Sterling has been having a good run against the euro in recent weeks and gained almost 2.5% in the past month.
Last week you would have got more euros for your pounds that at any time in 2023, and indeed you’re only a tiny bit off that now.
It had been in a similarly strong position against the US dollar – over 2% up – before crashing down again last week by about 1.3% over the course of 24 hours.
To avoid the risk of losing the current gains against the euro, do give your trader a call today on 020 8108 5163.
Coming up on the economic calendar this week is unemployment and earnings data tomorrow. The Bank of England’s twelfth interest rate increase last week is intended to curb inflation – still, incredibly, at over 10% while in places like the USA it is down to 4.9% and in Spain down to 4.1% – by amongst other things, using the risk of losing ones’ job to curb inflationary wage demands. That’s the theory anyway and tomorrow we’ll have our regular monthly clue as to whether it’s working.
The pound could easily shift in response to that data early tomorrow and drop as fast against the euro as it did last week against the dollar. So do seriously consider locking that rate in if you’re about to make a transaction or you risk losing thousands.
By the way, Smart Currency will be among the experts talking at several webinars from our overseas property partner Your Overseas Home over the next two weeks. They’re packed with useful information on how to buy a property and a chance to get some of the bothersome questions answered before you get on a plane. You can get your e-ticket here.
