Cyprus To Announce Plan B – Euro Exchange Rates
The issues in Cyprus appear to be continuing with banks in Cyprus now closed until Tuesday and now we are hearing that Cypriot officials may be about to announce their “plan B”! Originally we heard that the country planned to levy a charge for everyone who held money in Cypriot banks but that was unanimously rejected and since then we have heard numerous rumours including Russian intervention and bank levies and so if we do hear the plan B today it may provide some certainty in the market place. There is currently no time scheduled so we could hear from Cyprus at any time today and this could mean that the markets could be very volatile in the lead up to the decision and also we could see a lot of movement on GBP/EUR exchange rates when the new plan is announced. So, if you need to buy or sell Euros make sure you let one of our experienced currency brokers know so that we can keep you informed of all the latest news and the relevant currency movement.
Sterling Exchange Rates Up
This morning we have seen Sterling exchange rates strengthen as both public sector net borrowing and retail sales figures were better than expected. Retail sales rose to 2.15 in February following a bad month in January and this rise was largely attributed to an increase in online sale. Public sector net borrowing figures were also significantly better coming in at half of the predicted figure which means the government is borrowing less than predicted which is fairly good news for the UK. Following both of these data releases we have seen GBP/EUR exchange rates push up to some of the highest levels for around 5 weeks meaning there are some excellent opportunities to purchase Euros.
If you need to transfer money abroad and you are looking for great exchange rates then make sure you speak with one of our experienced currency brokers who will be more than happy to discuss your currency requirements and the options available to you. You can call straight through to our trading floor on 01494 849752 or alternatively you can email me on email@example.com.