The rate to sell Euros to buy Sterling is now currently at its best level since 2011 as the Pound continues to fall against all major currencies. Putting the Brexit vote to one side the Pound has continued to fall since the announcement that Article 50 will be triggered by March 2017 and this has caused global investor confidence to fall in Sterling hence the reason for the fall to 5 year lows to buy Euros.
The flash crash which occurred just over a week ago saw huge values wiped off the value of Sterling and we have seen little improvement since.
Bank of England governor yesterday suggested that the central bank is not too concerned with the drop in the value of the Pound but did say it is likely to cause problems for UK inflation levels. The one particular exchange rate to be concerned about is that of Sterling vs the US Dollar. As we import so much from overseas we have seen the value of Sterling fall by over 15% against the US Dollar since the Brexit vote. This is clearly going to have an effect on the costs of imported goods and it is only a a matter of time before this is reflected in the high street and on your groceries.
With the BoE not seemingly too concerned about the fall for the Pound it is unlikely that they’ll look to intervene any time soon so I think we could be in for further losses for GBPEUR rates as we head towards the end of the year. If you’re in the process of buying a property in Europe before the end of the year and worried about what may happen to Sterling vs the Euro it may be worth thinking about buying a forward contract which allows you to fix an exchange rate for a future date.
Having worked in the foreign exchange industry since 2003 I am confident of not only offering you a better exchange rate than using your own bank when buying or selling Euros but to also help you with the timing of your transfer.
if you ave a currency transfer to make and want to save money on exchange rates then contact me for further information or for a free quote and I look forward to hearing from you.
Tom Holian firstname.lastname@example.org
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