Trading for Sterling has seen a mixed bag this week, starting off with gains leading us to the highest levels we have seen this year against a basket of major currencies, heading over the dizzy heights of 1.60 against the Dollar and 1.15 against the Euro.
A year or so ago these sort of levels would have been laughed at but in the current climate people are jumping at the chance to secure them - proof once again just how nasty the currency markets can be.
Early morning trading has seen Sterling start to lose ground again following the news of possible job losses within the motor industry due to the ongoing General Motors situation.
Once again I personally believe Sterling as a whole is undervalued it is merely a case of just how long it takes before we start to see a recovery.
The past few weeks have seen a minor recovery and possibly the start of the U.K economy starting to turn around but there is still an awful long way to go before confidence is restored and investors put their full trust back into the pound again.
Tommorow sees the release of GDP data for the U.S and will inform us how the economy over there has faired in the past quarter. A common saying on the currency markets is when the U.S sneezes the U.K catches a cold so it may give some indication as to what we can expect in the coming weeks and months.
Feel free to contact me (Daniel Wright) on 0800 328 5884 or email djw@currencies.co.uk should you have any questions, queries or comments regarding this report and I will be more than happy to assist.
Thursday, 28 May 2009
Monday, 18 May 2009
Sterling Gains against Dollar and Euro - negative movement against New Zealand Dollar and Australian Dollar
Sterling has had a mixed day so far today making gains of 0.86% against the Euro and 0.82% against the Dollar whilst making a loss of 0.44 % and 0.12% against the AUD and NZD respectively at the time of writing this post.
It appears that investors shifted funds around with baited breath awaiting the release of key data for the U.K throughout the week which may indicate if the recession is slowing or not.
The GBP - EUR rate hit an 11 day high over the course of the afternoons trading after the Euro came under vast pressure as speculation has started to begin on whether the recession for the 16 zone economy may last longer than that of the U.K??????
It appears that investors shifted funds around with baited breath awaiting the release of key data for the U.K throughout the week which may indicate if the recession is slowing or not.
The GBP - EUR rate hit an 11 day high over the course of the afternoons trading after the Euro came under vast pressure as speculation has started to begin on whether the recession for the 16 zone economy may last longer than that of the U.K??????
"Sterling is one of the risk plays, so any kind of semblance of risk appetite coming back and sterling has been one of the ones to capitalise," said Daragh Maher, deputy head of foreign exchange research at Calyon in London.
It appears now that even with the MP scandals released after the past week or so confidence in the Pound has not taken a hit.
"There's a feeling that we've had all the bad news on sterling and the euro zone is perceived as having more problems ahead," a London-based trader said.
"Despite the fact that the political landscape looks horrible there is an underlying sentiment that sterling is undervalued," he said, referring to the British parliament's expenses scandal.
"Despite the fact that the political landscape looks horrible there is an underlying sentiment that sterling is undervalued," he said, referring to the British parliament's expenses scandal.
I personally believe that Sterling will recover in the coming months but again anything can happen with the markets in the current economic climate as surprises are popping up everywhere so the smart ones amongst us will ensure we are in a position to take advantage of any spikes in the market to make that currency purchase cheaper.
Feel free to get in touch should you wish to discuss any of the information in this report and i will happily assist.
Thursday, 14 May 2009
Sterling update - Currency movements GBP
Yesterday's trading saw A fairly negative day for Sterling in general..... not great news for anyone needing to send money overseas.
The movement looked to be mainly down to the quarterly inflation report announced by the governor of The Bank Of England Mervyn King at 10:30am yesterday.
Mr King had mentioned that he believes that economic recovery in the U.K will be "slow and protracted" .
Any negative news like this will generally have a negative effect on the value of Sterling as the markets do move every two seconds and work on rumour as well as fact, so if the head of the BOE believes we are in for a rocky ride then investors will instantly lose confidence in the Pound.
This is a brief summary of todays report. Click here to read the full report on our main websiteIf you are buying a property abroad, and want the best exchange rates, just click on the links below to go straight to our main site, or Email MeHave a great day and thanks for reading!
Daniel Wright
The movement looked to be mainly down to the quarterly inflation report announced by the governor of The Bank Of England Mervyn King at 10:30am yesterday.
Mr King had mentioned that he believes that economic recovery in the U.K will be "slow and protracted" .
Any negative news like this will generally have a negative effect on the value of Sterling as the markets do move every two seconds and work on rumour as well as fact, so if the head of the BOE believes we are in for a rocky ride then investors will instantly lose confidence in the Pound.
