Los Cristianos Sunday Market Closes and Reopens

Avenida Londres Los Cristianos Sunday MarketThe 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

EuroEuro 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

Euro Pound 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

EuroEuro 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

Euro Pound 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

EuroSterling 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

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.

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.

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