Fluent in Foreign Exchange
Every year we help thousands of individuals save money on their foreign currency payments for property purchase, emigration, overseas mortgage repayments, etc.
If you make or receive payments in a foreign currency, we could save you a great deal of money and make your currency transfers simple.
We guarantee much better exchange rates than the ‘tourist rates’ you would normally get from your bank and can save you up to 6% on currency transfers typically saving you £5,000 on a £100,000 transfer.
A is for Account:
Open a free account with us - Your account can be opened the very same day and you will be assigned a dedicated account manager.
B is for Better Rates:
Your account manager will keep you informed on currency market movements and get the best exchange rate for you at the time. Once agreed, this rate is then guaranteed for you.
C is for Currency Transfer:
Once you have paid for your currency we will immediately transfer the money to the bank account specified by you, anywhere in the world.”
Benefits at a Glance
- Highly competitive exchange rates
- Quick and easy same-day transfers
- Free tailored service with our currency experts
- Dedicated Relationship manager
- Safe & Secure transfers
- Authorised by the Financial Conduct Authority
- Segregated Barclays Bank Client Accounts
UK economic output slumps to record drop
13 Aug 2020
UK Economic output slumped to a record drop yesterday, shrinking 20.4% between April and June. This period was when lockdown was at its strictest and is undoubtedly the contributing force here. Whilst this data is not surprising, it is still telling that this is the largest contraction of any developed economy thus far.
However the timing of lockdown compared with other economies must also be accounted for when understanding this comparison. June saw the relaxing of certain lockdown measures and as a result, GDP for the month actually recouped some losses as it grew 8.7% month on month. This can give us a window of hope for the recovery in the next quarter with restrictions continuing to ease.
The dollar resumed its poor month yesterday as hopes fade on a possible compromise between the Republicans and Democrats over additional stimulus for the US economy. Many analysts believe that one will eventually be found, especially as this is a unifying issue and lawmakers can’t go back to their constituencies with nothing to show. Trump has unsurprisingly been critical of congressional Democrats, accusing them of not wanting to negotiate over a package. Market sentiment has swing between optimism and pessimism as we still await the final outcome on this.
Sterling gains against a strong US Dollar
12 Aug 2020
Sterling gained against a strong US Dollar on Monday after failing to hold onto last weeks five month’s high with further swings expected in the coming weeks.
With lockdown measures lifted over the past two months, better than expected date will provide some short term volatility for the pound with GDP and unemployment data out later this week. Furthermore, focus will be on fiscal stimulus in the US and that could also affect sterling’s position against the dollar.
At the moment, sterling has no real direction due to ongoing Brexit uncertainty, economic data and fears of a potential second wave. The economic impact of the coronavirus and difficult Brexit negotiations still leaves an option for the Bank of England to cut interest rates to zero if needed and this could hurt the pound in the long run.
The dollar rose on Monday as investors focused on the fiscal stimulus plan in the United States and US-China tensions ahead of key trade talks this week. The greenback rose to one week highs due to recent better than expected non-farm payrolls data, but the dollar still has been on the decline.
Speculators increased net short dollar positions in the latest week, according to weekly futures data on Friday. The dollar’s strength at the end of last week was also due to escalating tensions between the United States and China, with the US imposing sanctions on top Hong Kong and Chinese officials. This led to safe-haven flow increasing which pushed the dollar higher. Senior officials from the US and China will meet this week to review the implementation of their Phase 1 trade deal.
UK falls into recession
12 Aug 2020
Sterling was a touch lower against both the euro and dollar this morning as data showed the UK falling into a recession for the first time in eleven years.
Official figures released by the Office for National Statistics (ONS) showed the UK economy contracting for the second consecutive quarter, suffering worse than any other European nation during the coronavirus lockdown as GDP contracted by 20.4% for Q2. By comparison, Spain contracted by 18.5% and the United States contracted by 9.5% in the same period.
The poor reading is largely due to the UK spending the majority of Q2 in lockdown. Since then, lockdown restrictions have eased and the UK’s economic recovery has started. For instance, today’s data showed GDP for June exceeding expectations of 8% growth to read 8.7%. Despite this, concerns remain for the UK economy. With coronavirus cases rising above 1000 for the first time since June yesterday, the job retention scheme coming to an end in October and Brexit progress seemingly few and far between, there are still potential hurdles for the economy to clear in the next few months.
