Massive movements on the exchange rates were seen on Friday afternoon, with rates rising and falling by a matter of whole cents.
Much of the recent falls in Sterling’s value on the markets has been rooted in events coming out of China. Its poor performance points to a slowdown in global growth, very poor news for a UK economy so dependant on growth to fuel its massive financial services sector.
Lowered confidence in medium to long term global growth has thus translated into Pound weakness.
The massive movements for GBP/EUR exchange rates on Friday are explained by markets trying to second-guess how further Chinese data coming out on Monday will paint the current global climate, and therefore how the Pound will fare over the coming weeks.
With swings of whole cents both positively and negatively throughout the entire day on Friday for Euro buying rates, there is a clear lack of consensus on the markets for how the news will play out on Monday.
However, there was a slight net loss for Sterling against the Euro, suggesting there was still a bit more caution in the markets than optimism.
I strongly recommend that anyone with Euros to buy over the coming weeks should contact me on [email protected] to discuss a strategy in order to maximise your Euro return based on how the news comes in tomorrow.
A premium will be put on being able to act quickly. I shall be in the office at 6am monitoring the news and the market reaction, if you contact me ahead of time with your requirements, I can reach you later that morning with the up-to-date information you need in order to make a more informed decision for your transfer. I also have never had an issue beating the rates of exchange offered elsewhere.