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Sterling posts gains agains the US dollar but down against the Euro. Get the best deal on your foreign exchange (Mike Vaughan)
Sterling exchange rates have reversed a three day run of losses against the dollar today posting small gains of 0.25% but has taken losses against a host of other currencies including the Euro, Australian Dollar, Kiwi dollar and South African Rand. The range in 
particular for the Rand (ZAR) in the past three or four days has been substantial moving from a high of 14.37 to a low of 13.81, a difference of 4%. The ZAR is quite possible the most volatile currency in the market however it shows how important it is to utilise the services of a money broker such as currencies.co.uk. By keeping up to date with market trends it allows you to take far more control over your individual position as the timing of the trade can make a vast difference to the cost of your transfer.
Recent trends for the pound have been negative against the US dollar and the Euro and I would expect this trend to continue. My reason follow on from recent negative sentiment from the UK and reduced growth forecasts in the UK from the International Monetary Fund that actual indicate the UK will shrink overall this year. To compound this a speech from Mervyn King earlier this afternoon has suggested that the head of the Bank of England will focus on quantitative easing (the act of printing money) as the main policy tool for monetary easing. QE as rule will devalue a currency and with the increased likelihood of up to £50bn being made available in November I feel the pound will come under continued pressure and see a move towards 1.58 on GBP/USD and 1.23 GBP/EUR.
To discuss my views and your thoughts on the current market conditions please contact me either by email a [email protected] or by calling 01494 787478. Having worked in the currency markets for over 6 years I have assisted numerous clients with their currency transactions, ranging from property completions, monthly mortgage payments and corporate transfers a like. As one of the UK’s longest running independent brokers we have access to highly competitive commercial rates of exchange that our clients take advantage of on a daily basis. Similarly these multiple sources helps keep us ahead of many of our competitors as we actively seek to get our clients the best available market
prices.
Should you have an upcoming money exchange to arrange and would like more information on the service we provide as for Mike at [email protected] and I will gladly assist you.
2012-10-12 02:40:18
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