Tag Archives: Sterling exchange rates

All eyes on Inflation figures this morning (Joseph Wright)

This morning could be important for Sterling exchange rates, not just this morning but moving forward as analysts are expecting to see UK inflation levels hit a 5-year high.

The weakening of the Pound since the Brexit vote has pushed up the rate of inflation in the UK, and for a while now the inflation level has been well above the Bank of England’s 2% target. Many analysts in the city are expecting to see the rate hit 3% for September, and if this happens there is a high chance that the Bank of England may look to hike interest rates for the first time in over 10 years.

A 3% inflation level would be a 5-year high and the governor of the Bank of England has hinted at hiking rates as soon as next month.

A high reading this morning would likely result in Sterling strength as the markets would expect to see a rate hike from the BoE, and at the same time if the inflation level is lower than expectations, I think there’s a chance the Pound would fall.

Mark Carney will also be speaking later this morning as he testifies to MP’s on the Treasury this morning. It will be interesting to see whether he discusses inflation and potential rate hikes and if he does it will be interesting to see how the Pound reacts.

Aside from today’s busy morning this Thursday could also be busy as Retail Sales data will be released which could impact Sterling depending on how the figures perform.

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.

Quiet end to the week for UK data releases, what could cause the GBP/EUR rate to move this week? (Joseph Wright)

Those hoping for better Pound to Euro exchange rates have taken a knock this morning after the much publicised Catalonian independence situation has cooled for the meantime.

Yesterday evening the Catalan President, Carles Puigdemont and other regional leaders signed a declaration of independence, but interestingly chose to suspend the move allowing some time to negotiate with Spain.

The situation had been under the microscope in recent weeks and was seen as a potential downside to the Euros value as political instability is often a reason for currency weakness, and I expect the cooling of this situation for now at least to take some pressure off of the Euro.

The Euro is up this morning against all major currency pairs, and at the time of writing the Euro to Pound rate is trading at its day highs.

There is little economic data out for the rest of this week that involves the UK economy directly, so I expect to see the GBP/EUR driven by sentiment or Eurozone specific data releases. The ECB president, Mario Draghi will be speaking tomorrow at 3.30pm so I expect markets to be glued to his comments as is normally the case when he speaks.

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 Falls to below 1.12 after German Intervention

The pound has fallen against the Euro from its recent peak with levels having fallen below 1.12 for this pair and sliding. Clients who need to buy Euros may wish to consider securing sooner rather than later to take the risk of rates falling further out of the equation. The news yesterday from German industry that German firms that are based in the UK should start preparing for a very hard Brexit has had an instant negative effect on GBP EUR.

The BDI, federation of German industry has made clear that the priority must be to defend the single market and its four freedoms. This rhetoric combined with the political uncertainty in the UK and the fact that Britain is drafting contingency plans for a no deal situation is keeping the pressure on sterling exchange rates.

If the Brexit negotiations continue to go badly then the pound could see a material fall and there is a good chance there will be more headwinds to come for the UK.

This lunchtime sees a speech from Bank of England member Andy Haldane and any clues as to when that first interest rate hike will take place that are offered may have a sizeable impact for those clients looking to buy or sell Euros. Any suggestion from Andy Haldane that he supports a rate hike in November could see the pound rally on the news and this in my view is likely considering his recent stance on monetary policy. He has previously said that a rate hike would be good for the economy.

If you would like further information on sterling or 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

Pound to Euro rate drops as UK Construction sector contracts, will today’s data push the Pound lower? (Joseph Wright)

Despite issues within the Eurozone at the moment such as the Catalonian independence referendum, the Pound fell against the Euro yesterday after Sterling weakness outweighed Euro weakness.

The past week has yielded some negative data for the Pound which has seen it dip from its highs last month of 1.14. Revised yearly GDP figures were revised downward to 1.5% from the previous figure of 1.7%, mortgage approvals were down by 3000, manufacturing in the UK dropped slightly and UK construction figures dropped quite heavily yesterday.

