Pound continues losses against the Euro – levels nearing 1.22

Pound to Euro Rate: GBP Falls on Virus Fears and Manufacturing Data as EUR Rallies

The pound has continued its recent poor run against the Euro falling to 1.2250 losing nearly half a cent against the single currency. Rates have now fallen nearly 5% since the end of July and may well continue in the run up to next months Bank of England interest rate meeting scheduled for the 8th November. At the meeting there is a real chance that Mervyn King will introduce up to another £50bn through its asset purchasing program quantitative easing. Yes you could argue that the market may have already priced in this move by the central bank and this is what has partly caused the recent losses for the pound, however unless the bank decided against QE altogether then I would still expect that value of Sterling to fall in the short term. I personally see the pound the GBP/EUR rates testing the 1.22 territory and feel anyone looking to buy Euros in the short term may wish to consider their current position whilst levels are still above the 1.20 mark.

To discuss my views and your thoughts on the current market conditions please contact me either by email a [email protected] or by calling 01494 787478. Having worked in the currency markets for over 6 years I have assisted numerous clients with their currency transactions, ranging from property completions, monthly mortgage payments and corporate transfers a like. As one of the UK’s longest running independent brokers we have access to highly competitive commercial rates of exchange that our clients take advantage of on a daily basis. Similarly these multiple sources helps keep us ahead of many of our competitors as we actively seek to get our clients the best available market
prices.

Should you have an upcoming money exchange to arrange and would like more information on the service we provide as for Mike at [email protected]  and I will gladly assist you.