Tag Archives: exchange

Pound to euro exchange rate stuck with 'little impetus to go higher' after hitting 'lows'

The pound to euro exchange rate has stayed much the same after the weekend. Last week, the value plummeted to a two month low.
The pound is currently trading at a rate of 1.1631 against the euro, according to Bloomberg at the time of writing.

This is much the same as the rate at the end of last week, with the pound trading at 1.1651 on Friday.

Michael Brown, currency expert at Caxton FX, commented on the lack of change.

He explained the strength of the pound has struggled to increase.

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“Sterling starts the holiday-shortened week broadly where it ended the last, trading just shy of 1.1650,” he told Express.co.uk.

“The market seems to have little impetus to move prices further higher.”

Mr Brown continued to say there are Purchasing Managers Index surveys due to be released this week.

However, they are unlikely to cause changes in the exchange rate.

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He added: “The data calendar is busy, with a host of PMI surveys due, though the impact of said data is likely to be rather minimal.”

Those living in England are allowed to visit a small number of places on holiday after some travel restrictions were relaxed.

Countries such as Portugal, Gibraltar, Australia and Iceland were put on the green list.

Others were put on the red or amber list, which means there are restrictions for those wanting to travel to them.

Speaking of the drop at the time, the expert stated the strength of the pound was struggling.

He said: “Sterling sank to fresh two month lows against the common currency yesterday.

“With strong month-end demand for the euro continuing, and the pound struggling to find much love.

“Today’s economic calendar is nearly completely empty, meaning that the aforementioned flows will remain the main driver of price action.”

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This post originally appeared on Daily Express :: Travel Feed

Pound euro exchange rate springs back from ‘two-week lows’ but 'Brexit woes on horizon'

The pound to euro exchange rate remains “rangebound” after a sudden drop yesterday. According to experts, yesterday sterling fell to a “two-week low” before recovering its former position all within 24 hours.
The pound is currently trading at a rate of 1.1598 against the euro according to Bloomberg at the time of writing.

Speaking exclusively to Express.co.uk, Michael Brown, currency expert at Caxton FX, explained his insight into the current exchange rate.

“Sterling touched two-week lows against the euro yesterday, though that is a less significant milestone than it sounds given the tight trading range of late, and the pound’s losses have been recovered overnight,” he said.

“Another quiet data docket lies ahead, likely leading to a rather quiet trading day once more.”

READ MORE: Green list expanding ‘soon’ but what countries will be on green list?

“That has supported sterling alongside data releases last week that showed British inflation more than doubled in April and UK unemployment unexpectedly fell between January and March.

“The key question is whether rising inflation will impact the Bank of England’s (BoE) monetary policy, prompting it to raise rates sooner.

“Brexit is at the margins of the headlines, but several issues are yet to be resolved.

“Any impasse in talks about the services sector could weigh on the pound.”

Though the pound is currently back in a “rangebound” position, Britons jetting off to “green list” European destinations may be hoping to swap their travel money before any significant changes occur.

While rates may be steady now, experts warn holidaymakers should not rush into buying travel money.

James Lynn, CEO and co-founder of Currensea, explained: “While it’s excellent news international travel is opening up, the proposed traffic light system will mean there will still be an element of disruption this summer, both to travel companies and consumers.

“Extra caution and careful planning will be really important when it comes to planning holidays this year – and keeping abreast of the latest updates will be key.

“Financial safety when travelling must also be top of mind for consumers. Sudden changes and cancellations, which remain likely could put travellers at risk if the right precautions aren’t taken.”

Holidaymakers should instead wait until they are certain their destination is on the “green list” and their travel plans are going ahead before purchasing their foreign currency.

“For those looking to travel abroad this summer, following the pound and keeping an eye on both exchange rates and the latest travel announcements are some of the best and most simple ways to make sure they get the most for their money,” added Ian Strafford-Taylor, CEO at travel money specialist FairFX.

“Although 12 countries and territories appear on the approved green list, holidaymakers will be hoping for more positive news at the next review in three weeks’ time, as many of our favourite summer destinations are still in the precarious amber category.”

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This post originally appeared on Daily Express :: Travel Feed

Pound to euro exchange rate: Sterling had a 'poor' day yesterday – travel money latest

After being pulled beneath the 1.16 handle yesterday morning, sterling has since not moved much and remained there throughout the day. The pound’s performance today is expected to be the same due to a quiet financial calendar, according to one expert.
Yesterday, Mr Brown explained that sterling was not able to benefit this week from “the broadly weaker dollar to the extent that other core G10s have been able to”.

