Euro interest rates cut – cheaper Euros available
28 July, 2011
The ECB have cut their interest rates by 0.5% to 2% today – although this was expected, the Euro has weakened this afternoon meaning that the best Euro exchange rates are now over 1.11.
It is unlikely that we will see a sustained movement on the exchange rate (bad news for those of you transferring money to Spain, France etc), as the cut was already priced in to the exchange rate. A 1% cut in EU interest rates would have been better news!
The Pound has gained nearly 10% since the start of January, meaning the same amount of Euros is now 10% cheaper than it was only 2 weeks ago. Do speak to a foreign currency broker to discuss your requirements for buying or selling Euros.
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