The roller-coaster seems set to continue following the rout from the stock markets at the start of the week. Chinese shares have finally rebounded, and closed the day at 5% higher after massive losses just 3 days ago. However, the recovery is relatively minuscule compared to the losses suffered already.
With returning confidence to the stock market, and also with assurances that China’s slide has stabilised for now, the USD has rising against Sterling, dropping GBP/USD to 1.54 as UK trading opened.
GBP/EUR is a more interesting story. The Euro inflated its value rapidly as the capital from the mass sell off of stocks entered the single currency as one of the cheaper ‘safe haven’ options. This drove up the value of the Euro, and now investors are selling their Euros off, making staggering profits, and buying stocks at dirt cheap prices. More proof that there’s always money to be made, even in a crisis. But this sell off is hurting the value of the Euro in the short term, causing rates to gradually climb back up.
Those with Euros to sell in the next few months, it is unlikely that this situation in China will be helping you to the same degree within this period. This is still the best time to be buying Sterling with Euros since May, and a similar timeline for US Dollars. Call me on 01494 787 478 to receive tailored advice based on your situation and the allotted timeline for your transfer, and if your need is pressing I can also supply a free quote. [email protected]