The Pound soared during yesterdays trading session making the exchanging of Pounds into Euros as well as other major currencies a more attractive proposition.
The GBP to EUR exchange rate has hit a 6-week high and the main news regarding the Pound at the moment is that the Pound to US Dollar rate is at a 1-year high with the Pound having recovered around half of its losses since the Brexit vote.
The reason the Pound has been climbing is because the Inflation rate came out higher than expected yesterday at 2.9%, which is the joint highest the level has hit this year. This increases the chances of an interest rate hike which is why the Pound is climbing as a rate hike is generally considered a positive for the underlying currency.
There are still forecasts for the Pound to Euro rate to fall and hit parity in 2017 and these predictions have come from a number of major financial institutions such as Citi and HSBC so those planning on converting Pounds into Euros should be aware of this as the current rate may be a short term buying opportunity if those forecasts are correct.
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.