Sterling exchange rates have rallied to reach their highest level against the single currency since June having now moved3.2% since the 18th September. To highlight the impact this can have on a a sizable transfer, a €300k position would have cost £270,270 on the 18th September with the same transfer costing £261,597 this morning.
How do I take advantage?
There are a number of different contract types we can offer, ranging from standard spot contracts with a two day settlement to forward contracts, where for a nominal deposit, your exchange rate can be locked in for up to two years. This is becoming an increasingly popular contract type with clients taking advantage of this recent spike.
Will this spike last?
Recent movements have come about following progress being made with Brexit negotiations. It has been suggested that a deal is close, although Theresa May has been warned of “dire” electoral consequences for the Tories if she persists with her Brexit plan. One sticking point for Mrs May continues to be the Irish border debate. Talks are at a critical stage as the EU and UK seek to resolve their differences over the “backstop”, a fallback plan to avoid a hard border on the island of Ireland in the absence of a solution through trade talks.
Brexit negotiations and the divorce bill is supposed to have been agreed by the 17th October, one week from today so the coming days aer key. Will the bubble burst? The issue is no one knows. If an agreement is made then potentially not, however some are suggesting a “bad deal” is worse than “no deal”. For this reason I think the GBP/EUR bubble could easily burst and if I was buying euros I would seriously consider my options with the recent market movement.
Do you need to buy Euros?
Do you need to transfer money internationally? Do you need help getting the best rate? If so then we can help.
If you would like to discuss our services you can email me email@example.com to get a quote. Alternatively you can make a free enquiry today by clicking here. Our rates are up to 5% better than your bank could offer. We’ve never had a problem beating rates from other currency specialists.