The pound starts the week in the best place it’s been for three weeks against the euro, and around 1.5% better than the average of last year.
So, if the first working Monday of 2024 sees you in business-like mode, this would be a good time to lock in that rate for the whole of 2024 and be planning more interesting matters.
Just call your account manager on 020 8108 5163 to discuss your options, such as a forward contract to fix your rate.
There isn’t a great deal on the economic calendar until Friday, when the Gross Domestic Product (GDP) reading could easily move the dials, followed by unemployment and inflation next week.
The past six months or so has been relatively quiet for GBP/EUR, with barely a 3% movement, but that should not lull you into a false sense of security. The pound against the dollar has swung by around 10% in the past six months, and those who have major GBP/USD transactions coming up have had a nervous time, some needing to find thousands more pounds in a hurry to complete on property purchases in the US. For those with assets and investments held in dollars, returning that money to the UK or EU has seen serious rises and falls in their value.
The same could just as easily happen to the pound against the euro over the next six months.
You can avoid all that stress and potential for financial loss, so do please use the expertise of your highly-experienced and knowledgeable account manager.
