Tag Archives: exchange

Cryptocurrency price LIVE: UK bans leading crypto exchange in major crackdown – new alert

Cryptocurrency price LIVE: UK bans leading crypto exchange in major crackdown - new alert

Bitcoin price has suffered a huge hit over recent weeks due to China’s crypto mining crackdown.

Elon Musk’s concerns over bitcoin’s energy use has also helped wipe more than $ 1 trillion from the market.

Michael Saylor, the chief executive of business intelligence software company-turned bitcoin accumulator Microstrategy, has warned this could be a “trillion-dollar” mistake.

He told Bloomberg: “I think, given the bitcoin growth rate, this will prove to be a trillion-dollar mistake for China.

“It’s a tragedy for Chinese miners [and] it’s a geopolitical mistake for China the country – but I suppose they could afford to make a trillion-dollar mistake.”

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This post originally appeared on Daily Express :: Finance Feed

Pound to euro exchange rate: Sterling 'treading water' as value gradually decreases

Pound to euro exchange rate: Sterling 'treading water' as value gradually decreases

The pound had an “extremely sluggish” start to the week, according to one expert, and it has not moved much since. Sterling has been steadily decreasing against the euro over the past few days. What does this mean for your travel money?

Yesterday saw the pound trade at a similar rate to today, with Mr Brown saying the week had got off to “an extremely sluggish start”.

He added: “There is, sadly, little on the docket that suggests today will be any different, with this morning’s UK labour market data likely to be ignored, and GBPEUR happy to do little more than tread water around €1.16.”

After the prime minister’s announcement on Monday, some currency experts noted that the Government’s decision to delay the lifting of lockdown rules could negatively impact the pound to euro exchange rate.

George Vessey, UK currency strategist at Western Business Solutions, shared his insight with Express.co.uk at the start of the week.

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

With the news that the easing of lockdown has been delayed by four weeks, Britons are again faced with uncertainties surrounding international travel this summer.

Ian Strafford-Taylor, CEO of travel money specialist FairFX advised last week: “Britons 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.”

Mr Stafford-Taylor commented again after the Government’s announcement yesterday, saying the confirmation of a delay to the easing of lockdown rules “didn’t come as a shock to many”.

He added: “It seems the pound is weathering the storm too, with almost no movement against the euro compared to this time yesterday.

“Brits are yet to see how this delay to restrictions at home will affect their chances of an overseas summer holiday.

“However fresh speculation that foreign travel is unlikely to reopen to popular European destinations before August won’t do much to ease people’s minds.

“This comes as major airlines including British Airways, Virgin Atlantic and easyJet have started cancelling flights set to take off before July 19.”

Mr Stafford-Taylor added: “Although it’s yet to be confirmed, this news will be a big blow for holidaymakers who have their hopes pinned on a summer break after so many months in lockdown.”

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This post originally appeared on Daily Express :: Travel Feed

Pound to euro exchange rate: ‘Extremely sluggish’ start to the week – travel money advice

Pound to euro exchange rate: ‘Extremely sluggish’ start to the week - travel money advice

The pound to euro has been trading in a tight range in recent weeks. With Boris Johnson announcing yesterday that the final stage of lockdown will be pushed back by a month, should you swap your travel money now?

He said: “Markets were, yet again, moribund yesterday, with the week getting off to an extremely sluggish start. 

“There is, sadly, little on the docket that suggests today will be any different, with this morning’s UK labour market data likely to be ignored, and GBPEUR happy to do little more than tread water around €1.16.”

Yesterday was similar news when the pound continued to trade around the same mark.

At the time, Michael explained: “Sterling-euro continues to trade in a tight range just north of the €1.16 handle, with the market continuing to lack impetus to make a decisive move in either direction – broadly mirroring the broader G10 market, in fact.

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“With a quiet data docket in store today, the market is likely to do little more than mark time once more.”

George Vessey, UK Currency Strategist, Western Union Business Solutions, also explained that the delay to the full lifting of restrictions is a drag on the pound’s value.

He explained yesterday: “On the data front this week, jobs numbers are due out first thing Tuesday morning, and should show more signs of improvement.

