The Pound has gained against the majority of major currencies today, making headway of 0.8% against the Euro, 0.18% against the U.S Dollar and over 0.70% against both the Australian and New Zealand Dollar close to the end of trading today.
This is all ahead of a crucial interest rate decision due to come out on Thursday at Midday where we will surely see further comments regarding potential Quantitative Easing in the U.K – The mere mention of this may lead to rapid Sterling losses unless obviously they mention they have no further plans to do any of course!
On another note a well known broker has unfortunately gone into administration today, they offered rates higher than the interbank however you had to settle the full amount with them immediately for your currency to be delivered at a later date, we never could work out how they could possibly manage to buy above the market and despite many attempts to find out drew a blank.
I have come accross clients shopping with this company, even though they are mainly travel money they also did bank to bank as well, and have always said if something seems too good to be true then it generally is, and once again that has sadly been proven as thousands of people will now face a major fight to get their money back.
Should you wish to achieve great exchange rates for any upcoming transaction you need to make be it buying or selling Pounds, Euros, Dollars or any other major currency (i’m afraid we only deal in bank to bank and not cash) please feel free to fill in the contact form on the right hand side of this page and I will get straight in touch.