Tag Archives: euro

‘Ditch Euro!’ Yellow Vests want return of Franc and end of submission to EU-German masters

Anice Lajnef is the Minister of Finance at ‘Le Gouv’ and has worked many years as a trader in derivatives for major banks such as Société Générale and Barclays. ‘Le Gouv’ is the political project which emerged from the Yellow Vests movement in France and is the brainchild of one the group’s leading organisers, Fabrice Grimal. One of the main purposes of ‘Le Gouv’ is to generate new ideas on how to change the political and economic status quo in France, as well as to eventually stand candidates in Presidential elections.

Mr Lajnef told Express.co.uk a country could not have true sovereignty if it did not possess its own currency.

He explained: “I think if you want to have your sovereignty then for sure you have to have your own money – because the money is what makes the social link between people.

“Why should I share the same money with somebody who is in Estonia or Lithuania or whatever?

“We should have our own money and be sovereign of our own money because if you don’t have sovereignty on your own money, you have sovereignty on a little bit, on the little things which are not very important.”

‘Le Gouv’s’ finance minister said that being signed up to the Euro denied national governments an essential tool to help them stimulate their economies – the ability to devalue their currencies.

He also claimed that the European Central Bank (ECB) primarily worked to protect the interests of the German economy to the detriment of everyone else.

“What is sure is like if for the moment the ECB physically, geographically is in Frankfurt, but also in the mindset the ECB is German, not European,” he said.

“So everything is done for the German economy and instead of being able – Italy, Spain or France – to play on his currency and to weaken it if we need – we can’t.”

Mr Lajnef accused the European Union of facilitating fiscal dumping by failing to impose a uniform taxation system across the bloc, thereby allowing some countries to gain an unfair competitive advantage.

Fiscal dumping refers to a practice whereby countries attract trade and investment by offering lower taxes.

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“You have some arbitrage that are done within the EU – we share the same money but in reality we don’t have first the same rates and we don’t have the same taxation,” he explained.

“So the market, the multinational, big companies they arbitrate between the countries and then you have fiscal dumping.

“You have Ireland that goes with lower tax rates, you have the Netherlands, you have Luxembourg – so in fact the wolves are with us – these three countries are doing fiscal dumping and in the end who is losing money is France, Italy, Spain and the UK when they were in the EU.”

He added: “Either the EU has to accept that we share the same taxation and we cannot have dumping, by doing same rules or whatever, or we have to get out.”

According to data provided by taxfoundation.org, corporate tax rates in France in 2020 were 32.02 percent, while in Ireland they were just 12.5 percent.

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In June, G7 leaders signed up to an agreement that commits them to introducing a global corporation tax of at least 15 percent, in an attempt to create a more equitable playing field.

However, the Yellow Vests want to tax multinationals the equivalent of the share of sales that they do within France.

‘Le Gouv’s’ Finance Minister elaborated: “For instance if your turnover of sales is 10 percent done in France, we look at your global profit and you pay the equivalent of 10 percent of taxes on your global profit.

“So we don’t have this arbitrage with Ireland – because we cannot trust even the countries that are within the European zone, which is Ireland, Luxembourg, Netherlands – you have now even Portugal and Malta in the game.”

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This post originally posted here Daily Express :: World Feed

Pound to euro exchange rate: Sterling has 'lost ground' despite Bank of England confidence

Sterling was doing well at the start of the week, gradually increasing its trading rate against the euro day by day. However, yesterday set the pound back. Experts say it could decrease in value further if the Scottish elections results show majority support for independence.
Michael Brown, currency expert at Caxton FX, spoke exclusively with Express.co.uk to give his insight on today’s pound to euro exchange rate.

He said: “Sterling lost ground, modestly, against the common currency, despite a bullish set of forecasts from the Bank of England, as a ‘buy the rumour, sell the fact’ trade played out.

“Nevertheless, support at the 1.15 handle continues to hold firm.

