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Tag Archives: buying Euros

Pound to Euro rate hits a 6-week high vs the Euro as inflation levels soar in the UK, will GBP/EUR continue to climb? (Joseph Wright)

The inflation level in the UK rose unexpectedly in August and as a result we’ve seen the pound climb quite dramatically.

The Pound rose against all major currency pairs with the main headlines to take away from today’s price movement being GBP to EUR has hit a 6-week high whilst GBP to USD (cable) has hit a 1-year high.

Economists were expecting to see the inflation level for August released at 2.8% but the figure came out at 2.9% which equals the highest level on record this year as May also showed this figure.

The reason the Pound has climbed in the wake of this result can be put down to hopes of an interest rate hike from the Bank of England sooner than their plans of a hike in 2019. Under normal market conditions an interest rate hike usually results in a strengthening of the underlying currency which has been reflected in today’s GBP exchange rate price movements.

The next busy day for the Pound is likely to be Thursday, and if you would like to discuss why and what data is due out that could impact the GBP/EUR rate, 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.

Sterling Makes Major Gains Against The Euro (Ben Fletcher)

Today the GBP/EUR rate has gained a cent and a half from yesterdays low, showing the biggest improvement for Sterling in a day for since the beginning of July. The Pound has been under constant pressure from a performing Euro which appears to have come under very little pressure, with Eurozone financial leaders very optimistic for the near future.

Tomorrow there could be another volatile days as we see the latest inflation data being released for the Eurozone in the form of Consumer Price Index. There has been talks that there could be a interest rate coming in the Eurozone however unless there was a major change in the data it could be for a few years. There is expected to be major announcement regarding the ECB’s upcoming plans in September but a good reading tomorrow could see the Euro make back today’s lost ground.

In my opinion over the next few weeks we may see the GBP/EUR rate move back into the 1.09’s maybe even pushing 1.10, however until there is clarity on Brexit I find it hard to see much more. There is still so much uncertainty as to how negotiations will unfold and until the next update which could be on the weekend, the markets will wait in expectation. If you’re looking to sell Euros to Sterling then now might be the time to do so, the GBP/EUR rate has moved of the lows and it may not move back.

If you do have a question with regards to my forecast please get in touch. When you come to moving large sums of money a movement of a cent can often relate to a significant difference in your returns. Helping you formulate a strategy could make sure you’re in the best position to exchange currency when the market is in your favor, please contact me at brf@currencies.co.uk

GBP to EUR rate drops despite positive news for the Pound, is this a sign? (Joseph Wright)

The Pound to Euro exchange rate crucially hit a new 8-year low today, after hitting 1.0898 at one stage during today’s session.

This is despite some positive news for the UK economy as today it was announced that UK public finances showed a surprise surplus of £184m in July, which is the first time the figure has been in the black (in July) since 2002, with many expecting the figure to show a deficit.

Despite this the Pound has still fallen and at the time of writing the GBP to EUR pair are trading just over the 1.09 mark. We’re still awaiting the 5 Brexit papers which will provide us with an overview of the Brexit plan and I think that this could move the GBP/EUR pair if the news is particularly positive or negative.

On Thursday there will be the release of UK GDP figures at 9.30am for the month of July, the expectation is for 1.7% so again expect any deviations from this figure to result in movement between the pair.

If you are planning a currency exchange and would like to be kept updated regarding any short-term 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 next for the GBPEUR exchange rate?

The pound will likely remain on the weaker side now as the market braces itself for the next developments with Brexit. We know already that the pound is struggling to make many gains, it really does appear that things could get worse before they get better. If you have a transfer to make then getting the best rate is key to maximising your position. So just how can I maximise my position and what should I be doing to ensure I don’t get caught out?

The best way forward in such cases is an understanding of the pending events in the market. This morning the latest Public Sector Net Borrowing data has shown us the poor state o the UK Public Finances. With Government debt standing at 87.5% of GDP the UK is in a very dangerous position. We just aren’t tackling the debt problem, we really need a lift. Whilst net borrowing actually showed a surplus for the first time in 15 years this was because the date for collecting tax fell on a different date this year rather than last year.

Overall the pound to Euro rate is at the mercy from the big divergence between the UK and the Eurozone. Essentially both politically and economically the Eurozone is beating the UK. With the likelihood the UK will continue to be worse off, the GBPEUR rate seems likely to continue to wind down lower.

