Los Cristianos Sunday Market Closes and Reopens

The popular Los Cristianos Market in Tenerife closed on Sunday 1st June 2014 without much warning, apparently for security reasons. There has since been much local protest regarding the closure, many local businesses rely on the bus loads of bargain hunting tourists, which the market brings to the area.

We were pleased to note that today, Sunday 15th June, the market has reopened in a nearby new location. That was simply achieved by closing Avenida Londres which is a dual carriageway, in one direction and erecting hundreds of temporary tented stalls for the day, see all the photos below. No one knows yet if this is to be a permanent home for the Sunday Market.

The previous market was in the confined area and during the hot summer months visitors often complained about the high temperatures due to the high density of people and lack of natural ventilation due to the small space, enclosed on two sides.

The new location has a lot more space and some traders are already saying this is a much improved venue for the market with plenty of space and adequate air movement. The market was busy today but with a lot less jostling than before.

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Euro Pound Exchange Rate Graph June 2011 – Pound Plunges Sharply

Euro Pound Graph for June 2011 – June was an appaling month for Sterling against the Euro seeing the pound plunge sharply over the past two weeks.

The GBP/EUR rate plummeted last week to the lowest since March 2010, falling against a basket of currencies as well as the Euro. Britain’s currency slid against the Euro in particular on predictions that a faltering economy will limit the policy makers’ scope to raise interest rates, as the European Central Bank lifts borrowing costs to curb inflation. A report on Thursday showed U.K. consumer confidence fell more than economists forecast in June while the Bank of England’s Credit Conditions Survey said mortgage demand is predicted to drop in the third quarter.

It was a dramatic week with market sentiment swinging from worries that Greece would go bankrupt to relief that it would get through the crisis, against a backdrop of violent protests and general strikes over austerity steps. The Greek parliament approved a detailed austerity plan on Thursday, paving the way for 12 billion euros of international aid.

Euro Pound Exchange Rate Graph –  June 2011

“The market is bullish on risk and looking to buy euros,” said Paul Mackel, director of currency strategy at HSBC. “The Greek issues still linger, but there is a bit of calm now with the markets’ focus on data.” Barclays Capital pushed back its forecast interest-rate hikes for the UK, saying the central bank will now most likely keep its main rate unchanged until May 2012.

The bank, which previously forecast a rate increase in November, said the change reflects weaker than previously expected economic growth and recent comments from central bank officials. This is in stark contrast with the euro zone where even with weak manufacturing surveys, little changed regarding strong expectations that the European Central Bank would raise interest rates next week.

Sterling has fallen 9 percent in the past 12 months, making it the second-worst performer among 10 developed-market currencies after the U.S. Dollar, according to Bloomberg Correlation-Weighted Currency Indexes.

If you have yet to open a trading facility to gain access to commercial rates of exchange click here to open an exchange rate account today and an experienced trader will be in touch to discuss your requirement and offer expert market knowledge.

Euro Pound Exchange Rate Graph May 2011 – Pound Recovering

Euro Pound Graph for May 2011 – May was a good month for Sterling against the Euro seeing the pound recover due to problems within the Eurozone

Sterling made strong gains throughout the last week in May against the Euro broadly off the back of continued market commentary regarding the problem of the debt crisis in Greece. At its best the Pound gained almost 2 Cents against the Euro from where it started at the beginning of the week.

The pound’s rise came in spite of data confirming Britain’s economy made a sluggish start to the year as household spending saw its sharpest quarterly fall in almost two years reinforced the view that UK interest rates were unlikely to rise soon. It was certainly encouraging to see that the pound has gained ground against the Euro during May and that coupled with low property prices will certainly help the Tenerife property market. It is also a much needed boost for tourism, especially if it is sustained.

Euro Pound Exchange Rate Graph– ~May 2011

Problems continued for Greece and the Eurozone following comments made by Eurogroup President Jean-Claude Juncker who said that should the International Monetary Fund not pay its next tranche of aid to Greece, there would be pressure on reluctant European Countries to do so.