He predicted a poor performance from the pound, saying: “This morning’s inflation data, although likely to show a spike in UK prices, will largely be ignored given it is skewed by a range of one-off factors.

“Therefore, another rangebound day may lie ahead.”

George Vessey, UK Currency Strategist at Western Union Business Solutions, also gave his insight on the current pound-euro and pound-dollar exchange rates yesterday.

Mr Vessey said that the pound’s poor performance is due to the euro’s strength as Europe’s economies start to reopen post-lockdown.

However, the UK’s inflation rate has increased in recent months, and if the pound could strengthen if this continues.

“The post-lockdown spending spree in the UK has begun, as the UK’s inflation rate doubled in the month of April,” Mr Vessey explained.

“Consumer prices climbed 1.5% from a year earlier last month following a 0.7% rise in March.

“Sterling’s reaction was generally muted, but it could strengthen if this higher inflation trend persists.”

The Currency Strategist added: “GBP/USD is hovering just shy of $ 1.42 after a strong jobs report hoisted sterling higher yesterday.

“GBP/EUR is back under the €1.16 mark though following broad-based euro strength as European economies continues to slowly reopen.”

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

The ban on international travel was lifted on Monday, May 17, meaning that Britons are now permitted to holiday abroad.

The UK’s travel traffic lights system means that holidaymakers can travel to “green” countries without having to quarantine on return.

However, travel experts have warned that “extra caution” is due in the coming weeks when booking holidays and swapping travel money.

James Lynn, CEO and co-founder of Currensea, said: “While it’s excellent news international travel is opening up, the proposed traffic light system will mean there will still be an element of disruption this summer, both to travel companies and consumers.

“Extra caution and careful planning will be really important when it comes to planning holidays this year – and keeping abreast of the latest updates will be key.

“Financial safety when travelling must also be top of mind for consumers. Sudden changes and cancellations, which remain likely could put travellers at risk if the right precautions aren’t taken.”

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This post originally appeared on Daily Express :: Travel Feed

Pound to euro exchange rate: Sterling in 'rangebound' despite new highs earlier this week

Sterling stood just above the 1.16 handle yesterday as it did not benefit from the weaker dollar like other currencies did, according to one finance expert. The pound has been trading from the mid-to-low €1.16s since the start of the week, but it has this morning dropped further.
However, sterling did perform better yesterday than Monday, where it experienced a “quiet day” and remained in the low-€1.16s.

This is despite the pound hitting new highs for 2021 over the weekend.

On Monday, Mr Brown said: “Sterling had its best day against the euro since last December yesterday, rallying to three week highs.

“This is as the market reacted positively to the weekend’s election results, and the perceived lower risks of a second Scottish independence referendum.”

So, what does this mean for your travel money?

The ban on international travel was lifted on Monday, May 17, meaning that Britons are now permitted to holiday abroad.

The UK’s travel traffic lights system means that holidaymakers can travel to “green” countries without having to quarantine on return.

These destinations include Gibraltar, Iceland, Singapore, Australia, and New Zealand.

However, travel experts have warned that “extra caution” is due in the coming weeks when booking holidays and swapping travel money.

James Lynn, CEO and co-founder of Currensea, said: “While it’s excellent news international travel is opening up, the proposed traffic light system will mean there will still be an element of disruption this summer, both to travel companies and consumers.

“Extra caution and careful planning will be really important when it comes to planning holidays this year – and keeping abreast of the latest updates will be key.

“Financial safety when travelling must also be top of mind for consumers. Sudden changes and cancellations, which remain likely could put travellers at risk if the right precautions aren’t taken.”

In other travel news, British Airways launched £40 PCR tests yesterday to help drive down the price of COVID-19 testing before travel.

BA’s CEO Sean Doyle said: “We are working hard to drive down the costs, so we just launched a £40 PCR test today.

“We are working with the Government and are pushing them to drive down the costs of testing.”

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This post originally appeared on Daily Express :: Travel Feed

Elon Musk blasted by crypto exchange founder for 'counterproductive' Bitcoin suspension

The Tesla CEO announced on Wednesday the company would temporarily be suspending payments of Bitcoin over fears about its environmental impact. Nick Spanos, founder of the Bitcoin Center NYC in 2013, has challenged Mr Musk’s decision to suspend the payments.
Mr Spanos said Mr Musk’s suspension of bitcoin payments is “counterproductive”.

