Figures from one of the UK’s leading retailers Marks and Spencer have shown that their profits have fallen for the first time in 3 years. M&S stated that operating in a tough environment was to blame for the drop in profits which ended the year 16% down on previous sales and as a result the company will be cutting investment by £200 million which could have M&S employees worried. Marks and Spencer sales figures are seen as very important for the UK economy as UK retail sales figures have quite often in the past mirrored the trend of M&S.
With Retail Price Index out today it will be interesting to see how the UK High Street is performing and the impact this has on Sterling exchange rates. With Sterling Euro exchange rates reaching some of the highest levels we have seen for 3 and a half years towards the end of last week recent Euro news has brought a little confidence back and as a result Pound Euro exchange rates have pushed back down. So, while the opportunities to buy Euros are still good if the current trend continues and if we see further poor retail data today the good exchange rates may not last for much longer.
If you need to send money abroad and are looking to time you exchange to achieve the best exchange rates make sure you speak to one of our experienced currency brokers today. You can call free straight through to our trading floor on 0800 328 5884 or email us at firstname.lastname@example.org and one of our brokers will be able to discuss your currency requirements and all the options available to you.