Today’s data release covers the services sector within the UK which is arguably the more important release as the services sector covers around three-quarters of the UK economy and therefore the figure tends to be watched very closely.

Aside from today’s data release a member of the Bank of England, Andy Haldane will be giving a speech later this week which could cause further movements between the GBP/EUR rate if any hints at future monetary policy are given, especially after talk of an interest rate hike from the BoE has begun to heat up in recent weeks.

The situation in Catalonia looks set to continue which I think could push the Euro lower, so it will be interesting to see if the Pound will recover back to its August highs if the data out of the UK turns more positive.

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 Rates ahead of UK GDP Data

The pound is hitting resistance at the higher level versus the Euro after what has been an excellent push higher over these last two weeks.
UK Gross Domestic Product (GDP) numbers are likely to be a big driver going forward and the data this morning could have a sizeable impact on the direction of sterling exchange rates.

Any weakening in economic growth could see the Bank of England reign in its recent strong rhetoric and see the pound start to lose some of its recent excellent gains. UK GDP is expected to arrive at 0.3% although a small slip closer to zero growth could be sterling negative. For the moment there is an excellent opportunity for those clients looking to buy Euros with pounds.
Bank of England Governor Mark Carney will be speaking later today and the markets will be listening out for any clues that are offered.

The pound is sitting at levels circa 1.14 against the Euro and the recent surge has largely been brought about by a sudden change of stance from the Bank of England which now seeks to raise interest rates in the coming months. There is a now 50% chance that there will be an interest rate hike in November whilst a rate hike has been fully priced in by February of next year. If the Bank does decide to hike in November then the pound is likely to rally that little bit further although there is a risk that rates could fall if no action is taken.

If you would like further information on sterling or 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

How will the pound perform against the Euro ion the next month?

The pound has been dramatically rising against the Euro on the back of expectations that the UK will raise interest rates before February of next year. Investors have piled into the pound taking up speculative positions on a belief that the British pound will be worth more in the future. The pessimist in me would point out that we have not seen any interest rate hikes in the UK in ten years and whilst there is more evidence at present for a hike, ultimately I don’t think this is very likely and sterling will fall back.

Looking at the Euro, the weakness we are seeing is the result of the German elections which has seen Angela Merkel losing support and the far-right gaining support. This is putting real pressure on the Euro which has weakened and I believe it will weaken further in the future. I expect to see GBPEUR lose value up to 1.12 before rising back to potentially 1.16 in the coming weeks.

Overall there is a feeling the pound will rise further and whilst I am of the opinion it will fall back quickly, there is more than likely a chance that the ultimate move will be lower. If you have a transfer buying Euros with the pound it is looking like it will continue to be a very expensive transfer as the pound struggle to shake off the Brexit worries.

If you are looking to make a transfer in the future then making sure you have all the relevant information on the rate is crucial to getting the best deals. For more information at no cost or obligation please speak to me Jonathan Watson by emailing jmw@currencies.co.uk.

Thank you for reading and I look forward to hearing from you.

GBP/EUR hits a 10-week high, but will the Pound manage to hold on to its recent gains? (Joseph Wright)

The Pound has risen quite dramatically against the Euro in recent weeks, with the pair hitting 1.14 both yesterday as well as this morning which is a 10-week high point for the pair.

Brexit uncertainty appears to have taken a back seat for now, which has seen GBP/EUR rise over 6 cents in recent weeks making the exchanging of Pounds into Euros a more attractive proposition.

The Pounds gains have been aided by a weakening Euro which has mostly been caused by the German election which took place over the past weekend. Although Angela Merkel’s Christian Democratic Union (CDU) party won for a forth consecutive term as expected, the talking point of the election is the rise of the far-right Alternative for Germany (AfD) party as they were the third best performing party.

This has softened the Euro and with the unofficial Catalan election in Spain also just around the corner and threatening to cause tensions in the region I think there’s a chance we could see the Pound continue to climb.

