The Euro strengthened significantly during yesterday’s trading. In a single day GBP/EUR rates fell more than 2.71% as capital taken out of the stock market was largely funnelled into the single currency.
Black Monday was the nickname used to describe the mass sell off of shares as China’s stock market almost collapsed. As money was taken out of the global stock-market, it had to be re-invested or put into a currency of their choice. Due to the Euro’s cheapness, and their recent efforts to stabilise the Eurozone financially and politically, the Euro received the lion’s share.
Now that China has intervened to stabilise the stock-markets this artificial Euro strength is beginning to move away. Those with Euros to sell should get in contact immediately while these rates are still favourable. They are at the best selling levels since May, and it will be hard for the Pound to lose further value in the short term.
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