“A quiet calendar awaits today, with the monthly US labour market report of interest broadly, but not to the cross.”

Mr Brown mentioned Bank of England’s meeting yesterday, which saw the firm’s Monetary Policy Committee get together for one of its eight annual meetings.

Some finance experts expected sterling to rise after the meeting. One of these experts was George Vessey, UK Currency Strategist at Western Union Business Solutions, who said yesterday: “The Bank of England’s (BoE) latest monetary policy decision and economic forecasts will be released at midday today.

“Some traders are calling for signs of policy tightening in the form of reduced bond buying or higher interest rates.

“Sterling could soar higher on such signals.”

But Mr Vessey warned that Scottish results after the local elections yesterday could drive the pound lower if they see a pro-independence majority.

He explained: “The British Pound’s political risk premium might creep up if the Scottish National Party (SNP) win an outright majority at the Scottish parliamentary elections today.

“Such an outcome would likely trigger vigorous lobbying for a new independence referendum to be held in the future.”

Mr Vessey yesterday added: “Sterling volatility might not be too explosive today given the timeline of a potential referendum, but the result will be of great importance for the future of the UK’s economic landscape and thus the value of the pound.”

But what does all this mean for your travel money ahead of the foreign travel ban lifting on 17 May?

The Government is today expected to announce its travel green list, which will give Britons hopes of a summer holiday abroad.

Britons could be permitted to travel to European countries, including Portugal, Greece, and Malta.

However, some experts have warned against swapping travel money at this time.

James Lynn, co-CEO and co-founder of Currensea, said: “While it is tempting to take out foreign currency in anticipation of a holiday I would advise against this.

“Market movements are often more marginal in reality than they appear.

“’

“Once we are allowed to travel again, this will hopefully signify the end of the COVID bump and I anticipate this will mean the pound will improve significantly.”

Author:
This post originally appeared on Daily Express :: Travel Feed

Russia slashes dollar & euro from reserves in favor of gold & yuan

The Central Bank of Russia (CBR) said in its annual report that in 2020 it reduced the share of the euro, the dollar and the pound in the country’s international reserves in favor of gold, yuan and other currencies.

Thus, the share of the euro in Russia’s forex reserves decreased over the past year by 1.6 percentage points to 29.2% as of January 1. The share of the greenback dropped 3.3 percentage points, to 21.2%. The British pound’s share was also slightly down – by 0.2 percentage points, to 6.3%.

At the same time, Russia’s gold reserves surged to 23.3% from 19.5% a year earlier. The Chinese currency also saw a boost, with yuan holdings growing to 12.8%. The share of other foreign currencies increased by 0.8 percentage points to 7.2%, the regulator said.
Also on rt.com Russia’s foreign exchange reserves continue to rise despite sanctions & pandemic
According to the CBR, the Japanese yen accounted for 3.9% of Russia’s foreign holdings, Canadian dollars for 2.5% and Australian dollars for 0.8%.

In 2020, the value of the central bank’s assets in foreign currencies and gold increased to $ 588 billion.

Russia has been steadily diversifying national reserves since Washington began imposing sanctions in 2014, in order to cut its economy’s reliance on the US dollar. In 2019, the share of bullion holdings in Russia’s reserves surpassed US dollar holdings for the first time.

For more stories on economy & finance visit RT’s business section

Author: RT
This post originally appeared on RT Business News

Pound to euro exchange rate: Sterling could 'rally higher' this week with busy day ahead

Although today is a busy day within the financial calendar, an expert warned that this does not mean that investors should expect “significant volatility” from the exchange rate.
However, George Vessey, UK Currency Strategist at Western Union Business Solutions, said yesterday that the pound could increase in the coming days.

He commented: “The British Pound could rally higher this week if the Bank of England signals it is ready to start reducing its bond buying programme at its monetary policy announcement tomorrow.

