Tag Archives: exchange

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.”

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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

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

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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.

‘I’ll slap him’: Ex-champ Cormier in furious exchange with Jake Paul at UFC 261 as Dana White condemns ‘circus’ (VIDEO)

Author: RT
This post originally appeared on RT Sport News

Dana White, Daniel Cormier and the capacity crowd in attendance at Saturday’s UFC 261 weren’t shy in letting Jake Paul how they feel about the controversial YouTuber-turned-boxer on a night of high drama in Florida.

Paul’s fledgling combat sports career continued this month when he knocked out former UFC fighter Ben Askren in a fight which Triller say generated a bountiful pay-per-view audience, but it was clear that the 23-year-old hasn’t quite found himself in the good graces of the UFC fraternity. 

Chants of “F*ck Jake Paul” could be heard break out during the featured prelim fight between Randy Brown and Alex Oliveira, with commentator Joe Rogan noting the tepid reaction – before co-commentator Cormier announcing on the broadcast that he had just had a confrontation with Paul, and that the two had been exchanging social media messages in the days after Paul’s first-round knockout of Askren.

I just saw Jake Paul and I pointed at him and said don’t play with me,” said Cormier. “‘Cause I’ll smack him in the face. He’s right there. I’ll slap [him]. I don’t play those games, Joe.”

Speaking in the post-fight press conference, UFC boss White broke one of his own cardinal rules when he was asked about Paul – a fighter not under contract to him – and said that while he respects Paul’s ability to generate box office money, he says his combat career is little more than a “freak show“.

This kid’s done a good job of putting himself in a place to make some money,” White admitted.

Good for him, he’s got you guys talking about him all the time, asking questions about him, got Daniel Cormier running after him, so he’s doing something right.

He knocked out an NBA guy who was 40 years old and 30lbs less than him and I don’t even know what do think about the Askren thing.

The whole thing is f*cking mind boggling to me, but good for him, grab that money while you can kid.”

Paul claimed in the aftermath of his fight with Askren that the event had generated a massive 1.5 million pay-per-view buys, leading to a bonanza of $ 75 million for the Triller-promoted fight.

White, though, is sceptical of those numbers.

Nah, I don’t know if the numbers are there,” he said when asked about Paul’s promotional pull.

Do you even know what would happen to this guy? He ain’t fighting in the UFC. You’re getting me talking about this f*cking guy again!

You’re getting hand-picked opponents and God knows what else is going on with that whole f*cking thing.

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There is a market for that. That’s not what I do. People wanna see that, this kid’s gonna make a couple bucks before this ride’s over, and it’s just not what I do.

And the numbers that you’re hearing that they did are full of sh*t, they’re full of sh*t. They didn’t pull those kind of numbers at all, not even f*cking close.

I don’t believe anything they say, that’s a f*cking circus. I built a real business here, a real sport. That’s a freak show.

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RT.com

Turkey’s crypto mayhem: Vebitcoin exchange faces probe, becomes 2nd platform to go down in days

Author: RT
This post originally appeared on RT Business News

In the second big crypto scandal emerging in Turkey this week, the financial watchdog has blocked all onshore bank accounts and arrested staff of Vebitcoin, after opening an investigation into yet another exchange.

“Four administrators and personnel of the company were detained on Saturday on allegations of fraud,” Mehmet Nadir Yagci, a prosecutor in the southwestern city of Mugla, said on Saturday, as cited by Reuters.

The move was reported shortly after Vebitcoin, one of the top five crypto platforms in Turkey, with daily volumes of nearly $ 60 million, announced that it had halted all of its activities. Vebitcoin explained the shutdown with the necessity to “fulfill all regulations and claims” after facing an unexpectedly higher density in operations.

Also on rt.com Turkey bans use of cryptocurrencies for payments, citing possible ‘irreparable’ damages

Vebitcoin become the second platform to collapse in one week, after its local rival, Thodex, abruptly halted operations. The head of the platform, Fatih Faruk Ozer, had earlier fled the country, reportedly taking up to $ 2 billion of investors’ money with him. While reports indicated that the funds of nearly 400,000 users could be locked by the platform, Ozer earlier insisted that the number of people who have investments in the exchange is about 30,000.

Turkish authorities opened an investigation into the platform and its managers and, on Friday, some 62 people were arrested as a part of the probe, while the police is looking for 16 more suspects, Anadolu reported, citing a security source.

Also on rt.com Dogecoin plunges after meme-inspired crypto frenzy pushed its market value higher than Twitter

Turkish investors have been using virtual assets as a hedge against rising inflation and depreciation of the lira. Turkey’s annual inflation surged above 16% in March, well above the central bank’s 5% target level. 

Last week, the Turkish central bank banned the use of cryptocurrencies and crypto assets to purchase goods and services. The measure comes into force on April 30.

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

Avram Glazer's snappy reply as Man Utd owner asked about selling club in tense exchange

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This post originally appeared on Daily Express :: Sport Feed

Manchester United co-owner Avram Glazer gave a short and snappy reply in a tense exchange with the Daily Mirror’s Christopher Bucktin when asked whether he and his family will be selling the club following the fallout of United’s failed attempt to form part of the European Super League (ESL).

The United owners have faced a fierce backlash for their involvement in the ESL plot, which was an attempted 20-team breakaway league designed to rival UEFA’s Champions League.

