The Pound seems to have found new direction this week, and that direction is south. Today we saw a report from the Bank of England that showed a rather mixed picture of the UK economy. It said the economy is likely to slow further, and business revenues would also be lower. There have been some positives recently, mainly Retail sales figures coming in better than expected, and also major retailers like Tesco and John Lewis also saying that there hasn't really been an affect on consumer spending following the referendum.
However, despite this it is likely the UK economy will slow due to the uncertainty, and investors have taken today's news and sold the Pound in droves, pushing GBP/EUR rates lower down to the low to mid €1.16's. (click here to view live interactive graphs for all currencies)
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If you are looking to buy or sell foreign currency and want to achieve the best exchange rates, contact me today. I can source rates that are up to 5% better than banks can offer. When looking to move large sums, for property purchases overseas or for businesses sourcing goods from abroad for example, the savings can be considerable.
We also have various contract types so even if you don't need your currency for some time, you can still fix the rate today and protect against adverse exchange rate movements.
The first step is to get in touch for a free consultation so I can discuss you particular requirements, and run over the options available to you.
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(The blog will again be quiet for the next week as I'm away on a short business trip. I'll be back in action on Wednesday 17th. You can still make an enquiry about our foreign exchange services on our contact page, and a colleague will get in touch to discuss your requirements and provide you a quote.)
Labels: Bank of England, GBPEUR rates, Get the Best Exchange Rates, Pound falls, Weak Sterling