This is a brief summary of todays report. Click here to read the full report on our main websiteIf you are buying a property abroad, and want the best exchange rates, just click on the links below to go straight to our main site, or Email MeHave a great day and thanks for reading!
Daniel Wright
Wednesday, 13 May 2009
The Process
Having assisted many clients over the years that have requirements to send funds abroad I completely understand that each individual case needs to be dealt with in a different way.
Some clients may know exactly how the markets work and purely would like to achieve the best exchange rates, and some may have little or no understanding about how the markets work and need some help along the way.
Whichever category you fall into I am more than happy to assist you every step of the way, fully explaining the process and keeping you up to date with market movements alongside any upcoming data that may have an effect on the cost of your currency.
If I could predict exactly where the markets will go in the future I would quite clearly be a very rich man so I cannot guarantee you solid advice, however I can give you my opinion based on market knowledge and trading the markets myself for years.
Trading with myself at Foreign Currency Direct is simple and easy - All you need to do to set up a trading facility is click on the link to Foreign Currency Direct below and fill in the online registration form which takes approximately 2-3 minutes. Opening a trading facility incurs no costs and carries no obligation to trade through us, it simply puts you in a position to book out a rate should you wish to.
Once the registration is completed I will personally get in touch with you to discuss your requirements, which in turn will assist me to work out the best way for you to go about securing your currency which may include forward contracts or stop/limit orders.
I also deal with many commercial clients and can achieve highly competetive commercial rates - Foreign Currency Direct have been awarded 'best exchange rates' for the past three years running by the Sunday Times - A great credit to the company and it also goes to show that we can save your company a great deal of money at a time where everyone is trying to tighten their budgets.
Once the facility is open and I have achieved you a rate that you are happy with it is again a very simple process from there forward which I will outline below:
1) We go through a brief verbal agreement over the phone in order to book out your rate.
2) Within 5 minutes I forward across a contract note to you which can be emailed, posted or faxed which will contain all the details of the the transaction, our bank account details for you to transfer to and a section for you to fill in with the details of where you would like the funds to be sent.
3) Once a rate is booked we generally ask for settlement within 2 working days, and once funds are received and everything in place we send your funds out as a 'swift' international transfer - they should arrive in your designated account within 1-3 working days.
Please feel free to email me at djw@currencies.co.uk or contact me personally - Daniel Wright
on freephone 0800 328 5884 and I will be more than happy to assist.
Some clients may know exactly how the markets work and purely would like to achieve the best exchange rates, and some may have little or no understanding about how the markets work and need some help along the way.
Whichever category you fall into I am more than happy to assist you every step of the way, fully explaining the process and keeping you up to date with market movements alongside any upcoming data that may have an effect on the cost of your currency.
If I could predict exactly where the markets will go in the future I would quite clearly be a very rich man so I cannot guarantee you solid advice, however I can give you my opinion based on market knowledge and trading the markets myself for years.
Trading with myself at Foreign Currency Direct is simple and easy - All you need to do to set up a trading facility is click on the link to Foreign Currency Direct below and fill in the online registration form which takes approximately 2-3 minutes. Opening a trading facility incurs no costs and carries no obligation to trade through us, it simply puts you in a position to book out a rate should you wish to.
Once the registration is completed I will personally get in touch with you to discuss your requirements, which in turn will assist me to work out the best way for you to go about securing your currency which may include forward contracts or stop/limit orders.
I also deal with many commercial clients and can achieve highly competetive commercial rates - Foreign Currency Direct have been awarded 'best exchange rates' for the past three years running by the Sunday Times - A great credit to the company and it also goes to show that we can save your company a great deal of money at a time where everyone is trying to tighten their budgets.
Once the facility is open and I have achieved you a rate that you are happy with it is again a very simple process from there forward which I will outline below:
1) We go through a brief verbal agreement over the phone in order to book out your rate.
2) Within 5 minutes I forward across a contract note to you which can be emailed, posted or faxed which will contain all the details of the the transaction, our bank account details for you to transfer to and a section for you to fill in with the details of where you would like the funds to be sent.
3) Once a rate is booked we generally ask for settlement within 2 working days, and once funds are received and everything in place we send your funds out as a 'swift' international transfer - they should arrive in your designated account within 1-3 working days.
Please feel free to email me at djw@currencies.co.uk or contact me personally - Daniel Wright
on freephone 0800 328 5884 and I will be more than happy to assist.
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