The Pound has made some huge gains vs the single currency during the month of September which was kick started early in the month with news that UK inflation hit its highest level in over 5 years.
This then prompted the Bank of England to look at raising rates in the near future with some of the members hinting we could see an interest rate hike much sooner than previously expected.
Bank of England governor Mark Carney has recently stated that any rate hike will be ‘limited and gradual’ so if we do see a hike then it could be very small.
However, in the meantime the Pound has seen some solid gains vs the Euro over the last few weeks with a 6% gain during September.
This the difference of £5,5000 on a currency transfer of EUR100,000, which highlights of making a well informed decision when buying or selling Euros.
As we go into October the biggest influence for whether the Pound will continue to make the recent gains will be the ongoing Brexit talks and whether or not we’ll get some positive news.
The current topic is that of citizen rights and the Irish border so expect the volatility for GBPEUR rates to continue.
If you have a 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 (Tom Holian) on [email protected] and I will endeavour to get back to you as soon as I can.