Fluctuations have continued in most exchange rates, as
focus continues on debt problems around the world and the aftermath of the UK
riots.
the ECB reluctantly decided to buy Italian and Spanish bonds at the weekend ,
US debt was been downgraded for the first time in history on Friday, and the
UK’s international reputation was soured by the scenes in our cities, along
with some worries about our own sovereign debt rating.
The only significant data still due out this week is US retail sales tomorrow,
if you still need to make a
currency transfer you
should be aware of the scale of recent swings in rates.
Against the Pound, we have seen the following fluctuations in the last 7 days:
Euro:
+/- 2.7c (ââ¬2,700 on a ã100,000 payment in Euros)
US Dollar:
+/- 3.6c ($3,600 on a ã100,000 payment in USD)
Australian Dollar:
+/- 7.6c ($7,600 on a ã100,000 payment in Australian
Dollars)
Canadian Dollar: +/- 4.4c ($4,400 on a ã100,000
payment in CAD)
New Zealand Dollar:
+/- 9.4c ($9,400 on a ã100,000 payment in NZD)
Swiss Franc:
+/- 10.2c (CHF 10,200 on a ã100,000 payment in CHF)
South African Rand:
+/- R0.93 (R93,000 on a ã100,000 payment in ZAR)
With volatility like this, do alert a reputable
currency broker if you are looking to take advantage of any
moves in your favour, whichever currency you are buying or selling.
Exchange rates can usually be secured up to 2 years
ahead, so if you are buying property overseas or making a payment to or from
another currency, you can lock in to advantageous rates even if you donââ¬â¢t have
all your funds available now or donââ¬â¢t need to make a payment straight away.
The large swings in current exchange rates can literally
make a difference of thousands of pounds, and by dealing direct with a currency
exchange company, you will also be able to obtain better exchange rates for all
your transfers than those offered by typical banks.