Speaking to Express.co.uk, he said: “I challenge Elon that if Bitcoin is too dirty for him to accept as payment for his electric vehicles, then it should also be too dirty to ‘hold’ for profits based on everyone else using it.

“At least Climate Czar John Kerry divested from his millions in the oil industry before taking his position of virtue.

“Curiously, Elon wants to deny green-conscious consumers the ability to trade their supposedly dirty coin for a clean car.

“That seems counterproductive.”

READ MORE: Bitcoin future ‘unclear’ as Elon Musk turns his back

The founder of the Bitcoin Center and prominent crypto investors then supported Bitcoin’s energy consumption.

He told Express.co.uk: “A huge component of Bitcoin’s power consumption is sustainable due to the reactivation and construction of new hydroelectric sources.”

On Wednesday, Mr Musk announced Tesla would be suspending Bitcoin payments for the company’s vehicles over fears about its environmental impact.

He said, in a statement, Tesla was also potentially interested in accepting payments in cryptocurrencies with less than one percent of Bitcoin’s energy footprint.

Mr Musk added: “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”

The price of Bitcoin fell as much as 15 percent following Tesla’s decision to stop accepting the token.

According to crypto site Coindesk, the value of Bitcoin fell from $ 54,602.77 (£38,838.30) at 11pm to $ 52,466.99 (£37,319.15) just 15 minutes after Mr Musk’s tweet.

As of publishing, the value of Bitcoin has hit $ 50,034.05 (£35484.90).

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It followed an index compiled by Digiconomist, which publishes estimates of the token’s climate impact, showing Bitcoin consumes around 115 Twh per year.

A study by the research platform claimed the Bitcoin network could consume as much energy as all data centres globally, with an associated carbon footprint matching London’s footprint size.

Mr Musk has been a vocal supporter of Dogecoin and other digital currencies, which have surged in value over the last year.

Dogecoin in particular rose by a staggering 12,000 percent from January to May 5.

Technology company TRG Datacenters also holds Dogecoin consumes 0.12 Kilowatt-hour or KWh per transaction, meaning it meets Mr Musk’s desire for a more efficient cryptocurrency.

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This post originally appeared on Daily Express :: Finance Feed

Pound euro exchange rate benefitting from ‘euros weakness’ as GBP continues recent boost

The pound continuing its major boost against the euro. As the weekend approaches, sterling is holding onto its position above the 1.16 mark, something experts suggest is largely thanks to the “euros weakness”.
Though no major global events are predicted to shake the current exchange rate, traders are expected to continue to err in favour of the pound.

The pound is currently trading at a rate of 1.1618 according to Bloomberg at the time of writing.

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

“Sterling continues to trade in the mid-1.16s, benefitting on Wednesday from a touch of EUR weakness that helped to push the cross towards new highs, despite a lack of impact from a couple of notable data releases.

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“Today’s calendar is also quiet, though sterling bulls will be looking to continue their upside momentum.”

George Vessey, UK currency strategist at Western Union Business Solutions has suggested sterling’s latest growth could be due to positive news about the UK economy as the nation emerges from its third lockdown.

“UK GDP shrank by 1.5 percent in the first quarter of this year, ending a two-quarter period of growth but coming in slightly stronger than originally forecast,” he said.

“Britain’s locked-down economy caused household spending to collapse and school closures and a large fall in retail sales earlier in the quarter also weighed on output.

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“Nevertheless, the impact on the economy was much smaller than during the first lockdown when GDP plummeted by nearly 20 percent. Furthermore, the gradual easing of lockdown measures meant GDP rose 2.1 percent in March following a revised 0.7 percent increase in February.

“Economic momentum is clearly building as companies step up investment and households look to unleash record amounts of savings accumulated during the pandemic.”

He continued: “The UK’s positive growth rate differential has arguably been priced into sterling’s value, but if the Bank of England start to scale back its bond-buying programme or hint a raising interest rates sooner than expected, then this should drive sterling to fresh 2021 highs.”

For Britons eyeing up a holiday to a “green list” country from May 17, the favourable exchange rate could be tempting.

However, experts have warned not to switch money until they are absolutely certain their holiday plans will go ahead.

It is crucial to keep an eye on the latest travel restrictions both in the UK and in the holiday destination, as they can change at short notice.

