments were very EU friendly. This is a taste of what he said “Political winds are becoming tailwinds. There is newfound confidence in the reform process and newfound support for European cohesion, which could help unleash pent-up demand and investment. The positive rhetoric helped see the Euro rally in afternoon trading and could see further gains going forward.

Thursday sees consumer and industrial confidence in the EU which could help drive the Euro higher on a positive outlook. However it is Thursday that sees the vote in the House of Commons which could see major volatility for sterling Euro exchange rates. Clients looking to buy Euros would be wise to get in touch to consider your options as there could be some welcome opportunities made available.

News that Scottish Nationalist Party leader Nicola Sturgeon has shelved another independence referendum has helped support the pound but this was not seen against the Euro.

Friday however sees key UK Gross Domestic Product figures which have the potential to cause a stir at the end of the week. Any weakening could see GBP EUR fall further.

If you would like further information on Canadian dollar exchange rates or any of the major currencies and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on jll@currencies.co.uk

Brexit talks and the impact on Pound Euro exchange rates (Tom Holian)

We are now a year on since the Brexit vote when the British public voted to leave the European Union and during this time we have seen huge losses for the Pound against the Euro.

As yet we are no clearer as to whether the UK will opt for a soft or a hard Brexit. Clearly in the interests of the UK and the Pound a soft Brexit would be preferred but this could take a very long time from coming to fruition.

Yesterday, Theresa May was in Brussels speaking about the subject of Brexit and she has suggested that the UK will maintain the rights of EU nationals living in the UK of which there are over 3 million.

The issue though is that the EU has not yet discussed a reciprocal arrangement and that is why the Pound has had a difficult end to the week.

As yet the Tories have still yet to from an alliance with the DUP which is necessary in order to form a majority government.

I think we are only a few days from this happening and when it does take place I expect the Pound to rise against the Euro but I think the gains will be short lived so if you need to buy Euros keep a close eye on the political situation in the UK.

If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you. I have worked for one of the UK’s leading currency brokers since 2003 and I’m confident of being able to offer you better rates when buying currency as well as helping you with various contract types.

Tom Holian teh@currencies.co.uk

Sterling rises as negotiations begin, but will the Pound to Euro rate continue to climb as they continue? (Joseph Wright)

The Pound has edged up today against the Euro as well as against other major currency pairs, making the buying of oversea’s currencies a cheaper proposition than yesterday.

The reason behind the positive movements for the Pound can be put down to the latest updates regarding the Brexit process. It appears that the early stages of the Brexit negotiations are going quite well, which has boosted sentiment surrounding the UK economy moving forward and therefore the Pounds value.

I think that moving forward if the negotiations continue to go relatively smoothly, we can expect to see the Pound begin its recovery from its current levels, especially when when consider how the Pound is trading around historical lows against many currency pairs at the moment.

Against the Euro Sterling has lost around 5 cents over the past month or so, so there’s certainty scope for the currency to gain if things go to plan.

Next week Friday is likely to be once of the busiest days for GBPEUR as GDP data for the UK will be released around 9.30am. The expectations are for 2% annual growth so we’ll see how the currency performs in the wake of the news.

If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on jxw@currencies.co.uk and I will endeavour to get back to you as soon as I can.

How far could the pound fall against the euro (Dayle Littlejohn)

Over the last 8 weeks GBPEUR exchange rates have dropped 6 1/4 cents (5.5%) making a €200,000 purchase £9,250 more expensive.  

The pound has been declining due to Theresa May not winning the UK General election by a majority which has weakened her position as Prime Minister and also her power when negotiating Brexit. This week Brexit negotiations have begun and the PM has already backed tracked and gave the upper hand to the EU by confirming the divorce settlement will have to be decided before trade negotiations begin.

The Bank of England have also been making headline news. Three members of the monetary policy committee surprised the market by voting in favour of hiking interest rates but less than a week later Governor of the Bank of England Mark Carney talked down the MPCs decision confirming the Bank of England are not in the position to raise rates.

Looking further ahead I believe the pound could fall further against the euro due to Theresa May remaining under pressure as Prime Minister and Brexit negotiations. It was only 8 months ago when GBPEUR dropped below 1.10 so the scope is there. For euro buyers purchasing sooner rather than later is the safe option. The currency company I work for has the power to undercut any bank or brokerage therefore I would recommend emailing me for a quote drl@currencies.co.uk.

For euro sellers timing is everything. On a daily basis I help clients that have sold property in Europe and are repatriating their euros. With regular market information my clients make informed decisions of when to trade. If you are selling or have sold a property abroad and would like to make the most amount of sterling possible feel free to email me with a brief description and I will respond with the process of using our brokerage drl@currencies.co.uk.

 

Sterling Gains Recced as Afternoon Unfolds (Ben Fletcher)

The GBP/EUR rate begun to recced after reaching a high of 1.14. The boost today came after comments from Bank of England Monetary Policy Committee member Andy Haldane who suggested he will vote for a rate hike later in the year. Haldane is the Bank of England Chief Economist and is considered a key influencer for the group. His comments come a day after Governor Mark Carney announced he doesn’t see a need to start raising rates interest rates just yet.

What the movement today shows is that even a small statement can have major market effects. There was a whole cent difference between the high and the low which on a £100,000 could make you an extra €1000. When the currency markets are this volatile a brokerage can help to protect your interest in the market alerting you to the latest movements.

Quiet end to the week for UK Data

There are no major data releases for the UK for the rest of the week, however do not think that will mean a quiet market. Another Member of the Monetary Policy Committee Kristin Forbes will speak on Friday afternoon which could once again create volatility. Forbes will now be replaced having completed her term on the committee by Silvana Tenreyro. Forbes was considered a hawkish member of the committee and Tenreyro is thought to have more controlled opinions on economic policy.

The chances of an interest hike in the UK within the next few months is unlikely in my opinion. However if inflation continues to rise at the rate it has through the start of 2017 the decision may become forced.

Working for an established brokerage I am able to help you complete any transfers, by offering the best exchange rates. More importantly by fully discussing your requirements and how upcoming events could have an effect on your plans, it could protect you from any market movements. If you do have any questions please don’t hesitate to contact me at brf@currencies.co.uk