Friday 17th January 2014
This morning at 09:30am we saw the latest UK retail sales figures. These are watched closely as they reflect the overall economic situation in the UK, and for this reason the numbers often have an effect on exchange rates.
The figures this morning were significantly above forecast, and as you can see from today’s GBP/EUR chart below, they have caused a big spike in exchange rates:
The numbers showed that sales in December were up 5.3% on a year ago, and this is the fastest annual sales growth in more than nine years. The forecast was for 2.6%, so it’s significantly better than expected. The figures from the Office for National Statistics (ONS) suggested growth in consumer spending above the expectations of many analysts.
There aren’t many other significantly releases today, other than a speech by a Bank of England member at lunchtime, and some US Housing numbers later this afternoon.
Do you need to buy Euros?
We’ve seen this happen several times now over the last 6 weeks, only for the gains to be short lived and rates to drop back away again, so if history repeats itself we could well see rates drop back away.
If you need to convert Pounds to Euros, this could be a good opportunity to take advantage of this spike.
If you need to buy Euros and would like to see what rates I can offer you, click here to send me a free enquiry.
Are you converting Euros back to Pounds?
Rates have been above the €1.20 level for some time now, and we have seen it spike several times before dropping back away. If you need to convert Euros to Sterling then the medium term forecast for the market moving against you should ring alarm bells.
You can use tools such as Stop Loss Orders to help you achieve the best rates possible. If you would like to find our more about how these works and the excellent exchange rates I can offer you, click here to get in touch with me today.
Are you converting another currency, for example NZD, AUD, CAD, USD, CHF?
I can trade most of the world’s major currencies, at exchange rates that are up to 5% better than banks can offer. This combined with the range of currency contracts available and my excellent knowledge of the currency markets could save you thousands of Pounds if you need to convert one currency to another.
Why are you reading this? Perhaps you’re buying or selling a property abroad, or buy or sell goods in a different country, but whatever your requirements, you are likely reading this because you want to know which way exchange rates may move, and would like to achieve the best exchange rate possible.
I can have a brief chat with you over the telephone, discuss your requirements, explain the options you have available, and let you know the rate I can offer. By getting in touch you could well save yourself thousands of Pounds.
I look forward to hearing from you. Have a great weekend.