FairFX Press Releases > Euros Related Posts
The pound has fallen significantly against the Euro and Dollar in the past 24 hours alone – falling from $1.6598 to £1 to $1.6479 to £1, and from €1.1366 to £1 to €1.1203 to £1.
Stephen Heath, Chief Executive of FairFX.com, said: “The value of Sterling fell dramatically yesterday morning after Mervyn King said the MPC will lower the deposit rates to free up lending between banks. We have now seen the pound take such a pummelling that you will get just $1.6479 or €1.1203 to £1.
“Anyone looking to buy their currency now should make sure they lock in the best rate for their holiday money or they could lose out on up to $95 or €70 for every £1,000 they spend.*”
FairFX offers customers market-leading exchange rates via either a pre-paid currency card or cash via their internet site: www.fairfx.com[http://www.fairfx.com].
Wednesday 16 September 2009, 10:55am
Travellers flying from Heathrow could find buying their holiday money comes at a hefty price tag. New analysis from FairFX.com reveals anyone buying foreign currency from Heathrow Airport will get less than parity at just €0.9831 to £1.
Stephen Heath, Chief Executive of FairFX.com, said: “Following last week’s base rate cut and the introduction of quantitative easing, the Pound is being traded at just €1.0831 to £1. However, Brits buying their holiday spending money from Heathrow Airport will get even less bang for their buck, just €0.9831 to £1.
“Airport travel money bureaus have long taken advantage of travellers who leave buying their holiday cash until they reach the airport by offering far worse rates than outside the terminal. And now Heathrow Airport has become the biggest airport out of many to offer below parity.”
Currently, you can still get €1.0725 to £1 with the FairFX.com currency card, 7% above the average airport rate, and 9% better than Heathrow Airport.
Friday 13 March 2009, 03:15pm
Commenting on the Pound’s fall against the Dollar, Stephen Heath, Chief Executive of FairFX.com, said: “Despite getting off to a good start in 2009 the Pound looks to be in a sorry state again already, falling to just 1.3950 against the US Dollar – a seven year low – and 1.08 against the Euro. Sterling is also trading at an all time low against the Japanese Yen.
“After a horrific day for the UK banking industry yesterday, traders have failed to keep Sterling supported against the US Dollar. Investors around the world are beginning to cut exposure to the weakening UK economy and its distressed banking sector.
“We are close to the 2001 low of $1.3685 to £1, making the heady days of $2 to the Pound seems like a distant memory. The financial markets are expected to remain volatile at least for the first half of the year, and travellers should plan foreign currency purchases carefully to ensure they stretch their Pounds as far as possible. Brits would need a crystal ball to accurately predict the currency swings and roundabouts we are seeing at the moment, so until things settle down Brits should try to buy their currency in small increments on a periodic basis to try to protect their wallets from rate fluctuations.”
Tuesday 20 January 2009, 04:49pm
Commenting on the Pound’s further gains against the Euro, Stephen Heath, Chief Executive of FairFX.com, said: “The Pound has rallied amidst news of the base rate cut, gaining one per cent against both the Euro and the Dollar. The Pound is now trading at €1.1211 and $1.5232 to £1 – and it is expected to claw back further gains in the coming months as Europe and America start to look as vulnerable as rival economies.”
Thursday 08 January 2009, 01:34pm
Commenting on the Pound’s gains against the Euro, Stephen Heath, Chief Executive of FairFX.com, said: “The end of 2008 saw the Pound beaten down to a measly €1.0195 to £1 on 30th December. However, 2009 is looking brighter for the beleaguered currency and we have already seen gains of more than 7.5 per cent since the lows of December.
“In the past few days, investors have been selling Euro-based assets and have taken an interest in Sterling instead. By the end of yesterday, the Pound had clawed back another three cent on the Euro to reach €1.11 to £1.
“Analysts expect the Euro to remain weak in the short-term as the European economy looks as vulnerable as its rivals. And despite predictions of further interest rate easing by the European Central Bank, traders do not expect recent Euro gains to be sustained.
“Sterling has also rallied against the US Dollar and is now trading at $1.52 to £1 due to US confidence being hit by weak economic data and the Federal Reserve having hinted at concerns of deflation.”
