Sterling makes a recovery againt Euro - short term spike or correction in the market??

Yesterdays trading saw Sterling make a huge fightback against the Euro and most other major currencies gaining nearly 3% over the Euro by the end of the trading day. This is close to the highest daily gain in the past nine years which is a refreshing change from the previous weeks and months of doom and gloom.

Many analysts are saying that Sterling may have gained even more had it not been for Thursdays interest rate decision, due out at 12.00.

It is widely known that the Bank of England will be likely to cut rates again merely just a case of how much they cut by. An interest rate cut generally has a negative effect on the currency concerned and a hike a positive one, so should we see a larger cut than the 50 basis points expected then the Pound could easliy drop back down to the lows seen of the festive period.

Spikes like this do not tend to stick around for long, and certainly not in the current climate so if you do have an upcoming requirement do feel free to get in touch 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