Buying euros, selling euros, best time to buy, best exchange rates (Steve Eakins)

Exchange rates continue to be range bound between 1.165-1.18 this week which may only seem like a small difference, however on a purchase of €200,000 timing the trade well reduces your costs by nearly £2,200.  An amount equal to average monthly earnings in the UK before tax is deducted, bills are paid and the car is filled up.  What I am trying to highlight is how important it is to buy currency effectively and to time your trade!  Here we provide a pro-active service helping clients do just that.  Either using the SPIKE NOTIFICATION or the RATE CATCHER service you could save too. Register for either service by emailing me at hse@currencies.co.uk

What next for exchange rates, which way are they heading?

I am still of the view that rates are more likely to fall rather than climb against the Euro, a contrast to Ben’s blog below.  I think that even though the UK is improving we are still at near zero growth and only a cats whiskers from re-entering a recession. In comparison the Eurozone is growing at a faster rate and even though they are going through a process of economic review, which is raising some concerns, I believe that these concerns will be solved and euro strength will return. Cyprus have now confirmed they are selling some of their own gold reserves adding more confidence that the issues there are subsiding. Portugal and Ireland are currently negotiating an extension of their bailout to make their respective economies more healthy which can only be a good thing for Europe, right?

Tomorrow and over the weekend we also have the G8 meeting that will probably cover European debt concerns. My view is that the European states will probably again use it as a sales opportunity create some strength resulting falls early next week. Buyers may as a result want to move sooner rather than later or at least limit their exposure.

Here we achieve our clients a saving over that of their current providers, whether that be their own bank or another broker.  Simply put if that was not the case we would not be in business so we are very confident we will be able to help you if you are in the markets.

Contact us today to see how much you could save, either call the normal number and ask for myself Steve Eakins or contact me directly at hse@currencies.co.uk