At the end of last week we notified our clients that the markets had moved up and that it was following the pattern of a traditional Spike. A Spike in the market is when some surprising information is released which moves the markets quickly and by a large amount. In fact the opportunity to buy euros at that better price was also available this morning. Unfortunately this has now ended and the rates have started to fall meaning anyone with euros to buy have missed out buy euro sellers are gaining. This spike was also present on the GBPUSD currency pairing referred to as the “CABLE price”, this has unfortunately also followed suit and is on the way down once again. GBPEUR rates are at 1.1725 and GBPUSD at 1.5690.
These spikes do not happen often and when they do it is only the clients with funds available that can normally take advantage. I am of the thought that there will be other spikes through the month of February due to key data being released from the UK with regards to the potential of the UK economy falling into a recession. So if you need to move currency internationally register for SPIKE notifications via email at [email protected]
What now for currency rates?
The UK release a large amount of data tomorrow morning which will probably make it the business day of the week for anyone with pound exposure. We have Retail figures, Productivity figures, Consumer Price index plus a Quarterly Inflation letter. In all there are 14 reports being released within a 30 minute timeframe. So if you have a need make sure you are ready to go. I personally expect a volatile 72 hours for GBPUSD and GBPEUR pairings especially after currency tickers are new in after the spike at the end of last week.
Here we provide a pro-active service putting strategies in place for clients. They also have full access to the tools available here to limit their exposure PLUS access to the award winning exchange rates on offer. Simply put if we could not save you money we would not be in business. So if you need to move funds contact us today, for free, for a chat about the savings that are on offer. Call on 0044(0)1494 787 478 or email [email protected] my name is Steve Eakins.