Sterling Euro exchange rates have dropped from their recent 10 month high seen early December which hit 1.21+ but since then we have seen almost a 3% drop in the value of Sterling or the equivalent of £1,300 on a €50,000 currency transfer. Ireland have exited their bailout and couple with more strong sentiment from ECB President Mario Draghi this has helped the single currency to spike against the Pound.
With further suggestions that Portugal could also exit their own bailout programme during mid-2014. Compared to a month ago when we thought Sterling’s rally would continue the landscape for the fx markets now looks a little different. Mark Carney’s comments from yesterday suggested that the UK is on track for growth but it still has a long way to go with unemployment still 1 million above the target level set out earlier this year by the Bank of England.
On Friday the Office for National Statistics publishes its UK GDP figures for quarter 3 and any negative change could see marginal Sterling weakness against the Euro.
In a few minutes time the Bank of England minutes are due to come out and I expect little surprise for the currency markets.
For a free quote to buy Euros or simply want to compare exchange rates then get in touch by sending me an email. Having helped save thousands pounds for individuals transferring money to Europe over the years I’m confident that I can offer you a better exchange rate.
Tom Holian [email protected]