“Inflation data drops in on Wednesday morning and retail sales wraps up the week on Friday morning.

“Against the euro, sterling has risen for five weeks on the bounce and lingers just under the €1.17 handle. Strong UK data this week could be enough to trigger a breakout north of this current resistance level.”

At the end of last week, the euro suffered a wave of “selling pressure” as traders “digested the dovish European Central Bank (ECB) meeting and favoured the cheap US dollar ahead of the Fed’s meeting”.

The expert added: “Amidst a lack of top-tier European data this week, investors will be focusing on the Fed’s rhetoric and how it compares to the ECB last week.

“The expectation is most major central banks will remain on hold from tightening monetary policy despite inflation worries, but a shift in policy stance could soon upend the calmness of financial markets at present.”

What does this mean for travel money?

With the current news that Boris Johnson is pushing back the date for lifting restrictions due to the rapid spread of the Delta variant, holidaymakers are once again faced with uncertainty about travel.

James Lynn, CEO and co-founder of Currensea explained that those heading on holiday should only swap their money once they are certain that plans are going ahead.

Ian Strafford-Taylor, CEO at travel money specialist FairFX said: “Yesterday’s confirmation of a delay to the so-called ‘Freedom Day’ didn’t come as a shock to many, and it seems the pound is weathering the storm too, with almost no movement against the euro compared to this time yesterday.

“Brits are yet to see how this delay to restrictions at home will affect their chances of an overseas summer holiday. However fresh speculation that foreign travel is unlikely to reopen to popular European destinations before August won’t do much to ease people’s minds. This comes as major airlines including British Airways, Virgin Atlantic and easyJet have started cancelling flights set to take off before July 19.

“Although it’s yet to be confirmed, this news will be a big blow for holidaymakers who have their hopes pinned on a summer break after so many months in lockdown.”

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This post originally appeared on Daily Express :: Travel Feed

Pound to euro exchange rate trading in ‘tight range’ but market lacking ‘impetus’

Pound to euro exchange rate trading in ‘tight range’ but market lacking ‘impetus’

The pound to euro has been trading in a tight range in recent weeks. Today, with Boris Johnson to unveil his plans on whether or not to ease further restrictions on June 21, the exchange rate continues to trade in a tight range, according to experts.

“Indeed, Chancellor of the Exchequer Rishi Sunak is willing to accept a delay of up to four weeks to the final stage of England’s reopening roadmap.

“Sunak has in the past been regarded as more keen to lift lockdown constraints than some cabinet colleagues.

“However, that position has since been clarified, that he was more concerned that when restrictions are lifted, the move can be permanent.”

Plans out of lockdown will be announced by the Prime Minister today.

What does this mean for travel money?

For those looking to jet off on holiday to green list countries, there remains uncertainty about international travel.

It comes after Portugal was added to the amber list after first being added to the green list. 

Ian Stafford-Taylor, CEO of travel money specialist FairFX said: “Britons 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.”

This is most likely to be last minute for many with travel plans changing constantly. 

James Lynn, CEO and co-founder of Currensea also explained that Britons should only swap their foreign currency once they are certain their travel plans are going ahead. 

Post Office Travel is currently offering a rate of €1.1229 on orders over £400.

If customers place an order of more than £500, they can get a rate of €1.1393 at the time of writing.

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This post originally appeared on Daily Express :: Travel Feed

Pound euro exchange rate: Post-Brexit 'tensions' threaten 'UK trade' – GBP falls

Pound euro exchange rate: Post-Brexit 'tensions' threaten 'UK trade' - GBP falls

The pound was enjoying a steak of growth against the euro just one month ago amid the positive vaccine rollout, however, since then it has plummeted as Brexit rears its head once again. Rising tensions between the UK and European Union (EU) could “threaten” UK trade, according to one expert.

The trade conversations come ahead of this weekends G7 summit in Cornwall.

Mr Vessey said: “The British pound eventually gave up ground on Wednesday following an increase in tensions regarding post-Brexit UK-EU trade.

“Despite the calmness of currency markets of late, sterling volatility crept higher as a result, and GBP/EUR fell under the €1.16 mark on Thursday morning.”

