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Sterling went into free-fall yesterday, where rates comfortably in the 1.41’s crashed down below the ‘magic’ 1.40 mark which is his been a point of resistance for a while.
Yet this morning rates have moved back above 1.40 to 1.405 and still seem to be climbing. Without any change in the Greek bailout, which is still very much going ahead, or any poor economic data in the Eurozone to explain the situation, this can only point to market hysteria in a mass sell-off of Euros.
People who have been looking to sell Euros and have been dismayed by the recent levels for buying and selling, likely saw the interbank on GBP/EUR rates hit 1.39 and felt compelled to act. By selling Euros this devalues the currency due to reduced demand, which is why GBP/EUR has been recovering above 1.40. This spiralled out of control when other Euro sellers saw the rates rising and didn’t want to miss out on the recent spike in their favour, so a mass sell-off was triggered which is why we are at 1.405 and rising.
As these rates are purely based on market psychology they are not sustainable. They can certainly be considered a gift to those purchasing Euros.
I recommend calling 01494 787 478 and asking for Joshua for a free quote on your transfer and some personal advice on your situation. Even if your requirements are not until later in the year, these rates can be pegged to make sure you are not buying at lower rates when you require your Euros. [email protected]