Commenting on the GBP/EUR cross, Ankita Dudani, currency strategist at RBS said “It’s a combination of news on the euro zone, including Juncker’s negative comments on Greece. There’s a lot of uncertainty about what a debt profile would contain and how far it may go -Sterling, on the other hand, doesn’t have the same baggage.” She added that compared with the euro, the UK was in a better economic position given that it had a single monetary and fiscal policy unlike the euro zone, which is suffering from increasing political tension among its 16 member nations.

Whilst Sterling has indeed been benefiting from problems within the Eurozone, Euro purchasers should remain somewhat cautious about the medium to long term outlook for the pairing as Sterling still faces many downwards risks including PMI inflation data as well as the fact that Eurozone rates are still expected to rise again this year whilst UK rates are not expected to move until at least February next year.
This recent movement that Sterling has benefited from has far more to do with concerns within the Eurozone rather than fundamental Sterling strength. The UK economy is still a long way from being described as ‘powerhouse’ as it continues to battle rising inflation and slow growth – both of which will leave Sterling vulnerable once the furore with Greece no longer dominates the financial headlines.

If you have yet to open a trading facility to gain access to commercial rates of exchange click here to open an exchange rate account today and an experienced trader will be in touch to discuss your requirement and offer expert market knowledge.

Woman from the UK decapitated in Los Cristianos, Tenerife

A woman from the UK was repeatedly stabbed and had her head cut off (decapitated) by a Bulgarian national in Los Cristianos this morning. This happened in a busy Chinese bargain store in the centre of the town.

According to eye witnesses, the man stabbed the woman several times with a large knife and then decapitated her. All this was in front of many bystanders who were left in complete shock, the man never uttered a single word during this brief and awful slaughter. The man then left the store carrying the head and ran across the road, fortunately he was chased and was brought down very quickly, then subsequently arrested by the police.

This is shockingly bad news for the people of Los Cristianos which is a mellow and peaceful tourist town with a low crime rate and no history of violence. It is awful to think that this woman must have suffered a horrifying death and our heart goes out to her family. Apparently the UK woman who has not yet been named was resident in Tenerife. No doubt we will hear more about this dreadful crime in due course.

Update 14th May 2011 – apparently the assailant was released from a mental hospital 3 months before this murder by decapitation in Los Cristianos. We hope there is a full investigation by the Spanish authorities, only time will tell whether that will happen. There have been many deaths of UK citizens in Tenerife which we feel have not been fully investigated. UK citizens have died or gone missing in Tenerife with some big question marks.

Update 14th May 2011 – The British woman stabbed and decapitated in Tenerife has been named by her family as 60-year-old Jennifer Mills-Westley. Her daughter Sarah said she was “full of life, generous of heart and would do anything for anyone”. She said her mother was enjoying her retirement, travelling between Tenerife and France and visiting her other daughter in Norfolk. Regional newspaper La Opinion said the suspect had received treatment at the psychiatric unit of a local hospital in February after being involved in previous violent incidents.

Blog posted by Expedia Property SL – Tenerife Estate Agents for Tenerife Property

Sterling vs. Euro – 3rd May 2011; Positive GDP figures

Sterling vs. Euro – 3rd May 2011; Positive GDP figures brighten outlook for shaky UK economic recovery

The eagerly awaited UK GDP first quarterly figures for 2011 were released on Wednesday and showed the economy expanding in line with general expectation at 0.5%. Given the previous quarter’s negative 0.5% contraction last week’s positive figures depict an economy returning to growth, quelling any fears of a double dip recession.

A closer look at the figures highlights the positive impact of the manufacturing and service sectors.
Currency analysts suggest that UK GDP data was possibly too weak to prompt a Bank of England (BoE) rate rise as soon as next month, although it has still left open the possibility of a rate hike in the summer.

Latest Euro Pound Exchange Rate Graph– April 2011

Indeed, should UK figures show consistent improvement throughout the month of May, then a summer BoE rate rise is still a possibility. As it stands however, the positive figures are too often coupled with negatives ones, leaving the UK recovery in a fragile state. Concerns over the underlying strength of the economy and its ability to withstand the fiscal squeeze remain firmly intact.

In summary, Sterling-Euro rates remain low and may well do so for some time. Therefore if you have a requirement to buy Euros click the link below to open an account with us today – free of charge and without any obligation.