“The central bank will also provide updated growth and inflation forecasts – both of which are expected to be revised higher, which again could support GBP demand.”

But Mr Vessey warned that today’s local elections could impact negatively on the pound if there is clear support for Scottish independence.

He said yesterday: “The Scottish Parliament election also takes place tomorrow though, which may limit sterling’s potential upside in the short term if pro-independence parties gain a substantial majority.

“Back in 2014, when the last Scottish independence referendum took place, sterling slumped around six cents in the month of the vote, but in the build-up prior – the political risk was largely ignored. For this reason, upside risks might indeed outweigh downside risks in the short term for the pound.”

So, what does all this mean for travel money?

Foreign travel is currently off the cards for Britons, but the ban is set to be lifted from 17 May, with some countries expected to reopen their borders to tourists.

Britons could be permitted to travel to countries on the UK’s green list, which could include European nations such as Portugal, Greece, and Malta.

However, some experts have warned against swapping travel money at this time.

James Lynn, co-CEO and co-founder of Currensea, said: “While it is tempting to take out foreign currency in anticipation of a holiday I would advise against this.

“Market movements are often more marginal in reality than they appear.

“’

“Once we are allowed to travel again, this will hopefully signify the end of the COVID bump and I anticipate this will mean the pound will improve significantly.”

Author:
This post originally appeared on Daily Express :: Travel Feed

Pound to euro exchange rate: Sterling could increase value before local elections tomorrow

The pound was trading just above the 1.15 handle against the euro yesterday, but this morning it is closer to the 1.16 handle. Sterling could “test” this mark further today before tomorrow’s local elections, as well as the Bank of England’s monetary policy meeting.
Yesterday, Mr Brown said: “Sterling-euro remains rather dull, perhaps unsurprisingly given the closure of London markets yesterday.

“The cross continues to hold just north of the 1.15 handle, and is unlikely to deviate too much from this level before Thursday’s BoE decision, and local elections.”

However, contrary to what Mr Brown expected, the pound moved from just north of the 1.15 handle closer to the 1.16 handle during the day yesterday.

Until yesterday, it had been a quiet few days for the pound, as it also traded just above the 1.15 mark before the bank holiday weekend too.

So, what does all this mean for your travel money?

Foreign travel is currently off the cards for Britons, but the ban is set to be lifted from 17 May, with some countries expected to reopen their borders to tourists.

However, some experts have warned against swapping travel money at this time.

James Lynn, co-CEO and co-founder of Currensea, said: “While it is tempting to take out foreign currency in anticipation of a holiday I would advise against this.

“Market movements are often more marginal in reality than they appear.

“’

“Once we are allowed to travel again, this will hopefully signify the end of the COVID bump and I anticipate this will mean the pound will improve significantly.”

Author:
This post originally appeared on Daily Express :: Travel Feed

FedEx to cut debt by 11% after dollar, euro note offerings

FedEx to cut debt by 11% after dollar, euro note offerings© Reuters. FILE PHOTO: A FedEx truck is driven through downtown in Los Angeles, California, U.S., July 22, 2019. REUTERS/Mike Blake

(Reuters) – U.S. delivery firm FedEx Corp (NYSE:) on Tuesday said it would reduce its debt by 11% after it completes offerings of $ 1.75 billion of U.S. dollar-denominated notes and 1.25 billion euro-denominated notes.

X: Therefore doesn`t .

Author: Reuters
This post originally appeared on Stock Market News

London to be handed post-Brexit boost with Britcoin as digital euro could be problematic

Britain is considering creating a new “Britcoin,” or central bank-backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as Bitcoin. Chancellor of the Exchequer Rishi Sunak told the Bank of England (BoE) last week to look into it. A BoE-backed digital version of sterling could allow businesses and consumers to hold accounts directly with the bank and therefore sidestep others when making payments, upending the lenders’ role in the financial system.
Mr Sunak told a financial industry conference: “We’re launching a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency (CBDC).”