He continued: “The pound has been overlooking the UK-EU tensions of late, but the recent standoff about the Northern Ireland (NI) protocol ahead of the key G7 summit this week triggered a wave of sterling selling – dragging GBP pairs lower.

“The EU is considering advancing its legal challenge as a result of the UK Government’s unilateral extension of a grace period for goods moving into NI from Britain.

“This could result in tariffs and quotas being imposed, which would harm UK trade and probably cause headwinds for the pound.

“Eyes are on US President Joe Biden in case he weighs in and suggests a UK-US trade deal could be compromised, which would likely weaken the pound further.

“GBP/EUR is on track for its first weekly decline in five weeks after failing to reclaim the €1.17 handle over the past two months.

“The upside traction looks to be tiring, but short-term support lies at the 50- and 100-day moving averages before €1.15.”

For those looking to jet off on holiday in the coming weeks and months, there remains an air of uncertainty.

Whether or not countries will be added to the green list at the next review has not yet been clarified.

Ian Strafford-Taylor, CEO of travel money specialist FairFX advised: “Britons 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.”

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This post originally appeared on Daily Express :: Travel Feed

Pound euro exchange rate 'dipped slightly' Brexit relations begin to 'sour'

Pound euro exchange rate 'dipped slightly' Brexit relations begin to 'sour'

The pound to euro exchange rate has been constrained to a tight range in recent weeks. However, as Brexit relations between the UK and EU begin to “sour regarding trade issues with Northern Ireland”, sterling saw a slight drop yesterday.

The pound is currently trading at a rate of 1.1639 according to Bloomberg at the time of writing.

It has seen an uptick of 0.08 percent since the minor fall yesterday.

According to Michael Brown, senior market analyst at Caxton FX, traders are looking to the European Central Bank (ECB) for its monthly monetary policy decision.

“As expected, sterling-euro remains moribund, with the cross continuing to do little more than mark time, and move in a rather uninspiring sideways direction,” he told Express.co.uk.

READ MORE: Holidays 2021: Full list of countries accepting vaccinated Britons

He continued: “Ahead of several high-level meetings this week, UK Brexit minister David Frost called on the EU to compromise more to prevent further unrest in Northern Ireland, whilst the EU is considering tougher retaliatory measures against the UK if post-Brexit obligations aren’t implemented.

“Meanwhile, the UK government has so far avoided a showdown against Conservative rebels over foreign aid cuts but could still face a vote on the issue ahead of the G7 summit this week.

“Sterling remains suspended above the $ 1.41 and €1.16 levels versus the US dollar and euro amidst the strong UK economic outlook as economic restrictions continue to lift.

“Doubts over the June reopening are limiting GBP upside though.

“The euro has been dogged this year by the slow vaccination rollout across Europe, especially relative to the UK and US.

“But it has fought back recently following a speed up inoculations and signs of a stronger economic recovery across the bloc.

“Nevertheless, GBP/EUR has been creeping back towards €1.17 over the past four weeks.”

While the euro may have seen some growth against other currencies in recent weeks, Mr Vessey warns it is still “struggling” against the pound.

“Although scoring a 0.4 percent gain over the past three months, the euro is over five percent weaker against sterling over a six-month period,” he explained.

“The trading range of GBP/EUR has been narrowing and the weekly opening and closing rate have also been inching closer, suggesting lack of directional conviction amongst traders.”

For those eyeing a holiday in the future, the ever-changing rates could be a point of confusion.

The ever-changing traffic light travel list from the UK Government adds a further roadblock to those who would normally purchase their travel money far in advance.

While planning ahead is normally recommended, with international travel so uncertain, James Lynn co-CEO and co-founder of Currensea advises holidaymakers to hang on to their money for now.

“While it is tempting to take out foreign currency in anticipation of a holiday I would advise against this,” he said.

“Market movements are often more marginal in reality than they appear. “Especially during this volatile time, it’s safer to keep hold of your money in your UK bank account than purchasing or exchanging for holiday money.”