Many nations are also not yet reopening their borders to Britons travelling for non-essential purposes.

James Lynn, CEO and co-founder of Currensea added: “While it’s excellent news international travel is opening up, the proposed traffic light system will mean there will still be an element of disruption this summer, both to travel companies and consumers.

“Extra caution and careful planning will be really important when it comes to planning holidays this year – and keeping abreast of the latest updates will be key.”

It isn’t just the exchange rate that Britons should keep an eye on.

“Financial safety when travelling must also be top of mind for consumers. Sudden changes and cancellations, which remain likely could put travellers at risk if the right precautions aren’t taken,” continued Mr Lynn.

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

Pound to euro exchange rate: Sterling hits highest value as it has 'best day' this year

“This is as the market reacted positively to the weekend’s election results, and the perceived lower risks of a second Scottish independence referendum,” Michael continued.

“Today’s data calendar is quiet, hence attention will be on whether the quid can consolidate yesterday’s advance.”

The sterling has been steadily climbing against the euro since the election took place.

Speaking yesterday, the currency expert stated the pound started the week strong.

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This post originally appeared on Daily Express :: Travel Feed

Shiba Inu hits another exchange as SHIB deposits overwhelm Binance

Shiba Inu (SHIB) was listed on three different cryptocurrency exchanges in the past 48 hours, after an explosive 966% surge in the same time frame sent the token to 18th in the market cap rankings.

Self-described as the “Dogecoin Killer”, Shiba’s instant addition to Binance on May 10 surprised onlookers, many of whom expected a more in-depth listing process by the world’s largest crypto exchange.

What’s more, the fact that 50% of the SHIB token supply is in the hands of one individual made Binance’s decision to list the token immediately all the more surprising.

The Shiba team purposely sent 50% of the 1 quadrillion token supply to Ethereum co-creator Vitalik Buterin as a means to put the tokens out of circulation. The other 50% was apparently sent to the Uniswap app to provide liquidity. In doing so, the creators claim to have created a decentralized token, the fate of which will be decided solely by the market.

Binance founder and CEO Changpeng Zhao spoke out on the issue of Shiba Inu on Monday, telling his Twitter audience that the exchange was simply following user demand. Zhao said demand to trade SHIB was so high that Binance ran out of deposit addresses for the Ethereum based token:

“Some have voiced concerns about $ SHIB listing. We follow users. There is a large number of users demanding it, to the point where we ran out of ETH deposit addresses due to SHIB today. Never happened before for any other ERC20 coin.”

“Not endorsing it. Super high risk. NFA,” he added.

Shiba Inu’s recent emergence came fresh on the back of the rise of Dogecoin (DOGE). Like Dogecoin, Shiba Inu is emblazoned with a variation of the Shiba Inu dog meme. Also like Dogecoin, Shiba awakened from months of inactivity to surge to what was an all-time high on April 20 (i.e. 4/20 day), the same day Dogecoin reached a then all-time high of $ 0.420.

But what is there to Shiba Inu except for funny dogs and crazy percentage gains? Well, the project’s “woofpaper” alludes to the creation of ShibaSwap, a decentralized exchange where SHIB holders will be able to swap tokens and take part in yield farming. The exchange is currently undergoing “security tests, audits and final updates,” according to the project’s website.

In addition to SHIB, the project also encompasses a multi-token system consisting of BONE and LEASH. All three are expected to be used as part of Shiba Inu’s yield farming feature.

In addition to Binance and FTX, the OKEx exchange also fell in line and listed Shiba Inu according to Tuesday’s press release.

OKEx CEO Jay Hao used the term “experimental” to describe the motivations behind the token listing, and declared a willingness to list “memetic” tokens.

“We are pleased to welcome Shiba Inu to the OKEx platform. I appreciate their experimental spirit, which is exactly what the blockchain and crypto space needs. As an exchange, we are delighted to be able to offer a diverse portfolio of cryptocurrencies, including memetic tokens,” said Hao.

CoinGecko, a cryptocurrency data aggregator with close to 100 million views per month, still hasn’t given Shiba Inu a proper listing. By all accounts, this is because it has thus far failed to determine accurate circulation numbers for the token.

We asked Binance how the presence of 500 trillion SHIB (worth over $ 15 billion) in Vitalik Buterin’s personal wallet affected their calculations of the token’s circulating supply. They refused to comment on matters relating to Shiba Inu.