Other central banks are also looking at whether to set up digital versions of their own currencies, essentially widening access to central bank funds which only commercial banks can use at present.

This could speed up domestic and foreign payments and reduce financial stability risks.

Martin Bamford, chartered financial planner at Informed Choice, positively welcomed the Chancellor’s announcement.

Mr Bamford even suggested it could help the City of London, as it attempts to grow outside of the EU after Brexit.

He said: “I think the City of London is obviously looking at its place in the world right now.

“And any innovation, including Britcoin, when it comes to financial services obviously helps.

“The City of London is known for its innovation already.”

The ECB’s Governing Council is exploring the possibility of issuing a new central bank digital currency (CBDC), a digital euro, in an attempt to respond to the accelerating trend toward digitisation in payments.

However, according to Mr Bamford, it could be politically damaging.

He said: “It would be a digital currency, alongside the euro.

“They have a currency system, which seems to work most of the time so I don’t think it would introduce any fresh problems.

“But it might amplify any sort of existing inefficiencies…”

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Most responses came from Germany (47 percent), Italy (15 percent) and France (11 percent).

The report shows that Europe’s citizens are in favour of a digital euro, but under a number of conditions.

The results show that citizens as well as professionals are in favour of such a development, provided that the Digital euro respects privacy (43 percent) and confidentiality of transactions and that it is sufficiently secure (18 percent) to prevent fraud.

They also support requirements to avoid illicit activities with fewer than one in ten responses from members of the public showing support for full anonymity.

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This post originally appeared on Daily Express :: Finance Feed

Pound euro exchange rate dampened by ‘bad news’ prediction just weeks ahead of May 17

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This post originally appeared on Daily Express :: Travel Feed

On Tuesday, Secretary of State for Transport Grant Shapps also confirmed the Government is working on a vaccine passport-style app.

While holidaymakers may be keen to plan their next international jaunt, one travel money expert has warned Britons to proceed with caution.

James Lynn, co-CEO and co-founder of Currensea explained: “It is beginning to look more and more likely that international travel will be back on the cards this Summer with the announcements this week that Spain will be welcoming tourists back in June and the NHS app will be used as a vaccine passport for travel.

“While we await a more formal announcement from the Prime Minister around which countries we will be able to travel to (and when) it may be tempting for many to rush to book this year’s holiday and take out holiday money now in preparation.”

Pound to euro exchange rate stuck ‘rangebound’ – ‘it’s as if the market has closed’

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This post originally appeared on Daily Express :: Travel Feed

The pound to euro exchange rate has been “rangebound” somewhere around the 1.15 mark in recent days. This has largely been the result of a lack of major developments influencing traders.

However, one expert has said things have become so “uninteresting” that “it’s almost as if the market has been closed”.

According to Bloomberg, the pound is currently trading at a rate of 1.1502 against the euro at the time of writing.

Michael Brown, currency expert at Caxton FX spoke with Express.co.uk to share his insight into the exchange rate.

He explained: “As expected, yesterday was another rangebound day for the moribund cross, which continues to do very little of interest; in fact, it’s almost as if the market has been closed the last few days, such is the lack of movement.

READ MORE: Pound euro exchange rate ‘clings’ onto ‘rangebound’ position

“Yesterday, data from the Confederation of British Industry reinforced views that the rapid UK vaccine rollout and end of recent lockdowns had spurred growth, as monthly retail sales volumes jumped to their highest level since September 2018.

“For now, this optimistic data is largely expected though so long as the UK’s relaxation of restrictions continues as planned.

“Sterling may come under further selling pressure amidst ongoing political angst in many forms.

“The Scottish parliamentary elections are due in early May, UK Prime Minister Boris Johnson faces a stream of allegations and European Union (EU) lawmakers are soon to vote on the UK-EU post-Brexit trade deal.”

