The best rates are from currency brokers. (Ben Amrany)

Pound to Dollar Rate Drops to One-month Low

The pound has been weakening against the Euro over the course of this week. Friday last week sterling spiked at 1.20 for a very short amount of time before falling back below 1.19 and now trading below 1.18. We have been saying for some time that if GBP/EUr gets over 1.19 capitalise as the chances of a break through of 1.20 in teh near term is unlikely as investors will look at profit taking and the rate then falls.

The above is exactly what occured and now we are witnessing a decling sterling on teh back of poor economic data to hit the market this week for the UK. The next significant data which may help the pound rise again could be teh unemployement figures out next wednesday. With the Bank of England stating that interest rates will not rise until unemployment is below 7% the markets are moving either positively or negatively depending on how the figures come out. So if we see unemployment continue to fall teh pound could get a welcome boost.

Having a currency broker to assist you can help you save thousands on your exchange. We are currency specialists and all that we do is currency exchange and do not deal with any other financial products which enable us to offer our clients a very personal service and competitive rates. We tend to make clients savings of up to 4% over the banks so if you have a transfer to make in the future please do conatct me to find out more about the service that i provide at [email protected]

Thank youf or reading

Ben Amrany

[email protected]