The turmoil of Black Monday and the havoc caused by the Chinese data over the last few days has caused massive instability for Sterling vs Euro exchange rates.
The Euro has been used as a carry trade currency in recent times, which means investors borrow in a low yielding currency i.e. the Euro to invest in a riskier commodity based currency such as the AUD, NZD & ZAR.
On Monday Sterling hit multi year highs against the commodity currencies as commodity prices fell to their lowest level in 16 years.
However, the Chinese data caused a huge sell off and a return to the Euro which saw the single currency gain a huge amount of strength creating the best levels to sell Euros into Sterling for many weeks.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]