Initially we thought it would be central bank speeches that would be driving the market, but has often been the case recently, political events instead dominated proceedings, causing some large swings in the GBP/EUR rate that were largely unexpected.
As my colleague Michael outlined in his post yesterday afternoon, comments from the EU chief negotiator initially caused the rate to slump into the €1.10’s, before more positive comments from him sent Sterling surging higher. This trend has continues this morning and GBP/EUR currently sits at around the €1.1250 mark – this within 1.5% of a 4 month high:
Yesterday’s movements show how quickly the rate can change due to unexpected announcements. This is where using an expert currency broker can help you save thousands of Pounds. Unlike a bank that usually offer ‘daily’ rates that don’t change, we buy live from the market. The rates we offer therefore change throughout the day in line with market movements, and this means that we can achieve rates much closer to the true market level.
As banks often have to factor in possible movements in the rate, like we saw yesterday, the levels they offer are usually 2% to 3% below what we would typically offer. For large transfers, this often equates to savings that run into thousands of Pounds.
We also offer ways to help you make the most of any currency transfer you need to make, including Forward Contracts, Stop Loss Orders, and Limit Orders.