Euro hits cheapest rate since 2012

With a lack of important data out this week, the Euro has fallen in value, giving us the best rate for sending Euros abroad since July 2012 and not far off its best since the financial crisis of 2008.

Mario Draghi, the ECB President, gave a speech on Monday which along with worsening German business confidence figures, have send the single currency lower, and better than expected graduate unemployment figures in the UK have helped the Pound’s cause too.

Rates for buying many other currencies, including the US Dollar and Canadian Dollar, have also improved this week. The Australian Dollar too has weakened overnight following a speech by Reserve Bank Governor Stevens.

Today is again quiet on the data front, with only the USA giving us anything of interest, with durable goods orders at 1330 UK time. Bank of England Governor Mark Carney is due to give a speech a lunch time.

Overall then we have excellent rates for those of you looking to send funds abroad, and with October’s usual raft of facts, figures and speeches next week, it could be a good time to look at locking in your exchange rate while the going is good – if there’s one thing for sure with foreign exchange, it’s that nothing can be taken for granted and a change in sentiment can quickly lead to exchange rates falling back the other way.