Sterling Strength Continues – How to Get the Best UK Exchange Rates (Matthew Vassallo)

GBPCHF Exchange Rates Reach Highest Levels Since Mid-March

The Pounds recent run against the Euro continued during Wednesday mornings trading, following further positive economic data for the UK. After yesterdays spike for GBP all eyes were on the release of todays UK & Eurozone Markit Services PMI data, which were expected to cause additional volatility for GBP/EUR rates. The UK data came out better than expected but the reverse was seen with the Eurozone release and this pushed the Pound back up towards the mid 1.18 level, providing some of the best buying opportunities of the past 6 months.

Whilst GBP has gathered some momentum of late, I’m still not convinced that the spike will continue up towards 1.20 in the short-term. We still have many issues to resolve in our own economy despite seeing an improvement and I believe there is still a major concern over our trade deficit. This means the Bank of England will not want the Pound’s value soaring, only to alienate the Eurozone (our largest trading partners) even further.

If you do have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or just want an exchange rate comparison with your current provider, then please feel free to contact me directly at [email protected] or call one of our experienced brokers on 0044 1494 787 478 today.