Recent movements on the GBPEUR rate have seriously hampered clients looking to buy euros and helped those selling euros. We have witnessed a drop of over 1% today and the rate had already taken a hit yesterday!
The recent high of 1.1555 has dropped to a low today of 1.1250!
This drop of 2.7% would mean that on a €200,000.00 transfer you would at today’s low be looking at £4692.53 extra cost compared to the high! If you were selling this would of course be reversed.
Why is this and what is going to happen? Well the recent riots have done little to boost investors low levels of confidence in the pound and this morning’s quarterly inflation report by the Bank of England lowered the UK’s growth forecasts. It seems poor times are set to remain for the pound and highlights just how important it is to be ready to move funds when the time is right.
As specialist currency brokers we write this blog for the benefit of our clients and members of the public alike who have interest in what is happening in the currency markets. If you have any FX requirements, not just for the pound and euro but any of the majors why not speak to us to find out if we can get you a better deal? We have won awards for our rates and levels of customer service and have never had trouble beating not only the banks but also other brokers.
Feel free to e-mail me direct on [email protected] or call me on 01494 787 458. Please quote GBPEUR as a reference and ask to speak to me for preferential rates!