Euro rate below 1.10 as unemployment soars

Today’s unemployment figure showed the worst jobless total since 1997, up to 1.86million.

The Pound dropped accordingly, now buying less than €1.10 for the first time in history.

The Euro has also been strengthened (become more expensive) by ECB President Trichet’s comments on Monday that interest rates in the Eurozone are unlikely to fall as much as those in the UK. This makes the Euro a better bet for investors, and increased demand makes the single currency more expensive. The best Euro exchange rate is now at a new all time low.

Transferring money overseas has therefore become more expensive again today, particularly in the Eurozone. Make sure you speak to a specialist currency company if you need to make any payments to foreign soil in the coming weeks and months.