Today’s GDP release, follows yesterdays downbeat jobs data which is starting to show cracks as we head towards the end of the furlough scheme in October.
According to data released by the ONS, job losses are currently at a ten year high, with employment falling by 220,000 in Q2 and down by 730,000 since March. There was also a rise of 113% in universal credit claims which rose to 2.689 million in July.
Surprisingly, the unemployment rate which is being propped up by the governments job retention scheme beat expectations of a 4.2% rise in unemployment to hold at 3.9%. But the indicators are growing that this could soon change with businesses now having to contribute to the furlough scheme. As well as keeping people in jobs, the job retention scheme contributed to the biggest fall in pay for ten years as pay fell by 1.2% between the period of April and July owed to furloughed workers receiving 80% of their pay.
Commenting on the news, Finance Minister Rishi Sunak acknowledged that whilst the government’s furlough scheme was working, job losses were inevitable.
The dollar benefitted from dampening risk appetite yesterday afternoon following comments from US Senate Republican official Mitch McConnell. McConnell admitted that talks on a coronavirus stimulus package had not progressed and that talks between White House officials and democrats have not taken place since talks broke down last week.
Rising tensions between China-US also resulted in some safe-haven activity. Yesterday China retaliated to the decision by the US to sanction eleven Chinese officials for curtailing political freedoms in Hong Kong by imposing their own sanctions on eleven US officials.
13:30 – USD – Consumer Price Index ex Food & Energy (MoM) (JUL) expected to hold at 0.2%
13:30 – USD – Consumer Price Index ex Food & Energy (YoY) (JUL) expected to fall to 1.1% from 1.2%
US jobs data boosts dollar
10 Aug 2020
Sterling lost momentum on Friday and was on track for its biggest daily fall since June against the US Dollar as global market sentiment turned sour after the latest stand off between the US and China. As the dollar strengthened due to positive jobs data and save-haven follow, this impacted cable to fall lower.
Sterling still remains highly volatile due to ongoing Brexit talks and fears of a second wave of coronavirus cases, but the currency has recently been boosted by the Bank of England announcing it will not look to negative interest rates.
Furthermore, post-Brexit trade deal has been struck. Michael Gove said that there had been a change of tone from the EU in recent weeks, allowing progress to be made.
The US Dollar bounced back on Friday after US jobs data for July was better than expected and eased some investor worries in regards to the US labour market. Although positive data helped the US Dollar to rebound, it still posed a seventh week of decline.
The US Labor Department’s report showed nonfarm payrolls increased by 1.76 million in July. While that was more than the 1.6 million economists surveyed by Reuters had forecast, it was still sharply lower than the record 4.8 million in June.
Despite Friday’s gains, the outlook for the dollar still looks uncertain as a stimulus package still has not been agreed and investors believe a stimulus package is required to prevent the economy falling further.
Sterling strengthens as BoE was less dovish than expected
07 Aug 2020
The pound strengthened yesterday as the Bank of England was less dovish than expected, despite acknowledging that the economy would take longer to recover than first expected.
The central bank revised its belief that the economy would recover by second half of 2021, now stating that the economy would not recover to its size at the end of 2019 by the end of 2021.
Most focus seemed to centre on the notion that negative interest rates would not be on the table for now, and all of the policy makers voted unanimously to keep the interest rate at 0.1%. Governor Bailey stated that whilst they had no plans to cut to below zero, they are not removing it from their toolbox.
Ahead of today’s key payrolls report, the dollar gained some strength in the early hours of trading due to increased concerns around the worsening in relations between the United States and China.
President Trump has taken early steps to ban transactions with the Chinese owners of two popular mobile apps; Tencent Holdings and ByteDance. Trump has stated that the apps owned by these companies (such as TikTok and WeChat) are a threat to national security and will action a ban that will start in 45 days. This is being seen by investors as the latest development in the escalation of tensions between the world’s two biggest powers.
All eyes are now on today’s non-farm payrolls with the expectation that US jobs created will have slowed, in line with the recent resurgence in coronavirus cases.
13:30 – USD – Non-farm Payroll (Jul); expected to decrease from previous 4800k to 1600k