Sterling exchange rates have rebounded a fraction today following news that an Ernst & Young item Club’s report has
predicted that the UK economy will rebound this year but as it uses the same model as the Treasury it still predicts that the UK economy will retract. However, it does confirm that it believes that the country will return to growth of 1.2% in 2014. This news was positive for Sterling pushing rates back above 1.24 – pressure has also been heaped on the Euro with Spain continuing with there will they wont they approach to requesting a bailout.
For anyone buying Euros I still believe the current levels represent a reasonable return. With reports suggesting the Bank of England will be implementing further rounds of quantitative easing possibly as early as November and the real prospect that Spain will request a bailout I can see pressure mounting on the pound and would expect in the run up to Christmas to see rates falling towards the 1.22 territory.
Should you have an upcoming Euro transfer to arrange and you would like assistance with your transaction then please contact Mike on [email protected] and I will happily provide you with the necessary tools to maximise your currency exchange.