This week we have seen rates continue to fall for euro buyers, but they have fallen at a slower pace that a majority of January as I forecasted earlier this week. We also had a few surprising moment when rates increased for euro buyers. This was down to negative commentary coming from France. This news surprised the market and provided clients that could move quickly with a saving of nearly a 1% compared to levels today. Here this spike kept us busy as we informed clients that had registered their interest which in time has proved to be the correct decision.
There is possibility that we will see a similar opportunity in the days ahead. Especially with the end of the month looming! As city traders sell off their positions to recognise their profit referred to as “profit taking” the additional artificial demand on the market could provide euro buyers with a spike. Longer term going into next week and February watch out for UK data figures for January. Any that show an improvement could result in GBP spiking up as it will lower the odds that the UK has gone into a recession.
Data next week includes: interest rate decisions, retail figures, construction figures and industrial figures. All of which are normally the most influential and powerful in moving market prices.
If you would like to be kept up to date on market movements or want to make sure you are getting the best price, please feel free to contact us today. Our award winning service and exchange rates save clients normally between 2%-4% compared to banks. PLUS with our recent awards we are increasingly confident we can save you money even against currency brokers. Contact us today for more information on the normal number or via email at [email protected]