The Red Devils joined their ‘Big Six’ Premier League rivals Liverpool, Manchester City, Chelsea, Arsenal and Tottenham in signing up alongside six clubs from Spain and Italy, with the Glazers claimed to have been among the chief architects behind the scheme.

The doomed project collapsed spectacularly inside 48 hours – although Real Madrid, Barcelona and Juventus are still clinging on – amid a furious reaction from supporters of all six English clubs involved, and executive vice-chairman Ed Woodward has since resigned, with reports claiming he disagreed with his superiors.

Woodward, who won’t actually leave his post until later this year, said publicly that he feels “huge remorse” over the Super League discussions and declared his role in the plot as “one of the biggest mistakes” of his professional career.

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Joel Glazer meanwhile wrote an open letter to the United fanbase on Wednesday in which he apologised “unreservedly” and said that he is “personally committed to rebuilding trust” with fans.

He added: “We also realise that we need to better communicate with you, our fans, because you will always be at the heart of the club.”

The Glazers have owned United since 2005 but have had little communication with supporters since then, for which they have been heavily criticised.

But when approached by the Daily Mirror in Florida, Avram Glazer was less willing to discuss recent events and when asked to apologise to supporters similarly to his brother Joel, reportedly stayed quiet.

Mirror reporter Bucktin then asked Avram: “Are you now going to sell the club Mr Glazer, as it’s clear you have no understanding of your club’s supporters or British fans?” But the 60-year-old, who also owns NFL franchise the Tampa Bay Buccaneers, snapped back to say only “no comment” before driving off.

Club legend Gary Neville has been among those to call for the Glazers to part ways with United and said on Sky Sports: “They attacked every single football fan in this country with what they did. The Glazers have no place in Manchester anymore.”

Protests were held against the family’s ownership on Thursday in Manchester as groups of supporters blocked both entrances to the club’s Carrington training ground.

United boss Ole Gunnar Solskjaer addressed the angry group of around 20 protestors, holding up banners among which read ‘Glazers out’, ‘51%’ and ‘We decide when you play.’

The Norwegian admitted in a press conference on Friday: “I will always listen to the fans and I thought it was the only right thing to do, to listen to them and talk to them and have a nice discussion with them, a peaceful discussion, because it’s important that we respect each other’s views.

“I said a few things about what I think the team will do in the future. What we spoke about, we don’t need to go into that. It was a good 10 minutes and I was happy with that. I gave a fist bump and then we parted.”

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Solskjaer also backed the Glazers and said of his relationship with the United owners: “I’m so happy that all the owners, all the clubs involved agreed that this was a mistake.

“I’ve always had a good working relationship with the club and the owners. Of course behind the walls of the building we speak, they listened to my opinions and we’re working to move Man United forward, of course.”

Two of the Red Knights consortium who sought to buy United a decade ago however want reform at the club including greater supporter input on the board.

Lord O’Neill and Sir Paul Marshall wrote to Joel Glazer asking for his family to sell their stake down to 49.9 per cent and create a supervisory board to give fans 50 per cent plus one controlling votes.

“If your stated desire to rebuild trust is sincere, these proposals are the minimum steps you should choose to make,” the letter, published by Sky News, read.

Pound to euro exchange rate: Sterling 'lost ground' yesterday after 'best day in month'

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This post originally appeared on Daily Express :: Travel Feed

Sterling began to increase on Monday this week, reaching above the 1.16 mark against the euro and thus experiencing its “best day” this month, according to financial experts. However, the pound lost its momentum yesterday and started to decrease.
He said: “Sterling lost some modest ground yesterday, failing to close north of the €1.16, which may give the bears some degree of short-term control.

“The data calendar is once more light today, so the broad 1.1490 – 1.1710 range will likely remain in play.”

It is therefore not yet clear, according to Mr Brown, if the pound’s value against the euro will increase or decrease today.

Speaking yesterday about sterling’s success on Monday, Mr Brown said: “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.

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

George Vessey, UK Currency Strategist for Western Union Business Solutions, also commented on the pound’s performance at the start of the week.

He said: “After seven successive daily declines amounting to about 2.5 percent, GBP/EUR rebounded from the upper realms of €1.14 last week and has recouped half of its monthly losses.

“Yesterday was sterling’s best performance versus the euro in a month, rising over 0.6 percent on the day.”

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

Foreign travel is currently off the cards for Britons, however, some countries could reopen their borders to tourists from May 17.

The Global Travel Taskforce is currently looking into how to categorise countries into a traffic light system, with green countries free to visit, amber requiring isolation on return, and red banned.

The eight countries that could be given the green light are the USA, Gibraltar, Israel, Iceland, Ireland, Malta, Australia and New Zealand.

However, the Australian and New Zealand governments have said that they are not likely to be permitting visitors.

Many Britons have booked holiday tickets over the past few weeks, but experts have warned against exchanging travel money just yet.

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.

“’

Pound euro exchange rate in ‘tight range’ amid ‘vaccine euphoria’ – travel money advice

For hopeful holidaymakers, the sudden change in the exchange rate in recent weeks may seem confusing.

However, there are still ways to get more bang for your buck.

The key to this is both research and planning, according to James Andrews, senior personal finance editor at money.co.uk.

Mr Andrews encourages Britons not to rush into exchanging their travel money before the Government has confirmed more about whether or not international travel will go ahead on May 17.

“International travel is currently prohibited by law until May 17 earliest,” explained Mr Andrews.

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

This article originally appeared on Daily Express :: Travel Feed