The amount gained when trading £200,000 to Euros or US Dollars can vary drastically between the exchange rate high and low.
Sterling exchange rates managed to make a recovery yesterday following the mass selloff of stocks this week dubbed ‘Black Monday’. With China being one of the main contributors to global growth, a slowdown in their own economic growth, has a domino effect on the rest of the world.
The British Pound reached levels of 1.3775 versus the Euro yesterday after falling to 1.3485 on Monday. Despite an evident lack of any significant data for the UK early this week, GBP managed to gain momentum yesterday as the mass selloff was considered an overreaction of the markets to the overall economic health of China.
‘Black Monday’ highlights how important it is to keep up to date with the markets and indeed your personal broker, as with the right information, necessary precautions can be taken to limit your exposure to the movements seen. You can keep track of Pound Sterling exchange rates on our live foreign exchange rates page.
Due to a lack of any significant data earlier this week it has been difficult to gauge how Pound Sterling exchange rates would have reacted without the influence of China devaluing their currency on Monday. Sterling has gained fairly consistently versus the Euro since early 2013 so I think it’s safe to say GBP will continue to strengthen in the longer term however I think it the medium term GBP/EUR will find buoyancy at around 1.36-1.39.
This morning at 9:30am Mortgage Approvals for July are due to be released which is considered a leading indicator of the UK housing market. The figures are expected to show an increase in Mortgage Approvals which should encourage the Pound to regain some its losses seen earlier on this week.
If you are buying Euros with British Pound Sterling you may want to consider moving before the release of Nationwide Housing Prices at 7am on Thursday. The figure is expected to show a decrease in the value of house prices in the UK which is likely to weigh down on Sterling.
On Friday at 9:30am GDP (Gross Domestic Product) figures are due to be released. GDP is a measure of the total value of all goods and services produced by the UK. GDP figures have been known to influence exchange rates in the past so if you have GBP based currency requirements keep a close eye on the release as an unexpected figure may encourage some volatility.
If you have any questions regarding GBP exchange rates, or need assistance with a currency exchange please contact me directly at firstname.lastname@example.org.
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