Sterling drops as markets close

STOP PRESS

The pound has fallen against the Euro, in an unusual large movement outside market hours.

Sterling fell after markets closed this evening:

It’s to do with Euro strength, as we’ve been warning about in the last few days. This is the biggest daily drop since October last year. Sterling to Euro has now fallen more than 2 cents since yesterday.

Why has it dropped?

It’s likely to do with the speech by Prime Minister David Cameron and French Premier Nicholas Sarkozy – also with the US markets still open, investors are continuing to shun risk, and are flocking to safer haven currencies such as USD which is hurting the pound.

As we’ve been saying for the last few days in our recent posts, the weakness was likely to be short lived, and GBPEUR rates are now well down from the highs earlier in the week.

We’re now at 20:30pm BST and after rates dropping to the mid to low €1.14’s, GBPEUR now recovered back €1.15.

Check back tomorrow for the latest developments, and get the information you need to make an informed choice about the markets, and acheive the best possible exchange rate for your currency transfer.

To get the best exchange rates for your currency transfer, Contact us.

Quote “Blog”

Foremost Currency Group

Leave a Reply

Your email address will not be published. Required fields are marked *