Friday, 2 December 2016

GBP/USD exchange rate still above $1.26

The pound has lost around a cent against the dollar since yesterday afternoon, however the GBP/USD cross is still holding above $1.26 this morning.

To find out what GBP/USD exchange rate I can offer, click here.


Sterling rose across the board following comments from Britain's Brexit Minister David Davis yesterday morning, as investors concerns faded over the UK government pushing ahead with a hard Brexit.

As I mentioned in my last post, Davis stated the government could be willing to continue making contributions to the EU in order to keep the UK's access to the single market, and the news helped the pound reach a two month high against the dollar of $1.2694.

GBP/USD graph



Will the GBP/USD exchange rate keep on rising?


A lot will depend on what happens it Italy over the weekend. On Sunday the Italians will be voting on Prime Minister Matteo Renzi's list of reforms and the result could have an impact on the value of the pound and U.S. dollar.

The referendum is a chance to change the Constitution of Italy, which if successful will hand more power to Renzi and allow him to bring more stability to the country's flagging economy.

A YES vote would bring a wave of reforms and is likely to increase confidence in Italy and the Eurozone, if that happens investors could move away from the safety of the dollar, which in turn could push GBP/USD higher.

However, a NO vote would lead to Renzi resigning and is likely to send shock waves around the financial markets. A NO vote will probably see dollar benefit as a result, and could lead to the pound giving up the gains it has made over the course of this week.

Jobs day.


This afternoon will see the U.S. announce their latest Non-farm Payroll job numbers. Regular readers will know the data can cause some big swings in the value of the dollar as the result can deviate massively from the predicted reading.

If you are looking a buying or selling dollars today, it is worth keeping an eye on jobs data, which will be released at 1330 GMT.

Do you need to buy or sell dollars?


If you have a requirement to buy or sell dollars in the weeks or months and want to make sure are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

Click here to complete the contact form.

Thursday, 1 December 2016

The pound hits eight week high against the dollar.


This morning has seen the GBP/USD exchange rate rise to its highest level since the 5th October, with the currency pair hitting a high of $1.2660.

Looking for the best GBP/USD exchange rate? Click here.


The move means the pound has risen nearly two per cent against the dollar since yesterday afternoon, and will come as welcome news for those of you that are looking to buy dollars in the coming days.

GBP/USD graph




Why is the pound rising?


Sterling has been rising against all of the majors this morning after Secretary of State for Brexit David Davis, announced the government would consider making contributions to the European Union in order to keep the UK's access to the single markets.

Mr Davis stated that Britain could carry on paying the EU, it meant the country "getting the best deal".

His comments will come as a huge relief to investors and this has been highlighted in the pounds performance over the past couple of hours.

Investors have been selling off the pound since UK Prime Minister Theresa May announced she would look to give up access to the single market in order to focus on immigration controls.

Do you need to buy or sell dollars?


If you have a requirement to buy or sell dollars in the weeks or months and want to make sure are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

 

Click here to complete the contact form.


Wednesday, 30 November 2016

GBP/USD exchange rate loses ground

This morning has seen the pounds value fall across the board, with the GBP/USD cross giving up the gains it made during yesterday's trading session.

Looking for the best GBP/USD exchange rate? Click here. 


After rising to $1.25004 during the first hour of the London session opening, the pound has been falling, leaving the currency pair trading in the low $1.24's at the time of writing.

GBP/USD graph.



What has caused the move?


At the moment is seems the result of the Bank of England's stress test and stability report has caused the pound to weaken.

During his stability report, Bank of England governor Mark Carney issued a warning over the current level of debts in Britain's households.

Carney stated that consumers were borrowing more than ever on unsecured debt and credit cards, with credit card lending hitting an all-time high, while unsecured debt is rising at its fastest level for eleven years.

The report also showed the overall household debt to income ratio had risen to 133% during the second quarter of this year.

 

Bad news for RBS


As I have already mentioned the result of Bank of England's stress test also seems to have impacted the value of the pound this morning. The tests are in place to ensure that UK banks have enough capital in place to cope with a global recession and a house price crash.

The BoE confirmed this morning that RBS failed its test, while Barclays and Standard Chartered also
missed some key requirements.

As a result RBS have been forced to find a way of increasing its balance sheet by two billion pounds, which is likely to come from cost cutting and selling assets.

Are you looking to buy or sell dollars?


If you have a requirement to buy or sell dollars in the weeks or months and want to make sure are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

To complete the contact form click here.

Tuesday, 29 November 2016

Sterling rising against the U.S. dollar

This morning has seen the pound regain the ground it lost against the dollar yesterday, with the GBP/USD cross rising nearly one cent since the London trading session opened.

For the best GBP/USD exchange rate click here.


So far today the currency pair has climbed from $1.2406 to an intraday high of $1.2487 and we still have the U.S. to release some key eco-stats later this afternoon.

GBP/USD graph.




Why is the pound rising against the dollar?


The pound has been edging up across the board this morning after stronger than expected mortgage approvals, while lending to individuals increased at its fastest pace since 2005. The data has once again given the UK economy a boost and shows that consumer demand has not been dampened since the referendum result in June.

Some of the attention on the UK and Brexit has also shifted, as investors are now growing increasingly concerned about the Italian constitutional referendum on Sunday and the upcoming elections in France and Germany next year.

 

What could impact the GBP/USD cross today?


After a quiet few days in terms of data, today could bring some extra volatility for dollar crosses as the U.S. markets return to normality following last weeks Thanksgiving holiday.

