Friday saw some of the largest single-day falls on record for buying Euro rates, with GBP/EUR having dropped 10 cents between 10pm Thursday night and 4am Friday morning.
Throughout the day the Pound was moving around with unprecedented volatility. But there were periods of stabilisation which were clearly visible.
Euro buyers has the significant silver lining compared to those buying US Dollars or other major currencies, in that the value of the Euro has taken a severe hit as well. Much like last year when the Euro was taking a hammering in the run up to the potential Grexit. Rates are still higher than even that of April.
Whilst the rates did drop 10 cents there were signs of stabilisation now that the bad news has effectively ‘come out’. The Pound recovered by 4 cents at its peak and nestled down to end the week at a 2 cent gain from Friday morning’s lows.
Normally a 2 cent gain in a day would be hailed as a fantastic day for the Pound, but I appreciate that in context this was a small win for anyone with a Euro buying requirement.
This story still has a lot to unfold. Nicola Sturgeon is already pushing hard for another Scottish Referendum, and businesses are threatening job losses if, down the line, the UK loses access to the single market. But these are not immediate issues for anyone considering buying or selling foreign currency.
Most movement now will be governed by speculative trading off the back of the Brexit result.
The average difference between the high and the low each day for buying and selling Euro rates of 1.5 cents will likely be thrown out the window next week. Opportunities for buying and selling Euros will present themselves on a daiy basis. A premium will simply be put on being able to move quickly, as Friday proved these improvements will not be around for long.
I strongly recommend that anyone with a Euro buying or selling requirement should contact me whilst markets are closed over the weekend on firstname.lastname@example.org. I offer a tailored service to anyone wishing to exchange currency in this current arena filled with atypical levels of volatilty, and alert my customers immediately to any opportunities which emerge.
I have never had an issue beating the rates of exchange offered elsewhere, and these current buying levels can actually be fixed in place for anyone planning a currency purchase in the future, allowing you to avoid the uncertainty over the next few weeks.