The slide in the Pound’s value is on hold for now, as versus the Euro it’s trading at just over 1.12 at the time of writing.
After trading in the late 1.09’s just a week or so ago, the Pound seems to be finding support above 1.10 which could have been spurred by some positive inflation data during earlier in the week for the UK. With inflation now at 1% the Bank of England (BoE) is on track to meet it’s 2% target which is a positive sign for the UK economy, but those hoping for further Sterling strength when compared with the Euro need to be aware of the following future forecasts.
Earlier in the month analysts at HSBC announced forecasts of parity for the GBP/EUR pair towards the end of next year, and just this week Credit Suisse lowered their price target for the commonly exchanged pair, suggested that we could see the pair trading in the 1.06’s within the next 3 months.
Should these forecasts come to fruition, those planning a Sterling to Euro currency transfer may be wise to consider performing that transaction whilst the pair currently sit comfortably above 1.10 at the inter-bank level.
If you would like to discuss timings and commercial exchange rates with me, feel free to get in touch. Our UK based currency brokerage has been operating for almost 17 years and we’re in a position to offer commercial exchange rates, which can save our clients thousands on currency exchanges.
You can email me directly on email@example.com or call in and ask for me (Joseph) on 01494 787 478. I’ve personally been working within financial markets for almost 10 years, and with this experience I’m able to walk you through what can be a stressful experience if you’re not used to making these types of decisions regularly.