On Friday there will be the release of UK GDP data which could provide the Pound with a boost if the figure released is better than expected. The release comes out at 9.30am and the expectation is for 1.7% year on year and 0.3% for the 2nd quarter of this year.

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.

UK Services data released this morning likely to drive GBP/EUR today, what other data should be watched closely? (Joseph Wright)

This morning the most important sector for the UK economy will be under the spotlight as Services PMI data is scheduled for release.

The figure will be released at 9.30am and it will cover business sentiment in the sector, which is particularly important for the UK economy as the services sector covers around 80% of the UK economy. Whether this figure impresses or not is likely to move the Pound to Euro exchange rate due to its importance, and those following the GBP to EUR exchange rate should kind in mind that the manufacturing and construction figures released over the past couple of days have been mixed which has resulted in a mixed performance for the Pound.

The services sector figure has higher potential to result in price movement and the figure expected for releases is 53.5 so this is the figure to look out for.

We’re able to provide our clients with guidance regarding the news releases and expected figures that could potentially impact their currency transaction requirement. If you would like to be kep updated regarding the markets do feel free to register your interest with me and I’ll be happy to discuss it with you.

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.

Pound to Euro rate in focus as it’s trading at an 8-year low, will the sell-off continue? (Joseph Wright)

Sterling is continuing to come under pressure this morning after breaching the 1.09 mark during yesterday’s trading session.

The breach of 1.09 has continued this morning as the pair are now trading at their lowest levels since 2009, with 1.0868 the lowest level the pair have hit so far.

This comes at a time where risk appetite worldwide is on the decline after US President Donald Trump’s threat to end the NAFTA agreement and shut down the US government if he doesn’t receive funding for the wall he plans on building along the boarder of Mexico.

There have also been a number of forecasts from major financial institutions recently suggesting the Pound could fall as low as 1 for 1 with the Euro, with HSBC, Morgan Stanley and Citi all making this same prediction for the pair in 2018.

Should these predictions comes true then it may be worth looking into the current exchange rates if you’re planning a large GBP to EUR transfer as there is still some distance to go should they be correct.

Tomorrow at 9.30am there will be the release of UK GDP data for the month of July, and there could be movement between GBP/EUR if this figure is released some distance from its expectation.

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.

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.

What can we expect now for GBPEUR?

The pound to Euro rate has slipped from 1.1040 at the highest this morning to now 1.0948 at the lows. This is not good news for any clients buying Euros and the pain could be compounded even further tomorrow with the latest UK Unemployment information plus also the latest Wage Growth information. Markets will be looking closely to the latest news on the UK’s Unemployment situation to try and determine just what is around the corner in the coming weeks and months. Overall further sterling weakness cannot be ruled out!

If you are buying Euros with pounds some form of protection seems sensible as we prepare ourselves for further losses in the future. The pound looks like it could well improve on the back of any good news but so far there does not seem to be much of it around. If you are looking at the market from the current perspective it is all very sterling negative, in such a market all it can take is one piece of good news to suddenly change the picture.

I doubt tomorrow’s news will be this trigger but it is certainly something to be most aware of and for clients looking to buy or sell Euros with pounds to be conscious of. GBPEUR has been trading at the best rates for clients looking to sell Euros for pounds since 2011. This is an excellent reason for clients looking to sell Euros to by pounds to capitalise, whilst it might get better can you really afford to take the risk of missing out?

For more information on the best exchange rates and when to look at making your currency exchange please contact me Jonathan Watson by emailing jmw@currencies.co.uk. The pound is at a very important juncture against the Euro so making plans sooner than later is sensible in my opinion.

Thank you for reading and I look forward to hearing from you!

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 GBPEUR rise or fall next week?