This afternoon will see the U.S. release their latest CB consumer confidence figures, along with a Prelim GDP reading for quarter three. There are also speeches from Federal Reserve Officials William Dudley and Jerome Powell towards the end of the day. If either of them drop any clues about an interest rate hike next month then we could see some movement in the dollars value.

Are you looking to buy or sell dollars?


If you have a requirement to buy or sell dollars in the weeks or months and want to make sure are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

Click here to complete the contact form.




 

Monday, 28 November 2016

GBP/USD falling after hitting $1.25 this morning.

This morning has seen the pound give up over a cent against the dollar, with sterling giving up all of the gains we have witnessed since last weeks Autumn statement.

For the best GBP/USD exchange rates click here.


Since the open of the London session the GBP/USD cross has slipped back from $1.2512 to $1.2391 as you can see from the graph below.

GBP/USD graph




Why is the pound falling?


With no data being released from the UK or the U.S today, the pounds decline looks to have stemmed from investors repositioning themselves ahead of European Central Bank President Mario Draghi's speech this afternoon.

Draghi is due to testify in front of the European Parliament's Economic Committee in Brussels at 1400 GMT today, and will discuss the ECB's perspective on monetary and economic developments, along with the consequences of UK's decision to leave the European Union.

With so much uncertainty still surrounding Britain's exit from the Union and concerns starting to mount ahead of the upcoming elections in Europe, it looks as though investors have moved away from the pound and euro this morning and headed back towards the safety of the U.S. dollar.

Depending on what Draghi says this afternoon we could easily see the pound regain the ground it has lost so far this morning, and if there are any major developments I will of course keep you updated.

Are you looking to buy or sell dollars?


If you have a requirement to buy or sell dollars in the weeks or months and want to make sure are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

 

Click here to complete the contact form.


Friday, 25 November 2016

GBP/USD exchange rate holding firm

The GBP/USD cross has been holding around $1.2450 for the past twenty four hours. With most of America still enjoying the Thanksgiving holiday and little out in terms of data from the UK, I would imagine we are unlikely to see any major movements until the start of next week.

GBP/USD graph





The Office for National Statistics did publish its second GDP estimate for quarter three this morning, but with the reading coming in exactly as forecast at 0.5% it did very little to impact the value of the pound.

Do you want the best GBP/USD exchange rate? Click here.


With little to report on and not wanting to sound like a broken record, I thought I would take the opportunity to explain in a bit more detail the different ways you can purchase your currency to ensure you are making the most of your FX transfer.

Ways to buy currency


Spot Contract is the quickest, easiest and most popular way to buy currency. You simply buy or sell one currency in exchange for another, whenever you need it. You have two days to send us the money and as soon as your funds are cleared, we will forward the currency to the account of your choice.          

A Forward Contract can help you take advantage of current exchange rates. You can fix the price now for a transaction that will take place up to two years in the future. You secure the Forward Contract with a deposit of 10% of the total value of your transaction (you'll need to pay this within two working days of agreeing the contract) and then pay the balance before the contract expires. Once secured the agreed exchange rate will apply for the duration of the contract.             
With a Limit Order you specify the exchange rate you are hoping to achieve, a price that may not be currently available. Your currency will automatically be purchased if the market exceeds this level and you'll get the rate you wanted. This type of contract is particularly useful when the markets are moving in a positive direction for you.           

A Stop Loss Order will instruct your broker to buy if the currency goes down to a pre-determined level. When combined with a Limit Order you can hold out for a better exchange rate and still protect yourself from a sudden fall in the market.

Are you looking to buy or sell dollars?


If you have a requirement to buy or sell dollars in the weeks or months and want to make sure are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

Click here to complete the contact form.

Thursday, 24 November 2016

The pound closes in on $1.25 against the dollar

This morning has seen the pound rise almost a cent against the dollar, with the currency pair climbing from $1.2409 to $1.2494 over the past couple of hours.

To find out what exchange rate I can offer click here.


With the U.S. markets closed for Thanksgiving and no economic data being released from the UK today, the move this morning seems to be down to sterling strength, with investors and traders still taking the positives from yesterday's UK autumn budget statement.

GBP/USD graph



Why has the pound risen?


During his statement yesterday, Chancellor Phillip Hammond raised his forecasts for the government's borrowing to £122 billion over the next five years, but despite the increase markets have looked past the additional borrowing and instead focused on the Office for Budget Responsibility (OBR) growth forecasts.

The OBR stated the UK's exit from the European Union will have an impact on the economy, with lower business investment, migration and trade flows. However, their reduced growth revisions were far less than many had anticipated, with the OBR still expecting the UK economy to grow by 1.4 per cent in 2017 and 1.7 per cent in 2018.

 

Take advantage of the gains.


For those of you looking to purchase dollars it could be worth taking advantage of the gains we have witnessed over the last month or so. Since the middle of October the GBP/USD cross has risen nearly 3 per cent and it certainly makes a difference to your transfer.

Purchasing $300,000 today is around £7,000 cheaper than six weeks ago, and with the Federal Reserve likely to raise interest rates next month, I wouldn't be surprised to see some of the gains wiped away in the build up to the Fed meeting on the 14th December.

Are you looking to buy or sell dollars?


If you have a requirement to buy or sell dollars in the weeks or months and want to ensure you are making the most from your transfer, contact me today for a free, no-obligation currency consultation.

As a specialist in currency exchange, I have a wide range of tools at my disposal to help protect you against adverse market movements or target a rate of exchange that might not be currently available.

For more information about how I can help or to find out what rate of exchange I can offer complete the contact form by click on the link below.

Click here to complete the contact form.