Euro Pound Exchange Report – 31st August 2010
September 1, 2010 Leave a comment
Sterling started last week strongly against the single currency reaching a high of 1.2275 with a low of 1.2143 (Interbank Levels) a difference of -1.1%. Therefore a difference between the high and the low of the week on €250,000 would be around £2,200 on your purchase.
This symbolises the importance of keeping in close contact with your currency broker, as Data releases affecting Sterling and Euro can cause volatility in the markets. A good currency broker can give opinions on what Certain Data releases are expected to do and how this may affect your currency in question.
Last week saw the U.K. economy expanding faster than previously estimated in the second quarter in the biggest growth spurt since 2001 as companies rebuilt stocks and construction work surged.
Gross domestic product rose 1.2 percent from the previous three months. That was higher than the 1.1 percent initial estimate. On the year, the economy has expanded 1.7 percent.
Whether you are looking to buy or sell Euros there are a number of ways to safeguard your requirement. One of the contracts which can do this over a long period is a ‘Forward Contract’ where one can purchase currency for anything up to 2 years in advance with a 10% deposit, locking in the rate of exchange now.
If you have an upcoming requirement and are worried about where the rates are heading in the future please don’t hesitate to get in touch to talk to a good currency broker who can guide you in the right direction.
If you have yet to open a trading facility to gain access to commercial rates of exchange click here to open an exchange rate account today.