The pound saw a terrible day against all of the major currencies yesterday after weak UK Consumer Price Index inflation numbers arrived weaker than expected at 2.6% against expectation of 2.7%. Rates for GBP EUR have fallen below 1.10 which takes levels close to the lows seen last Autumn when the pound nosedived after reports of a flash crash where trading systems over reacted to negative news resulting in a sell off on the pound.
There is currently a great opportunity for those clients looking to sell Euros and it would be wise to consider taking advantage of the levels whilst they are available now. GBP USD has also fallen to a 5 week low presenting dollar sellers with a small window of opportunity.
We trade all of the major currencies for many reasons whether its property purchase or sale, inheritance or simply earnings from overseas which need to be converted. To discuss your requirement and how we can assist then please get in touch to discuss.
I cannot stress how attractive the rates of exchange are for anyone that needs to convert Euros for pounds after a property sale in Europe for example.
Politics are now creeping back in to the news with a series of government position papers being put forward. One was released yesterday dealing with the issue of a transitional period whilst another paper this morning tackles the Northern Ireland border. The paper yesterday was not received well in Europe but if clarity is offered in the coming weeks then this could be seen as positive for sterling.
UK Unemployment data is released this morning where the headline figure is expected to remain at 4.5%, the lowest since 1975. Any improvement on this could see the pound rally. However at these kind of levels amidst concerns that business is struggling to employ the right people in this climate, it may be difficult to see much improvement. UK retail sales data on Thursday will be the next release to watch out for which should help paint the picture as to how well the UK is really performing and whether the British consumer is still happy to spend.
If you would like further information on sterling exchange rates or any of the major currencies and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on email@example.com