The pound has today risen to the best level against the Euro for 2 months. It is difficult to state how long this rally may go on for against the Euro but at present we have seen a spike to 1.1725 this afternoon.
The first main contributing factor seems to be that unemployment in the UK slightly fell. We have seen the Bank of England minutes also released and none were in favour of an interest rate hike or QE while only one member voted against
forward guidance. All of this combined has given the pound a timely boost against a host of major currencies.
Looking forward if you are selling the Euro I would start to look at your position sooner rather than later. You would have noticed over the last few days that your returns are dwindling away. The Eurozone posted positive growth figures today but the Euro still weekend. What will happen when bad economic data comes out of Europe?
If you are buying the Euro I would try and ride the wave as there could be another cent or so in it for you. With a new boost for UK confidence of late tomorrow’s retail figures may just help sterling rise further.
If you would like more information on the service we provide with how you can achieve a commercial rate of exchange which your bank will not offer please feel free to contact me with your requirement and contact details and I will speak with you to explain teh options that are available for repatriating funds overseas.