The beginning of a new month always sees a new set of economic data and next Tuesday we will have the latest UK data for the month of July. The data so for for Construction, Manufacturing and Services for the UK have all been showing weakness since the Brexit and this could be reflected int he data next week which would see the pound lower. Overall expectations for the UK remain subdued, meanwhile the Eurozone is going from strength to strength! If you have a transfer buying or selling the pound and Euro the current rates are at a very interesting point. Euro sellers for pounds have close to a 9 month high, Euro buyers with pounds could easily see levels slip. Both for buyers and sellers there are strong arguments in either direction!

I am expecting GBPEUR could easily trade in the higher levels in the coming weeks but much will depend on just how the trade negotiations are received. The pound has been largely unaffected by the latest developments in the trade talks, I think this is because nothing will be decided for at least a year possibly 18 months. That means sterling is likely to remain languishing as investors await for further news of the talks. Ultimately with no real good news seen in the short term Euro buyers with pounds should be treading very carefully!

If you have any transactions to make in the future then making some plans in advance is very much worthwhile. We cannot just sit back and hope for the best in this market. If you need some information and assistance to help make an informed choice and decision about your FX transaction please contact me Jonathan Watson directly by emailing jmw@currencies.co.uk.

If you need to transfer amounts above £10,000 bank to bank across borders or within the UK I am very confident I can help you with your situation. Thank you for reading and I look forward to hearing from you.

Will GBPEUR rise or fall in July? Important news for GBPEUR clients….

Since the UK election GBPEUR has only moved 2 cents between the high and the low which some would read as boring, I read as opportunity! Clients looking to buy or sell the pound or Euros following say an overseas property purchase or sale, should be preparing for further volatility on the foreign exchange market that could well present some fresh opportunities to maximise their exchange rate. On a €100,000 sale into sterling a cent at current levels is £750 more in the sellers pocket. We work to highlight improvements on the market to clients in such positions to help them make an informed choice about when to execute their exchange.

If you have a transfer to consider buying or selling Euros for pounds getting the timing on your exchange correct is critical to getting the most for your money. With GBPEUR having been trapped in a range between 1.1270 and 1.1468 there has not been much opportunity for either Euro buyers or sellers to capitalise. I have many of my clients who need to buy Euros for an overseas property purchase or to pay business Invoices holding off expecting the rate to recover. And too, many of my Euro sellers are also holding off expecting the pound to crash!

With so many different potential outcomes from the rates being prepared is vital to capitalise on spikes or to limit any losses. A very popular contract type at present is a limit order whereby we look to automatically purchase a currency for you if we do get to a certain level. Popular Limits buying Euros are at 1.15 currently.

If you have a transaction to consider in the future then making some plans in advance is crucial to getting the best deals. We can very easily set up one of these orders to help limit your exposure and maximise the return.

For more information on the GBPEUR forecast and the best way to maximise your rate please speak to me Jonathan Watson to get a full overview and discuss strategy. Please email jmw@currencies.co.uk with an overview of your position to get the latest news and updates.

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.

Sterling rises after Bank of England hints at a rate hike (Joseph Wright)

The Pound appears to have consolidated above 1.14 against the Euro, making the buying Euro rate cheaper for those holding Sterling.

There are current 8 voting members of the BoE and yesterday almost half of them voted in favour of hiking rates, which caused the Pound to jump by over half a cent as soon as the news broke around lunchtime.

The reason behind the Bank of England’s voting members that would like to see a hike is most likely the rising rate of inflation in the UK, which is eating into consumers spending power as wage growth is beginning to stall within the UK.

Raising the interest rate would act to lessen the blow and it’s also a positive for the Pound so I do think we can expect to see the Pound climb if rates are going to rise for the first time in a decade.

Later this morning the Bank of England’s Quarterly Bulletin will be released which could send the markets either way depending on what’s said. If you would like to be kept updated with data releases that can impact your upcoming currency exchange plans do feel free to get in touch.

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.

Sterling to Euro rate continues to trade towards the lower end of its current range, will this trend continue? (Joseph Wright)

The Pound is continuing to come under pressure as we get closer to the election, especially as a number of prominent opinion polls this week have shown that the lead the Conservatives had is diminishing with some suggesting that they may not win a majority of seats required.

