Strong day for the pound yesterday but the Euro on the up this morning (Mike Vaughan)

Sterling exchange rates had a strong day yesterday passing through 1.22 for the first time in over 12 months. This came as a result of much better than forecast unemployment data with levels falling from 7.4% to 7.1% rather than the 7.3% as previously predicted. Is this run set to continue? This morning the Euro has clawed back just shy of 0.5% however for me I believe the pound is on path to head towards 1.25 and would suggest anyone buying Euros could get more value in the coming weeks and months. Should you be selling Euros however I do not see any real benefit of you holding on and you may wish to use this morning’s small spike as an opportunity should your funds be available. If your funds are not available and you would like to discuss the forward contracts we have available to guarantee your rate in advance then please get in touch.

Looking ahead to today we have a speech from Bank of England member Paul Fisher at 09:00 and Euro Zone consumer confidence figures at 15:00. These figures are expected to show a slight improvement so could lend more support to the Euro this afternoon.

Should you have an upcoming exchange to arrange and you would like to discuss the currency service we provide and how we can help you achieve a better exchange rate than major banks and other institutions then please contact the office on +44 (0) 1494 787478 or email Mike at [email protected]