Sterling recovered its losses after last week fall against the Euro where we witnessed the rate fall from 1.2230 down to 1.2020. Comments from both central banks in the UK and the Euro zone went to contribute the Euro strengthening. Before the central bank comments the pound was up at well over a year high.
Mark Carney the Governor of the Bank of England stated that a further fall in unemployment will not mean an automatic interest rate hike in the UK. If you couple this with the comments by Mario Draghi the president of the European central bank talking about the dramatic improvement in the economy over the last two years it all lead to the Euro recovering its losses.
Today we saw the pound bounce back up to 1.2130. The rate is on a real knives edge at the moment and it is difficult to predict which way it may head. I personally think that if you can exchange your funds while sterling is above the 1.20 rate you will be doing well.
To get the best exchange rate on your transfer please do feel free to contact myself Ben Amrany at [email protected] I offer a very personal service to help you try and judge when is a good time to convert your funds. if you are looking to make a saving over teh high street banks then please do feel free to contact me.