If you have yet to open a trading facility to gain access to commercial rates of exchange click here to open an exchange rate account today and an experienced trader will be in touch to discuss your requirement and offer expert market knowledge.

Sterling vs. Euro – 26th April 2011

26th April 2011 – Sterling vs. Euro.

During a short week’s trading, the GBP/EUR cross only fluctuated 1.2% between the high and low of the week. Sterling rose vs. the Euro on Tuesday as the single currency weakened due to debt concerns. Portugal had begun talks with international authorities about the terms of a bail-out. Meanwhile Greece, which received a bail-out last year, denied reports that it would have to restructure its debts. The euro lost 1% of its value against Sterling, with market nervousness also spreading to Spain helping push GBP/EUR rates up from the near 1 year low.

Sterling had dropped back into the 1.12’s on Wednesday, as the Euro regained some of its losses after the Bank of England (BoE) released the minutes to their decision to hold interest rates 2 weeks ago. The minutes showed Bank policymakers maintained a 6-3 split in favour of keeping rates on hold this month, leaving them no closer to a rate hike.

Latest Euro Pound Exchange Rate Graph – 26th April 2011

Thursday Sterling again gained versus the euro after British retail sales rose unexpectedly and UK public finance data showed the government borrowed slightly less, but uncertainty remained about economic growth.

The overall picture for sterling hasn’t changed in terms of uncertainty about the UK economy or in terms of interest rate hikes. The euro has been boosted in recent months as euro zone interest rates are widely expected to rise again after last month’s 0.25 basis point increase. UK rates remain at record lows of 0.5 per cent, with markets pushing back the timing the first hike to November.

The week ahead however, is even shorter than the last and possibly more volatile. While the UK retail sales data for March was positive, uncertainty remains about the April 27 release of first-quarter gross domestic product (GDP) data, which analysts say would be more important in influencing the BoE’s decision on rate hikes as another negative reading would plunge the UK into another technical recession. To gain a clearer picture of how this could affect your currency click below to open an account with us today.

If you have yet to open a trading facility to gain access to commercial rates of exchange click here to open an exchange rate account today and an experienced trader will be in touch to discuss your requirement and offer expert market knowledge.

Blog posted by Expedia Property SL – Tenerife Estate Agents for Tenerife Property Sales

Tenerife Milky Way timelapse video by Terje Sorgjerd

Check out one of the most amazing timelapse videos of the Tenerife Milky Way, and the upper landscapes of Tenerife, shot by Terje Sorgjerd.

Euro Sterling – pound nearly hits 12 month low

18th April 2011 – Euro versus Sterling, the pound nearly hits a 12 month low.

The pound continued its downward trend against the Euro last week, with lower inflation figures from the UK weakening Sterling. At one point rates were near a 12 month low, before staging a small recovery at the end of the week:

The Consumer Price Index (CPI) figures released last week showed a fall in inflation for the first time in 8 months. The fall in food and soft drink prices was the main cause. The figure was lower than most analysts had expected, and lower inflation means that initial expectations of a rate hike in the UK have now been pushed back to November.

Latest Euro Pound Exchange Rate Graph – 18th April 2011

Earlier in the year the consensus was for a rate hike in the UK as soon as May, to combat rising prices. The latest numbers however have pushed this expectation back to the end of the year.  The news weakened Sterling and pushed GBP/EUR rates close to the lowest in 12 months.

Adding to Sterling’s woes was a survey last week showing the biggest drop in retail sales in nearly 6 years, highlighting the problems facing the UK as the government’s tough austerity measures hit consumer spending, and jobs data on Wednesday will also be closely watched.

“The economic data that we’ve had out of the UK gave a lot of ammunition to sterling bears,” said Audrey Childe-Freeman, EMEA head of currency strategy at JP Morgan Private Bank.  “Lower-than-expected inflation, weaker growth, that’s taking off pressure from the BoE to raise interest rates and Sterling is a loser in that environment.

We’ll know a bit more about the Bank of England’s take on interest rates this Wednesday when the minutes to the recent decision to hold rates are released. These minutes released at 09:30am on Wednesday will show how the 9 member committee voted including differences of view.

