The pound surged through 1.21 today against the Euro spiking at a high of 1.2148. The boost for the pound came after positive data was released from the manufacturing sector along with some very positive comments by the Internatinal Monetary Fund (IMF) They stated that the UK economy will be the fastest growing out of the G7 countries.
It says the UK will grow 2.9% in 2014, up from a January estimate of 2.4%, and will see growth of 2.5% in 2015. Overall, the IMF says the global economy strengthened at the end of 2013. It forecasts global growth of 3.6% this year and 3.9% in 2015. These comments show the UK economy is performing well against some of the other major currencies around the globe and this could stand the pound in good light going forward.
I would expect the pound to continue to gain on the back of these comments over the next 24 hours or so and this could be a good time for you to look at capitalsing on the exchange rate if you require a purchase of Euros in teh near future. If you are selling the single currency to buy sterling i would seriously try and stopp the loss as I feel 1.17/1.18 is long behind us now.
If you are looking at buying or selling the pound or Euro against any of teh major currencies we are here to help you make a saving on your exchange. Please email myself Ben Amrany at [email protected] to discuss your requirement and I can explain the options available to you to try and help you maximise your exchange and transfer.