The pound yet again hit new lows against the Euro rising above 90 pence for the first time, a key psychological figure for investors but this further drop in value was gladly only short lived.
Sterling gained back ground throughout the afternoon largely due to Dollar weakness as investors and analysts showed concerns over the uncertainty of U.S auto makers, alongside many investors position squaring ahead of the holiday and year coming to an end.
These spikes in the market do not tend to stick around for too long...... especially with the U.Ks current economic situation, every piece of data that seems to be released is generally pretty dire to say the least, and with tumbling house prices and rising unemployment things do not look set to improve in the near term.
If you have an upcoming currency requirement it may be sensible to seriously consider securing your funds on a forward contract, for a small deposit you can lock in a rate for anything up to two years in advance, eliminating the risk of your currency costing a lot more than budgeted, and giving you piece of mind over the festive season.
Many business clients are securing forwards at present to ensure their import costs do not spiral out of control over the coming months.
If this sounds of interest to you, please feel free to contact me directly by following the link below and I will be more than happy to assist.
This is a brief summary of todays report. Click here to read the full report on our main website
If you are buying a property abroad, and want the best exchange rates, just click on the links below to go straight to our main site, or Email Me
Have a great day and thanks for reading!
Daniel Wright
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