As the chart above illustrates, there was some respite to the downward trend, with a slight recovery in rates towards the end of the week as the EU’s debt problems resurfaced. Following Portugal’s request for support, there was speculation Greece would again have to re-structure its debts, weakening the Euro slightly.

In summary, rates are low and despite slight Euro weakness, interest rate expectations have and will continue to drive rates. With markets closed on Friday and next Monday for Easter and limited UK data being released this week

If you have yet to open a trading facility to gain access to commercial rates of exchange click here to open an exchange rate account today and an experienced trader will be in touch to discuss your requirement and offer expert market knowledge.

Tenerife Night Sky showing the Milky Way

Tenerife Night Sky showing the Milky Way – Amateur astronomer Juan Carlos Casado stitched together this extraordinary shot from nine photos of the night sky. Article already published in the Daily Mail.

Viewed as one digitally-fused image, as they are here, and the result is a 360-degree panorama. The faint band of light that stretches across the sky is the disc of our spiral galaxy. It appears to encircle Earth – this is because we are inside the disc.

Also visible is Tenerife’s Teide Volcano near the centre of the image, behind a volcanic landscape that includes many huge boulders.

But far behind these Earthly structures are many sky wonders that are invisible to the unaided eye, such as the bright waxing moon inside the arch. Also visible are the Pleiades open star cluster and Barnard’s Loop, which can be seen as the half red ring below the Milky Way band. The stars that the human eye can distinguish in the night sky are relatively near and are all part of the Milky Way.

Our galaxy contains between 100billion and 400billion stars, as well as an estimated 50 billion planets.

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Euro versus Sterling – 10th April 2011 – Status Quo

10th April 2011 – Euro versus Sterling, the current Status Quo.

In a move that had been widely anticipated since their March meeting, The European Central Bank (ECB) announced on Thursday that the Governing Council had voted to raise the key benchmark interest rate from 1 percent to 1.25 percent. As the ECB looks to drain liquidity from the market, following unprecedented stimulus measures over the past few years in order to prop up growth following the recession, the rate hike may indeed be considered a move back towards normality or is it simply a status quo situation? The hike had almost totally been factored-in to the markets before the announcement and so failed to strengthen the Euro as some might have previously suspected would have happened. The hike, aimed at curbing inflation, could spell trouble for weaker economies in the Eurozone which desperately need to encourage growth. All eyes will now turn to next month’s meeting. Looking into the future, Jean-Claude Trichet indicated at an ECB news conference that more euro zone rate rises were in store.

Latest Euro Pound Exchange Rate Graph – 10th April 2011

The Bank of England (BoE) contrastingly decided against raising its key interest rate, maintaining its current 0.5 percent rate. Whilst The BoE had been widely expected to hold rates for a consecutive 25th month, their decision was bolstered by the release of weak manufacturing figures earlier in the week. The majority of voting members emphasised the need for more evidence on the strength of the economic recovery before changing their stance. Most onlookers see a diminishing chance of a rate hike in May. The policy meeting minutes are likely show another 6-3 split within the Monetary Policy Committee (MPC) – however, it is worth considering that a growing shift within the committee could stimulate a bullish reaction in the British Pound as investors wait for the central bank to steadily normalize monetary policy in the short term. The details of the voting pattern and the debate among BoE policymakers will not be made public until the minutes are released in around two weeks’ time.

In response to Portugal’s request for financial assistance, European Union Monetary Affairs Commissioner Olli Rehn said that the bailout package is likely to reach EUR 80 Billion. It is felt that the Portuguese face an uphill battle to meet its debt obligations due up in June as the government faces rising financing costs. Mounting fears that Spain will be the next country to file for a euro bailout has had implications on keeping the euro weak. On a more positive note for the Euro, the single currency rallied to an unprecedented yearly high on Friday on the back of an improved outlook for future growth. The Euro currency may continue to strengthen over the near-term as the European Central Bank shows an increased readiness to tighten monetary policy further this year. So in summary, Sterling-Euro rates remain low and may well do so for some time, the current status quo.

If you have yet to open a trading facility to gain access to commercial rates of exchange click here to open an exchange rate account today and an experienced trader will be in touch to discuss your requirement and offer expert market knowledge.