In a speech yesterday Governor of the Bank of England Sir Mervyn King stated he remained pessimistic and concerned about the state of the UK economy stating the short term outlook for the global economy was not positive. King stated that he was surprised by how much the situation had changed within the last six weeks, which only goes to highlight just how volatile the markets currently are and how quickly an outlook can change. King went on to say that the economic situation has gone on longer than expected and commented that it may not be coming to a close anytime soon. This slightly depressing news followed the announcement that Cyprus are to be the fifth EU country to require a bailout and resulted in Sterling Euro exchange rates pushing up above the 1.25 mark presenting some excellent opportunities for those clients looking to buy Euros. While the negative news coming from Europe on almost a daily basis it is quite clear that this news is having a detrimental impact on the UK economy which may have a knock on effect on Sterling. So, if you need to transfer money abroad speak to one of the experienced currency brokers here at Foreign Currency Direct so they can keep you informed of all the latest currency movement.
This morning we have UK Mortgage figures and trade figures while in Germany inflation figures are also due for release. So, if you are looking for great exchange rates and would like to know how these economic data releases could impact your transfer call straight through to our dealing floor today on 0800 328 5884 or email us at firstname.lastname@example.org.