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Tag Archives: sterling strength

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.

Will GBPEUR hit parity?

This is the big question at the moment on investors lips as the pound continues to struggle and the Euro continues to gain in value. Overall there is an expectation that the pound will eventually rise but with the strength of the pound being inextricably linked to the developments on Brexit, we could be waiting quite some time!

In the absence of any new news the pound will likely continue to remain weak, investors will be very cautious over the UK and the pound until they have some news about just what Brexit means. With some analysts predicting much more of a transitional ‘softer’ Brexit is likely, the outlook for the GBPEUR rate could be much better longer term. However I really do feel it will get worse before it gets better.

I think predictions of parity are probably overdone, the market is already pricing in much worse news for the UK and much better news for the Eurozone. There are now a number of potential twists and turns which could see this rate change quickly, notably the strength of the Euro is not in the ECB’s interest. The European Central Bank might find a very strong Euro actually starts to hamper economic growth and this will lead to wider concerns and potentially undo all the great work that has been achieved in restoring confidence in the Eurozone.

For now the market looks like it will favour the Euro over the pound so sellers of Euros wishing to buy pounds might find that rates continue to get better, however of course, this will not just keep going. Sometimes it is just when the market looks like it is going in one direction that all of a sudden there is a surprise and the rates quickly change.

If you have a transfer to consider in the future than making plans around the possibility of upcoming events is the best way forward. For more information at no cost or obligation on the best way forward for any transactions please speak to me Jonathan Watson by emailing jmw@currencies.co.uk.

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

All eyes on Bank of England governor Ben Broadbent this lunchtime, will GBP/EUR see movement today? (Joseph Wright)

This afternoon at 12.00 BST a key member of the Bank of England will be speaking in Aberdeen, and this event will have the potential to move the stagnant Pound to Euro rate.

Those converting Pounds into Euros and vice versa have been left with a very flat market in recent weeks, with the pair moving no more than a couple of cents over the past month or so.

The biggest moves during this period of flatness have come in the wake of hints at future monetary policy by key policy makers in the UK. The reason today’s speech is being talked up within the financial media is because Ben Broadbent has kept his cards close regarding his outlook, whereas many others have already made their thoughts clear.

After a close vote last time around, where the voting members of the Monetary Policy Committee voted in favour of keeping rates the same by 5-3, some economists time think there could be a vote in favour of raising rates at the next opportunity on the 3rd of August.

The Pound is likely to climb should Broadbent join the hawks and talk in terms of a rate hike being good for the UK economy.

Tomorrows unemployment data at 9.30 could also result in market movement, so feel free to get in touch if you wish to be kept updated regarding this data release and what the expectations are.

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 pound to Euro exchange rate?

Politics has been the main driver on GBPEUR up until recently but just today we have seen economics coming back into the picture. The big news has been the change in sentiments from both the Bank of England and the European Central Bank. We have had conflicting reports form both banks which has seen the rates change very quickly this week. The movement on the high to low has been from 1.1260 to 1.14 today!

I am being reminded of how unpredictable and volatile the currency markets are at present with some large swings unexpectedly creating volatility on the exchange. If you have a transfer buying pounds with Euros the rates are very good, id you are selling the pound to buy Euros there is a degree of stress at present which is making many clients uncomfortable. Tomorrow is the vote on the Queen’s speech which will undoubtedly trigger some volatility on the GBPEUR exchange rates. If you need to make an exchange and wish to get the best rates careful planning and understanding of your options is crucial to getting the best deal.

Friday we have the latest news on UK GDP (Gross Domestic Product)  which could easily see the levels under pressure. Overall the position for clients buying Euros with pounds looks like it is going to continue to be very difficult. Clients buying pounds with Euros are very much in the driving seat, I would not be surprised to see their position improve but much will depend on how markets react to the latest news on the political situation in the UK.

If you wish to learn of any news which will be important in helping you with when to make the exchange and how to get the best rates of exchange please speak to me Jonathan Watson by emailing jmw@currencies.co.uk. Thank you for reading and I look forward to hearing from you.

Pound to Euro rate unmoved despite Conservative and DUP agreement, what other factors could impact the GBP/EUR rate? (Joseph Wright)

Yesterday the Conservatives and the Democratic Unionist Party (DUP) of Northern Ireland finally agreed on a deal, even if it’s come at a major cost for May’s Conservative government.

The figure is rumored to be around £1bn which will allow Northern Ireland to invest in infrastructure and the NHS after years of heavy spending in its defense sector.

Financial markets remained unchanged as many had expected the agreement to take place, but I think we could have seen the Pound sold off had the figure exceeded expectations.

Last week we saw movement within Sterling exchange rates after being given mixed signals from the Bank of England regarding the expected interest rate changes. It appears that this topic along with how Brexit negotiations pan out after beginning last week will continue to drive the Pound to Euro exchange rate.

Later this week UK GDP figures will be released which could create further movement for Sterling exchange rates, as the pair have been trading within a thin range for a number of days now.

If you would like to be kept updated regarding any major movements for the GBP/EUR pair 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 drops as key UK figureheads make dovish comments at Mansion House speech, will Sterling continue to drop?

The Pound has dropped across the board this morning as one of the most important figures within the UK economy, Mark Carney (the governor of the Bank of England) has suggested that interest rates shouldn’t rise yet.

