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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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.
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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