Credit rating agency Fitch have stated that the UK’s AAA credit rating has been placed on “negative outlook” following a similar move from Moody’s earlier this month. Should the UK lose its triple A rating it will make borrowing money more expensive for the economy and will also damage investors confidence in the country which could really hamper Sterling exchange rates. With the UK budget due towards the end of this month the announcement from Fitch will only put more pressure on Chancellor George Osborne and the Coalition government and as regular readers of these blogs will know any political uncertainty will hamper confidence which can result in weakness for that currency.

Over the last couple of days we have seen Sterling Euro exchange rates push up over the 1.20 mark which has presented some excellent buying opportunities for clients but with so much bad news for the country it is possible these good rates will not be around for long. So, if you are looking to transfer money abroad and are looking for exceptional exchange rates speak to one of our experienced currency brokers today so they can discuss your requirements and the options available to you. To speak to someone on our dealing floor call us on 0800 328 5884 or from abroad 0044 1494 725353 or email us on info@currencies.co.uk.