The Pound is now trading at a 1-week low after these comments, as Carney said that Britain isn’t ready for higher rates. His comments would have shocked the markets as many would have been expecting to see a rate hike within the UK after almost half of the voting members of the BoE just last week voted in favour of raising interest rates.

Carney said that it wouldn’t be right to change rates whilst we don’t know the outcome of Brexit negotiations.

The reason behind the Pound dropping in light of these comments, as well as some similarly dovish comments by Phillip Hammond (Britain’s Chancellor of the Exchequer), is that a rate hike would most likely give the Pound a boost which is why the Pound climbed last week after the BoE’s voting decision.

There isn’t much further data out this week for the Pound specifically, so I expect sentiment to continue to drive rates.

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 jumps after BoE rate decision, will Sterling continue to climb? (Joseph Wright)

The Pound jumped at 12pm this afternoon, making the rate for buying Euros much cheaper for our clients in just a matter of seconds.

Financial markets were expecting to see all members of the Bank of England’s monetary policy committee vote in favour of keeping rates on hold, but got a shock when almost half voted in favour of rising rates.

At the time of writing our clients are able to book Pound to Euro rates that are over 1-cent higher than the lowest level seen today after the Pound has managed to hold onto its gains after the decision.

The reasoning behind some of the voting members decision to raise rates is most likely due to the raising rates of inflation, which are now almost 1% above the BoE’s target of 2%.

The BoE is likely to have to raise the base rate of interest in order to counter the negative effects of inflation within the UK, especially as the rate of wage growth is declining which will leave investors with a lot less spending power.

Moving forward I think that those with a GBP/EUR currency requirement should keep an eye on inflation rates, and feel free to keep in contact with us regarding the rate and also the dates that the data is released.

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 GBPEUR rise or fall on the upcoming data?

I believe that the pound to Euro exchange rate will remain at risk of a move lower and higher in the short term as we await some firmer news on who the UK Government will be and also how this will influence Brexit. Overnight we have the latest US Federal Reserve Interest rate decision which is going to be vital to the movements on GBPEUR for the rest of this week and possibly into next week. If you have a transfer to buy or sell pounds and Euros then making some plans in advance is sensible to try and mitigate the uncertainty.

Clients looking to buy the pound are being faced with an exciting prospect as euro to pound exchange rates have this week hit close to a 6 month high. The improvements in the market might not last too long as we get closer and closer to finding out just what kind of government the UK has. Assuming a Theresa May and DUP majority I would not be surprised to see the pound rise. Jeremy Corbyn is apparently ready to launch his own program with the Labour party but this might not actually in the end come to fruition.

The Euro is performing well although the latest Eurogroup meeting concerning Greece is scheduled to take place this week which could raise some eyebrows, overall however I do expect the political uncertainty in the UK to outweigh the problems in the Eurozone. If you have a transfer to make GBPEUR is very volatile and we have a number of events which could see the short term direction move quickly higher or lower.

The overriding trend which has seen GBPEUR move from almost 1.20 to 1.13 does still however seem to be the principal driver and so if selling Euros for pounds the market is very much for you. 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.

Will GBPEUR hit 1.20?

The pound to Euro rate has risen to some of the best levels in 2017 as the cloud of uncertainty over the future for the UK is lifted. The currency markets are now looking very closely to see if this good run of form for the pound against the Euro will continue. My general impression is that the pound will struggle further in the future but if you need to buy Euros you could see better news soon. Overall expectations for the future are mixed but with the Conservatives and Theresa May likely to win a strong majority, there is a high chance the pound will continue to do well.

I am watching tomorrow very carefully as we have the latest UK Interest Rate decision and also the Quarterly Inflation Report, both of which could be big market movers. There is huge potential for volatility tomorrow as predicting the outcome is not straightforward. The potential for rates to move in either direction is high, personally I foresee the pound having a good day and GBPEUR reaching the 1.20 level.

If you look at the Euro then there is a good chance the euro could weaken further owing to the fear and worry over the outlook form the French election which is still not settled. Looking closely at the information ahead GBPEUR above 1.20 does seem very probable, if you are looking to make a transfer then making plans in advance is sensible.

For more information at no cost or obligation please email me Jonathan Watson by using jmw@currencies.co.uk.

Will GBPEUR rates rise above 1.20?

The GBPEUR rate has been improving greatly in the last few weeks as the mood improves surrounding sterling. A weakness in the Euro as a result of the French election is gently subsiding but there is a possibility we could see the Euro weaker should Le Pen win the election second round on May 7th. If the rates continue to remain this high between now and May I would be surprised! The only event I can see that would strengthen sterling to hit 1.20 is the UK’s General Election result in June.

1.20 is a real target for clients buying Euros but with the likelihood of a Macron victory in the French elections, this is looking less and less likely. The overall position for clients looking to buy Euros is still very favourable but we could easily see this deteriorate as we get closer to the final result on the 7th May. Couple all of this with the expectation sterling will weaken owing to economic uncertainty in the UK and we could easily see GBPEUR rates slipping down to say 1.15 or 1.16 int he next week or so.

Clients buying Euros are faced with the prospect of a lengthy wait to see big improvements or a steady decline as the Euro retains strength and attention shifts back to the UK and the Brexit problems. This is a trend we have witnessed many times since June 2016 and is not a trend I expect to be broken in the coming weeks.

If you have a transfer to consider buying or selling Euros then lease feel free to get in touch to discuss the market and your options as the expectation is for a weaker pound and strong Euros. For more information please feel free to email jmw@currencies.co.uk.