Yesterday President of the European Central Bank Mario Draghi and Governor of the Bank of England Mark Carney both gave speeches in regards to the state of their economies.
Mario Draghi took a bullish stance and stated the Quantitative Easing program is running well and went on to exclaim change is unlikely anytime soon. Mark Carney on the other hand remained very dovish whilst being heavily criticized by the Economic Affairs committee. The Governor went on to exclaim he may not continue his position as Governor once his contract expires!
Due to both press conference the pound fell throughout yesterdays trading period. GBPEUR exchange rates were fluctuating around 1.1235 at midday and by the close rates had dropped to 1.1172. In monetary terms a €200,000 purchase would have been an extra £1,000 if you had traded at the end of the day compared to before both senior officials press conferences.
With exchange rates continuing to fall, a popular option for clients buying euros is to buy their euros up front. If all of your sterling is not available to you at the moment (for example you are selling a UK property) you can still secure your exchange rate now and pay later. This is known as a forward contract.
For more information in regards to the currency market, forward contract or how I can achieve you the best rates possible feel free to email me with your requirements, timescales, the best number to reach you on and I will give you a call to discuss your options firstname.lastname@example.org.
** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **