Euro Pound Exchange Rate Report – 6th September 2010
September 8, 2010 Leave a comment
A volatile week saw Sterling start strongly against the single currency at a high of 1.22470, with a low of 1.19620 (Interbank Levels) a difference of -2.3%. Therefore a difference between the high and the low of the week on £250,000 to € would be around €6,900 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 Eurozone GDP figures arrive as estimated in the second quarter at 1.0%. This was the same as the previous quarter and indicates that the Euro is hanging in there despite a number of serious economic issues and concerns continuing throughout Europe. Some financial commentators believe that it is merely a case of postponing the inevitable decline of the Euro, whereas others are backing the Euro to rise against Sterling with continuing rumours of double dip recession in the UK causing Sterling weakness. This difference in opinion has been reflected in the volatility of the markets this previous week, with investor confidence ever changing in accordance with the latest commentary from the rumour mill, never has there been a more important time to keep your eye on the markets and to ensure that you are as well informed as possible with latest developments by liaising with your currency broker.
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 one of our top currency brokers 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.