The Pound to Euro buying rate was trading in the €1.11’s earlier this morning, whereas this afternoon the pair have been trading above €1.13 at one stage.
The reason for the weak Pound this morning was due to one of the key members of the Bank of England not mentioning interest rates during a speech in Edinburgh yesterday afternoon.
The member of the BoE is Ben Broadbent and the reason the markets were keen to hear his opinion was because he’s yet to comment in recent weeks, and after an almost 50:50 vote in favour of raising interest rates last time round many were hoping that he would adopt a bullish stance which would most likely have resulted in Sterling strength.
The positive move for the Pound this afternoon is due to unemployment statistics for may impressing, which showed that UK unemployment is at its lowest level since 1975.
Our clients are able to benefit from being kept up-to-date and today is a good example of the benefits of our service.
On large transfers a 1 cent difference can make a large difference in monetary terms and today we’ve seen a larger than 1 cent trading range between GBP/EUR. We can either set up automatic orders with our clients or simply get in touch with clients on the phone once the level hits our clients target.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on email@example.com and I will endeavour to get back to you as soon as I can.