Great news for anyone UK based who might be purchasing property or moving funds over to Europe or Australia. The weakening Euro is leaving sterling in a strong position.Those considering a house purchase in Australia may now be on to a winner as the costs of the floods take its toll on the Australian Dollar
Will these kind of levels last? The main reason for the weakening Euro has been ongoing concerns regarding the sovereign debt issues that refuse to go away. It has been reported in the press that Portugal is steadily shaping up to be the next nation after Ireland that will require ââ¬â or may be forced to accept ââ¬â EU rescue funds to shore up the failing economy. This, alongside a series of bond auctions due in Italy, Spain and Portugal throughout this week, are dragging the Euro down. The bond auctions this week are expected to show that demand has diminished for European assets and have the potential to pull the Euro down further. If you have any foreign exchange transfers to make involving the Euro therefore, it is advisable to get in touch with foreign currency dealers to learn how you can either minimise losses or maximise gains this week by booking the transfer at the right time as well as choosing the best transfer option.
Anyone emigrating to or buying property in Australia will find the currency has been weakening due to the severe flooding in Queensland. The Australian economy is largely dependent on its exports and the cost of the floods themselves as well as the fact that the floods have significantly stifled export activity which has made the economy more vulnerable. If you will be transferring funds into the Australian Dollar in the upcoming months, it is important to remember that you can always fix an exchange rate in advance by using a forward contract to secure a preferential rate today for the future.
In other currencies, the US Dollar and Canadian Dollar are still fairing well. The US Dollar after growing in strength throughout last week has taken a slight hit against Sterling following poorer than expected jobs figures at the end of last week. It has still however gained ground on the Euro. The Canadian currency is doing well on better than expected jobs data as well as the increase in crude oil prices.
For further advice or how to save thousands on your property purchase compared to the bank exchange rates, protect yourself from currency movements or set up regular mortgage transfers, get in touch with Currency Solutions on +44 (0) 207 740 0000 or by clicking HERE to leave an enquiry.
Source:Currency Solutions