If the option polls are correct we could be looking at another Hung Parliament in the UK which I believe would push the Pound lower and probably back towards the 1.10 mark.

The current trend for the GBPEUR pair is between 1.1350 up to 1.1950 although a couple of times towards the back end of last year the rate did touch 1.10 twice before seeing support.

A steep drop for Sterling is in my opinion likely if a Hung Parliament is announced, and I don’t think that the current UK Prime Minister has done herself many favours this week by not attending the debates between the political rivals in the race for number 10.

If you would like to be kept up to date with the latest market updates do feel free to register your interest with me and I’ll be happy to keep you updated.

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.

Pound to Euro rate hits one-week low as Bank of England lowers growth forecast (Joseph Wright)

The Pound to Euro exchange rate has dropped to its lowest level in a week yesterday as data from the disappointed.

The Bank of England (BoE) slashed its growth forecast as yesterday’s quarterly inflation report confirmed that inflation levels within the UK will soon outstrip earnings growth. Sterling has dropped below 1.1850 this morning as the softening of the Pound continues although the currency is still towards the top of the current trading range.

Those considering a Sterling transfer should bear in mind that earlier this week analysts at Lloyds bank downgraded their GBP/EUR price target from 1.18 to 1.16 at the end of 2017. This level is below the Pounds current mid-market value, so it seems that some professionals expect the pound to fall as the year goes on.

I also think that if it surfaces that Brexit negotiations have begun badly, we could see a sell-off for the Pound as the setting up of new trade agreements is likely to be the governments priority as the UK enters a time of uncertainty. Now that economic data is playing a more prominent role in the value of the Pound it’s certainly worth paying a close eye on data releases as they’re impacting Sterling rates to a greater extent than last year when politics played a greater role.

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 breaks 1.17 as services sector remains strong, will the pair hit 1.20? (Joseph Wright)

The UK economy was given a boost yesterday as data showed that its most important sector is performing well.

Economists had anticipated growth in the UK’s services sector but the figure came out higher than they had expected, and the reason Sterling saw a boost of the back of this data release is because the services sector accounts for around 75% of the UK’s economy.

For this reason data releases reflecting the health of this area of the economy can result is swings within GBP exchange rates. Due to the UK entering what could be considered a sensitive time as Brexit is now underway I expect to see these figures followed closely and I think we may see dips within the Pounds value should these figures disappoint.

Another news release which could be watched closely is Gross Domestic Product figures as these will also reflect the health of the UK economy. The next release comes out tomorrow at 1pm and the expectation is for a figure of 0.6% so expect any major deviations from this figure to result in swings within GBP/EUR exchange rates.

If you would like to be kept updated regarding major movements between the Pound and the Euro do feel free to register your details with me.

If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well worth your time getting in contact with me on jxw@currencies.co.uk in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.

Pound drops as UK government plans to trigger Article 50 this afternoon (Joseph Wright)

Late last night Prime Minister Theresa May signed the letter triggering Article 50, and this letter will be delivered to the President of the European Council, Donald Tusk later this afternoon at 12.30pm.

This will officially start the Brexit process in which the UK has 2 years to leave the European Union, and in this time the UK will be doing its best to set up trade negotiations both in Europe and outside of it.

In the early hours of this morning the Pound dropped, which is a change to the currency’s general direction over the past week or so as we’ve seen the currency gain. Yesterday the pair hit 1.16 which was GBP/EUR’s highest level since the beginning of the month, and since this mornings drop the Pound has recovered some ground as it appears the currency is struggling for direction.

I think there could be some further swings during today’s trading session, especially this afternoon once Article 50 has been triggered and May offers a speech. Should she give anything away regarding the UK’s plans moving forward I think there could be movement in either direction for the Pound’s value.

If you would like to be kept updated regarding major news and movements within GBP exchange rates do feel free to get in touch.

If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well worth your time getting in contact with me on jxw@currencies.co.uk in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.