Sterling Euro exchange rates have hit their lowest level to buy Euros since 2011 after a flash crash in overnight trading on Thursday occurred in Asian trading. It has been suggested that a trading algorithm which looks for negative Brext stories caused a huge sell off for Sterling overnight in conjunction with Francois Hollande’s announcement that he would not make it easy for the UK to leave the European Union.
Sterling also fell to record levels against the US Dollar at one point hitting as low as 1.18 as the foreign exchange markets went into free fall.
Since the vote to leave the European Union generally speaking the UK economic data which has been released has been relatively positive yet Sterling exchange rates have continued to fall. It is clear that the Pound is being negatively influenced by what is happening politically in the UK and until we get a clearer picture as to how our relationship with the European Union will go in the future then Sterling could fall even further against the Euro.
Many analysts are now suggesting that GBPEUR rates could fall to parity by the end of the year as the uncertainty continues.
If you’re in the process of buying a property in Europe before the end of the year and worried what may happen to GBPEUR exchange rates then it may be worth looking at buying a forward contract which allows you to fix an exchange rate for a future date.
Having worked in the currency markets since 2003 I am confident of being able to offer better rates when buying or selling Euros compared to using your bank and also help with the timing. If you have a currency transfer to make and want to find out more or for a free quote then contact me directly Tom Holian email@example.com
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