If you have a transfer buying Euros getting something done sooner than later seems sensible, if you need to sell Euros for pounds seeking out the spikes seems your safest bet. For more help and assistance with any currency exchanges please speak to me Jonathan Watson directly by emailing jmw@currencies.co.uk.

Thank you for reading and I look forward to hearing from you in the future and assisting with any transactions.

Pound vs euro exchange rates continue to fall

Over the last month the general trend has been for GBPEUR exchange rates to fall throughout the week and this week has been no different. UK inflation numbers Tuesday morning disappointed, which has completely removed any possibility that the Bank of England will raise interest rates anytime soon.   Yesterday Unemployment numbers for the UK stopped the pound from falling any further as Unemployment dropped to 4.4% and record lows.

This morning UK retail sales numbers are set to be released. As inflation has been outpacing wage growth in recent months I wouldn’t be surprised to see these numbers disappoint and therefore the pound to lose further value against the euro. Later in the morning Eurozone inflation is to be released and this number could have a major impact on GBPEUR exchange rates going forward. If inflation rises further it puts further pressure on President of the European Central Bank Mario Draghi to taper the bond buying program, Quantitative easing.

Many of my clients are asking if GBPEUR exchange rates could fall further and the likelihood is yes. However with GBPEUR exchange rates fluctuating in the lower teens, I believe exchange rates are close to the bottom of the market until we find out if the UK and EU will form a unique partnership once the UK leave the EU.

For further information in regards to converting GBPEUR feel free to email me with the reason for the transfer (company goods, property purchase) and timescales you are working to and I will respond with my forecast and the options available to you drl@currencies.co.uk. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.

Common clients I help on a daily basis are Sole traders, MD or FD of a company, property buyers and sellers. If you are one of the three and are currently using the bank to transfer your currency you need to be made aware that you could be saving money!

** If you are already using a brokerage and would like to a free quote email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **

Sterling Gains Against the Euro (Ben Fletcher)

The GBP/EUR rate moved back above the 1.10 level today, however dropped below that point at the close of business. The main reason for Sterling gaining against the Euro today was the good news regarding wage growth, which following a no change to inflation yesterday helped gain back the lost ground. Tomorrow there could be even further volatility with the latest inflation data for the Eurozone set to be released.

Eurozone Inflation

There has been much speculation from analysts over the future decisions of the European Central Bank and if they will taper the current Eurozone stimulus. There are thoughts that the current bond buying program will start to be tapered reducing the amount of bonds purchased by the ECB each month from €80bn.

In turn this will then lead to hope that the European Central Bank could cut interest rates. If that was to be the case then that would be a main driver for the GBP/EUR rate down to a parity level. In my opinion the Eurozone which has been booming form a economic perspective could be set to slow down a little. Its unsustainable for continuous strength to just keep happening, but inflation could well be the first indication of all being not what it seems. I would not be surprised to see the GBP/EUR rate back in the mid 1.10’s tomorrow around midday.

If you do have a question with regards to my forecast or have a different question please get in touch. When you come to moving large sums of money a movement of a cent can often relate to a significant difference in your returns. Helping you formulate a strategy could make sure you’re in the best position to exchange currency when the market is in your favor, please contact me Ben Fletcher at brf@currencies.co.uk

Sterling begins a busy day on the back foot, will the downward trend continue? (Joseph Wright)

The Pound has started the day on the back foot this morning as it’s dropped against all major currency pairs this morning.

At 9.30am there will be the release of Manufacturing and Industrial data from the UK which will give us an idea of how those sectors of the UK economy are performing, and then later this afternoon there will be a release of GDP data from one of the UK’s most prominent think tanks.

The Pound is coming under pressure after rumours of the Brexit negotiations beginning badly,  and talk of a large Brexit bill isn’t doing the Pound any favours either.

The next few weeks will be interesting as since the Brexit vote the Pound to Euro exchange rate hasn’t fallen below 1.10, so if the downward pressure on the Pound continues we will soon find out whether 1.10 will continue to act as a support level. Those with a currency requirement involving the selling of Pounds and converting them into Euros who look to avoid risk may wish to consider the current levels in case the rate continues to fall.

The Euro has benefited well from the weakness in the US Dollar as of late, so it’s worth noting that the GBP/EUR weakness is down to Euro strength as well as Pound weakness.

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.

Will ‘Super Thursday’ result in a big move for the Pound to Euro exchange rate? (Joseph Wright)

The Pound to Euro exchange rate is currently trading within a very thin range of just 25 pips, although throughout the day this range could certainly be tested.

Today is being dubbed as ‘Super Thursday’ due to the large volume of data due out of the UK today, and I expect the UK to be in full focus throughout the day as investors await the data releases which start at 9.30am.

The first data release will cover sentiment within the UK services sector, which is an important release due to the services sector making up such a large part of the UK economy. A disappointing release is likely to result in Sterling weakness due to the importance of the sector.

Perhaps today’s most important news release will be around lunchtime today when the Bank of England’s Interest Rate Decision will be released. Although I’m not expecting there to be a change, I think that if the voting patterns sway from the previous 5-3 vote in favour of keeping rates on hold there will be movement for the GBP/EUR pair.

The Speech afterwards from the BoE governor Mark Carney is also likely to create movement for Sterling exchange rates, especially if there are any allusions to future monetary policy changes.

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 Climbs Off Positive GDP Data (Ben Fletcher)

This morning the latest Gross Domestic Product data for the UK revealed the economy grew 0.3% from quarter one for the year. This did cause a very small uplift taking the rate above 1.12 and finishing the day at 1.122. Whilst this is not much of a gain to really write home about, it is a good outcome from what had the potential to be negative. UK data of late has been poor with several releases being reported lower than expected. Even though there was only a minor improvement of 0.3% it is far better than a stagnating or even shrinking economy and furthermore a year after the Referendum vote we haven’t seen the economy collapsed as predicted by so many.

Where to next for GBP/EUR?

Next week the Bank of England will provide their latest interest rate decision from the Monetary Policy Committee. Once again this is expected to bring around no change however Governor Mark Carney could provide some insight into the future. Carney will provide a statement along with questions and answers after the decision, depending on his tone the rate will move.

An interest rate hike in the UK could be the catalyst to help the GBP/EUR rate return to the 1.14’s and talk of a hike next week could help that. Moving further forwards however there could be a long summer for Sterling as general trends suggest the pressure wont be released.

If you have a upcoming requirement you would like to discuss or ask any questions about my forecast please send me an email Ben Fletcher at brf@currencies.co.uk. Please write me a brief description of what you’re looking to do, I would be more than happy to share my thoughts to try and help you develop a plan that will enable you to maximise your transfer. I will aim to provide you with a response quickly, if you have a urgent query I can be reached on the trading floor at 44 01494 725353.

 

 

Sterling has little chance of Strengthening (Daniel Johnson)

Pound Problems

Sterling is in a terrible spot at present, languishing in the 1.11s on GBP/EUR at present. There are so many catalysts for Sterling’s weakness it will be very difficult to see any significant rally. We are now starting to witness the damage caused by the vote to leave the EU. Inflation in the UK has been on a rapid rise of late hitting 2.9%. There was the chance that the Bank of England were going to raise interest rates should the rise continue. The rumors of a rate hike had caused a bout of Sterling strength, but the latest figures saw a fall to 2.6% and the chances of a hike were diminished and the pound fell in value as a result.

Personally, I feel a rate hike is not a solution to the inflation problem and a drop in the data brings it closer to average wage growth at 1.8%. Which is a good thing. If average wage growth does not keep up with inflation, consumers will be more reluctant to spend and the UK could face a recession.

The International Monetary Fund (IMF) has recently downgraded the UK’s growth forecast which has not helped matters. Fifteen conservative MPs have signed a document supporting a vote of no confidence in Theresa May’s role. Political uncertainty historically weakens the currency in question.

Perhaps the biggest problem is the lack of direction in regards to Brexit negotiations, Hard or Soft Brexit. No doubt compromises will have to be made.

UK GDP Data 

UK GDP data is due in this morning at 9.30 and could cause volatility on GBP/EUR, expectations are for a small increase. If there is a fall Sterling could lose further value.

If you have a currency trade to perform  I will be happy to assist. It is crucial to be in touch with an experienced broker when the market is currently so hard to predict. If you let me know the details of your trade I will endeavour to produce a free trading strategy to suit your individual needs. Have confidence knowing you will be dealing with a brokerage in business for over 16yrs, Foreign Currency Direct Plc. We are a no risk entity as we do not speculate on the market and we are registered with the FCA. If you have a currency provider take a minute to send over the rates they offer and I am confident I can demonstrate a significant saving.  I can be contacted at dcj@currencies.co.uk . (Daniel Johnson) Thank you for reading.