German Retail Sales have come in this morning much lower than expected which has caused the Euro to weaken providing some short term opportunities to buy Euros at the highest point of the week.
However, already this morning Sterling Euro exchange rates have started to fall back already and I think the two factors which are keeping Sterling very weak at the moment are the fears of a Brexit and the Bank of England stating that UK interest rates are unlikely to go up.
Oil prices are now close to their lowest levels since 2003 which is causing problems for the Pound and with the North Sea oil industry needing approximately US$60 per barrel to make a profit.
This is worrying for the British economy and also Sterling as it is such a big revenue generator for the UK.
Eurozone inflation due out in an hour could cause big movements for Sterling Euro exchange rates as it will be used to see whether or not the recent addition of QE has had any influence.
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]
Alternatively contact me directly on 01494-787478 and ask for Tom Holian when calling.