Sterling hits a 32 month high on a trade weighted basis against the major currencies
If you need to make a transfer into a foreign currency then now may be the ideal time to seriously consider your options. The Pound is the highest it has been against a basket of major currencies for over 32 months and with the fact that the U.K is technically in a recession you just cannot be too sure that these gains can continue.?!
With Spain notably in quite a lot of trouble and plenty of political problems within Europe you would imagine that the Euro is still in for a rocky period. Indeed all the signs are there that the Europeans will struggle in the coming few weeks and pressure will mount. There is no smoke without fire and I’m sure there is a lot more to come out from behind closed doors in the coming few weeks however do be wary.. Rates against the Euro at points today have been the best in 22 months and it is usually those that are greedy and hold out for that little extra that get their fingers burnt.
TheDollar has also weakened of late following negative comments from the Federal Reserve in their latest press conference. Interest rates are set to stay low until 2014 and there is still the potential for further Quantitative Easing which may weaken
the Dollar. Beware though, in times of uncertainty globally (which we would see if European problems kick off) investors tend to run to the Dollar as a safe haven and the Dollar generally strengthens. Gold is also a safer haven and priced in Dollars so this may also increase demand for Dollars making the Dollar gain back ground.
Sterling Australian Dollar and New Zealand Dollar
A potential interest rate cut in the near future may weaken the Australian Dollar once more (an interest rate cut is generally seen as negative for the currency concerned). The Australian and New Zealand
Dollar have both had a tougher time lately as in times of uncertainty investors tend to avoid these ‘riskier’ currencies. Couple that with China slowing down ever so slightly and we may have a little more weakness to come.
Are you getting the best rates of exchange and level of service at present? Do you even compare?
If the answer to any of the above heading is no then I can help you… Even if you just want a quick comparison to ensure that you aren’t losing money on your currency transfers I am happy to give you that. Feel free to email me directly email@example.com having spent years working on the currency markets I can help you both in terms of getting great rates and with timely market updates to help you decide just when to book your currency as even the smallest movement in your favour can make quite a big difference in what quite simply are extremely volatile times.