We have continued to see Sterling exchange rates climb against the Euro as investors confidence continues to dampen for the Eurozone with the political issues they currently face. As a result Sterling Euro exchange rates currently sit at a four year high and are closing in on the next big barrier of 1.25. If you need to buy Euros the current levels could present some excellent opportunities so make sure you speak to one of our currency brokers who will be happy to discuss your currency requirements and all the options available to you so you can make the most informed decision on when to trade.
In Spain we have heard that the Spanish government is planning to announce a sweeping reform of their banking practices. With a number of Spanish banks under pressure this could provide some confidence for the rest of the Eurozone but could also highlight further issues in one of Europe’s most under threat economies. With Spain having built so many properties during the boom period several years ago they are now left with thousands of empty houses and even numbers of unfinished properties with more and more developers going under. In fact it was rumoured that if any of the large, mainstream Spanish developers were to go into administration they could bring down banks! It is clear that Spain is in trouble and is likely to need financial help from the rest of the Eurozone so the recent election win of Hollande in France could cause have major implications. As with so many things in the currency market there is still a lot of uncertainty and a long way to run on these stories.
At Foreign Currency Direct plc we offer a number of different contract types so if you need to send money abroad and are looking for great exchange rate on your currency exchange make sure you speak to one of our experienced currency brokers today. Call straight through to our trading floor free on 0800 328 5884 or email us on firstname.lastname@example.org.