Euro buyers take advantage of GBP EUR Spike

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The sterling/euro exchange rate was just the same this Friday morning as it had been a week earlier. That is not to say nothing happened in the interim. The pound first added two and a half cents, peaking on Wednesday night at its highest level since March. It spent the next 36 hours handing back its gain and suffered a further one-cent rout on Friday afternoon. Since then it has recovered that cent to open unchanged on the week.

Until Thursday the main driver was the ebb and flow of nervousness about the southern European debt/default/recession crisis. During the first half of the week sentiment was negative, as investors continued to fret about the inability or disinclination of EU leaders to dig themselves out of the Greek pit that has been deepening since the beginning of the year. Nothing had happened since the summit meeting in July and investors despaired that nothing ever would. An announcement by Athens that it would fail to meet its deficit reduction targets this year and next did nothing to improve the mood; in theory that failure should have disbarred Greece from receiving any more bailout money.

Exchange rate volatility can make a huge difference on an investment or purchase. On 4th October £100,000 would have bought €117,170 but later this week £100,000 would achieve €114,610 - that’s a €2,560 difference in a few days. Many clients are taking advantage of market orders which has enabled them to fix a target rate for changing their money. The volatility in the markets has enabled them to take advantage of the spike in the rates which has been caused by the issues in Greece. To find out how you can take advantage of the rates contact or ring +44 (0) 207 589 3000

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Euro buyers take advantage of GBP EUR Spike

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