Sterling exchange rates have fallen from yesterdays highs of 1.15 to reach a low of 1.1438 following weaker than forecast data this morning.
Sterling was to fall as UK manufacturing and industrial production fell to to -0.2% and 0.1% respectively, down from the expected figures of 0.2% and 0.4%. Following this the NIESR (National Institute for Economic and Social Research) released their latest growth forecasts in the form of GDP (Gross Domestic Product). The NIESR is a very well respected think tank and their data is closely scrutinised and often very accurate. The growth figures fell month on month from 0.3% to 0.2% again putting pressure on the pound.
Should you need to buy Euros in the coming weeks and months then the recent trends might be quite worrying. We have now seen GBP/EUR reach 1.15 on 5 or 6 occasions in the last 6-7 months and on each occasion the pound, within a 10 day period, has corrected and fallen quite sharply. Of course there is no guarantee that this trend will continue however it is something to look out for if you are buying Euros.
As one of the UK’s largest currency brokers we have access to commercial banking levels helping our clients save thousands when compared to the banks. We are very confident with our pricing and can offer some of the best exchange rates in the market. To get a quote is very easy and we are confident we can save you money. To get a live quote or to make an enquiry please click here