Thursday 08 January 2009, 09:20am
Commenting on the Pound falling to just €1.1096 to £1, Stephen Heath, Chief executive of FairFX.com, said: “For the first time since the launch of the Euro, Sterling has fallen below €1.11 to £1, and at €1.1096 to £1 it is at its weakest position. I fear we won’t have long to wait until we see the Pound fall to just €1 to £1, and perhaps slip even lower.
“Anyone who is planning to buy Euros in the near future should consider buying at least half their foreign money now before rates get even worse, and buy the rest later just in case Sterling regains some strength.”
Monday 15 December 2008, 03:19pm
Commenting on the future of Sterling after yesterday's base rate cut, Stephen Heath, Chief executive of FairFX.com, said: "Yesterday was key for understanding where the Pound is heading. All the key technical indicators show we might see Sterling strengthen against the Dollar. However, November set a precedent and the markets are expected to rally behind the Pound if it falls to around $1.44 to £1.
"The $1.44 mark is currently a key technical trigger point for traders who will start to support Sterling heavily at that rate for the short to medium term. It is possible there will be further falls next year, but I doubt we will go below $1.30 to £1.
"As yet the Euro has not shown any sign of weakening against the Pound, so fundamentally we have no reason to expect Sterling to begin to strengthen against the Euro for a while to come.
"All in all the Pound isn’t looking strong, but the markets aren’t going to let it go under just yet."
Friday 05 December 2008, 03:32pm
Commenting on the Pound’s crash yesterday, Stephen Heath, Chief executive of travel money specialists FairFX.com, said: "Following a good week when the Pound started to look a little healthier against the Dollar, it came as a shock when by the close of trading yesterday the Pound had suffered its biggest one day fall since 1992.
"This was largely due to weak manufacturing and mortgage data fuelling fears Britain is facing a long and deep recession. Against the Euro, it was a similar story as Sterling lost four cents on the Euro.
"All eyes are now on the MPC as traders speculate another rate cut in the 100 basis point region is almost inevitable as policy makers try to revive the economy by any means necessary."
Tuesday 02 December 2008, 02:02pm
As celebrities and media moguls flock to Venice, the ‘City of Water’, for the Annual Venice Film Festival starting 27th August, how they will pay their way during the celebrations is unlikely to worry to them.
However, mere mortals escaping to the city would be wise to ensure they’ve secured the best currency deal available to help them get the most out of their Euros while enjoying the festival.
FairFX.com offers Brits the best return on their cash, and any extra Euros are sure to come in handy when stretching their spending money as far as possible – especially as the Euro remains so strong against the Pound. Indeed, festival-goers could get an extra €41.10 for every £500 they spend if they use the FairFX.com currency card instead of waiting until they hit the airport to get their spending money.
Stephen Heath, Chief Executive of FairFX.com, said: “Anyone heading to Venice for the film festival this summer should make sure they pack their FairFX.com currency card if they want to stretch their Euros as far as possible.
“Brits will be keen to get the best rate possible for any trips to Europe at the moment. The spiralling cost of living combined with the strength of the Euro against the Pound has made the traditional cheap European mini-break increasingly expensive. Indeed, for many people a last minute jaunt to the Med might be out of the question due to rising costs.
“And I would warn anyone planning to get their Euros from the airport to think again. Brits who get their currency from the usual places like the airport, high street, or using their bank’s debit or credit cards overseas, may believe they are getting ‘0 per cent cost’ or ‘0 per cent commission’ foreign currency. However, the reality is they are paying hidden costs by way of the poor rate of exchange they receive.”
Stephen added: “Even celebs should think about where they are wasting their money. An entourage of 6 staying at a top Venetian hotel* could spend £10,400 on a week’s stay. However, they would have an extra €855 left over if they paid for their rooms with the FairFX.com card instead of using foreign currency purchased at the airport. Even film stars might be swayed by savings like these.”
Tuesday 26 August 2008, 10:35am
Latest 'Euros' Posts
16 September 2009, 10:55am
13 March 2009, 03:15pm
20 January 2009, 04:49pm
08 January 2009, 01:34pm
08 January 2009, 09:20am
15 December 2008, 03:19pm
05 December 2008, 03:32pm
02 December 2008, 02:02pm
26 August 2008, 10:35am
Monthly 'Euros' Archives
2009
September (1 entry)
March (1 entry)
January (3 entries)
2008
December (3 entries)
August (1 entry)
