GBP EUR exchange rates fall

Over this mornings trading we have seen Pound Euro exchange rates fall further. Despite news from Rightmove that the UK housing market had picked up the confidence in the UK economy is still low and this morning Bank of England (BoE) member Martin Weale stated that GBP may need to weaken fuither to help the UK economy. This is another clear indication of someone “talking the Pound down” in order to try to help the UK economy, this is in effect what the G20 leaders were concerned about when they discussed the possible threat of ‘Currency Wars’. The UK is possibly heading towards a triple dip recession and there is also the threat that we may lose our triple A credit rating and so Mr Weale’s comments are based around the theory that a weaker currency will help UK exports and therefore the overall economy. While this may be true it certainly does not help those clients looking to send money abroad. This highlights just how quickly the currency markets can move and so if you need to transfer money abroad then make sure you stay in close contact with your currency broker here at Foreign Currency Direct plc.

GBP USD exchange rates hits 9 month low

Following the negative comments from BoE policymaker Martin Weale GBP USD, also known as cable, fell to a 9 month low. Sterling is clearly under pressure with a poorly performing UK economy and talk of currency wars (which at the moment it looks like the UK policymakers are winning by talking GBP exchange rates down) and so it looks like exchange rates could be under pressure for some considerable time. So, should you need to transfer money to America, or if you need to buy US Dollars then make sure you keep in close contact with us so that we can keep you informed of all the latest currency movement.

If you need to send money abroad and are looking for great foreign exchange rates make sure you call our experienced currency brokers today on 01494 849 752 or email me directly on trh@currencies.co.uk