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This post originally appeared on Daily Express :: Travel Feed

Pound euro exchange rate ‘4% stronger year-on-year’ – euro ‘struggles’ against GBP

Pound euro exchange rate ‘4% stronger year-on-year’ - euro ‘struggles’ against GBP

The pound to euro exchange rate may have seen little movement in recent days as traders await the latest monthly monetary policy decision from the European Central Bank (ECB). Despite this, experts point to a much more promising bigger picture for sterling.

According to George Vessey, currency strategist at Western Union Business Solutions, the GBP is “four percent stronger year-on-year”.

At the time of writing, the pound is currently trading at a rate of 1.1625 against the euro according to Bloomberg.

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

He explained: “FX markets struggled to get out of first gear yesterday, with GBPEUR being no exception, and the cross doing little apart from tread water for the entire day.

READ MORE: Supersonic plane will fly London to New York in 3.5 hours

“New economic forecast will also be published by the ECB which will make upcoming data releases more closely scrutinised.

“The euro is about 1.5 percent below its 3-year high versus the dollar and around four percent higher than its March-end low.

“Against the pound, the euro continues to struggle though – falling for four weeks on the bounce.

“GBP/EUR is nearly four percent stronger year-to-date and is over 2.5 percent higher than its two-year average rate.”

“Meanwhile, UK-EU relations will be tested once again this week as the Northern Ireland protocol is set to be discussed.”

While the green list may be slim at present, many Britons are still planning on jetting off in the coming months.

While it may be tempting to harness some of the pound’s strength now, experts warn it is best to wait until your holiday is confirmed before rushing to exchange travel money.

“It may be tempting for many to rush to book this year’s holiday and take out holiday money now in preparation,” said James Lynn, co-CEO and co-founder of Currensea.

“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.

“Especially during this volatile time, it’s safer to keep hold of your money in your UK bank account than purchasing or exchanging for holiday money.”

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This post originally appeared on Daily Express :: Travel Feed

Pound euro exchange rate ‘quiet’ as June 21 decision looms – travel money advice

Pound euro exchange rate ‘quiet’ as June 21 decision looms - travel money advice

The transport secretary defended the decision as a “safety-first” approach.

Mr Shapps told BBC News: “I want to be straight with people, it’s actually a difficult decision to make, but in the end, we’ve seen two things really which have caused concern.

“One is that the positivity rate has nearly doubled since the last review in Portugal, and the other is that there’s a Nepal mutation of the so-called Indian variants which has been detected.”

He added: “We just don’t know the potential for that to be a vaccine defeating mutation and simply don’t want to take the risk, as we come up to June 21.”

With so much uncertainty surrounding whether or not other popular holiday destinations will make the green list in future, experts have cited caution over exchanging travel money.

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This post originally appeared on Daily Express :: Travel Feed

Pound to euro exchange rate: 'Far too familiar' low rate continues but rise from yesterday

Pound to euro exchange rate: 'Far too familiar' low rate continues but rise from yesterday

George Vessey, UK currency strategist at Western Business Solutions, also commented on the pound to euro exchange rate yesterday.

He blamed the pound’s poor performance on the euro’s rise in inflation, saying: “For the first time in two years, Eurozone inflation rose to two percent in May, surpassing the European Central Bank’s (ECB) target and complicating the central bank’s decision next week on whether to maintain its ultra-loose monetary policy.

“GBP/EUR slipped under €1.16 as a result.

“The increase in inflation is the hot topic driving market sentiment and is likely to fuel investors’ nervousness that central banks will scale back monetary stimulus sooner than expected.

“The jump in Eurozone inflation from 1.6 percent in April followed an even sharper acceleration of consumer price growth in the US, which recently hit 4.2 percent.

“In the UK, Bank of England Deputy Governor Dave Ramsden noted inflation worries are setting in as the central bank monitors Britain’s booming housing market.

“If inflation persists and isn’t transitory as expected, we could see enhanced currency volatility as traders bet on which central banks will tighten policy first.

“GBP/EUR is currently two cents below its 2021 high, but trading over two percent above its two-year average rate.”

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This post originally appeared on Daily Express :: Travel Feed