He added: “These ongoing political uncertainties could start weighing heavier on sterling, which is battling for control of the €1.15 handle against the euro.”

Though Britons may be looking to May 17 as a crucial day to find out whether or not they can jet off on holiday, it still remains too soon for travel money exchanges according to experts.

“Despite coronavirus restrictions easing across the UK, the outlook for overseas travel still lacks any real clarity with the May 17 deadline set by the Government just three weeks away,” said Ian Strafford-Taylor, CEO at travel money specialist FairFX.

“The coming days and weeks should offer some certainty for hopeful holidaymakers as ‘green list’ countries are announced and, as they are, we may well see the pound recover some losses.

“In the meantime, Brits hoping for an overseas break should keep an eye on any announcements and watch the pound closely to make sure they’re getting more bang for their buck by securing the best rates available for their travel money.”

Yesterday, the Secretary of State for Transport confirmed plans for a vaccine passport-style app is underway and will work using an existing NHS app.

James Lynn, co-CEO and co-founder of Currensea said: “It is beginning to look more and more likely that international travel will be back on the cards this Summer with the announcements this week that Spain will be welcoming tourists back in June and the NHS app will be used as a vaccine passport for travel.

“While we await a more formal announcement from the PM around which countries we will be able to travel to (and when) it may be tempting for many to rush to book this year’s holiday and take out holiday money now in preparation.

“However, while it is tempting to take out foreign currency in anticipation of a holiday I would advise against this.

“Market movements are often more marginal in reality than they appear.

“’”

Pound to euro exchange rate: Sterling ‘close to its lowest’ in two months after tough week

Author:
This post originally appeared on Daily Express :: Travel Feed

Despite performing well at the beginning of last week, sterling is struggling today as it trades close to its lowest level since February. This could lead to more struggle in the days to come, according to one expert. 

“That said, the bears do now look to be in control of proceedings, given the market closing on Friday to the downside of the recent 1.1490 – 1.1710 range, and the fact that the pair has notched four straight daily declines before today. 

“Though the calendar is a little quiet to start the week, today will be more technically driven, with a failure to reclaim the aforementioned 1.1490 level likely to lead to further downside in the days to come.”

Sterling has struggled within the past week, despite seeing some positivity at the beginning of last week, with it seeing its best day of the month. 

Since last week, the pound has continued to decrease against the euro.

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When it hit its monthly high, Mr Brown explained: “Sterling had its best day in a month against the euro yesterday, charging north of the 1.16 handle, as the pound started the week on the front foot, with optimism about the UK economic reopening continuing to mount. 

“The key test now is whether the cross can consolidate said gains today, doing so would further embolden the bulls.”

On Friday, before the market closed for the weekend, the pound saw the “bottom of the trading range” according to Mr Brown.

The expert added: “Sterling softened a little against the euro yesterday, though continues to find strong support around the 1.15 handle, which is the bottom of the trading range that has been in play since mid-March.”

What does this mean for travel money?

Under current restrictions, Britons cannot legally travel abroad until May 17 under Boris Johnson’s roadmap out of lockdown. 

However, with many desperate to get away and places open for bookings, experts have warned against buying travel money now. 

James Lynn, co-CEO and co-founder of travel card Currensea, said: “It may be tempting to take out foreign currency in anticipation of a future holiday, while the exchange rate is favourable.

“However, I would advise against this. Market movements are often more marginal in reality than they appear.

“’

Another expert has also warned against buying travel money due to the uncertainties surrounding travel.

James Andres, senior personal finance editor at Money.co.uk previously told Express.co.uk: “Although countries have said they will be opening their doors to UK visitors, consumers must be cautious before exchanging money at this stage.

“International travel is currently prohibited by law until May 17 earliest.

“Until the government has confirmed that you will be allowed to travel, consider if you need to exchange travel money right now.”

Once international travel does resume, countries will be divided into a traffic light system of red, amber and green.