The Pound had a fairly lacklustre beginning to the week despite strong house price data from right move quelling rumours of a heavy slowdown in this key sector of the British economy, but buying Euro rates still dipped below the 1.16 mark once more.
Homeowners will rejoice that price growth for UK properties on average accelerated during the month of May compared to April, signalling a strong summer buying season. This is why Right move were confident enough to increase their forecasts for price growth this year up to 3% from 2.2%.
The reason why this news didn’t gain much traction in the marketplace was because events in Germany stole the show.
These were due to some off the cuff comments by Angela Merkel. To summarise what was a fairly long interview, the nuts and bolts of it was a key quote where she said the Euro was ‘too weak’.
So the movement today was not necessarily any indication of a trend, but rather markets trying to second guess a reaction to a strengthening Euro and bought the single currency up in droves.
But this is a stark reminder to anyone with a Euro or selling requirement that markets can shift with near immediate effect and with little warning – making sure your broker here is aware of any requirements means any opportunities or adverse movements can be relayed with immediate effect to avoid being caught out.
As such anyone with a very short-term requirement to buy Euros may be wise to contact me on 01494 787 478 and ask to be put through to Joshua to discuss a live price for your transfer and avoid being ‘last to the party’.
I have never had an issue beating the rates of exchange on offer elsewhere, so a short conversation could save you a healthy sum on your next transfer.
Anyone with a slightly longer term transfer can also contact me on firstname.lastname@example.org to discuss a strategy for your transfer in the run up to the election aimed at maximising your currency return.