Euro rate hits new low

28 July, 2011


Sterling fell to new lows against the Euro yesterday, the worst rate for buying Euros since the single currency was launched in 2002.

For anyone buying property in the Eurozone, this is worrying news. The trap that a lot of people might fall into is to assume that “things can only get better”. Tony Blair said that in 1997, and look where it has got us!

The main tip if you need to send money overseas, is to make sure you speak to an experienced currency broker about your transaction. Don’t bury your head in the sand, because it could get much worse – some analysts are now predicting a rate of 1:1 against the Euro if the UK economy continues to decline.

Amongst the bad news, don’t forget that using a specialist FX broker can still save you significant amounts of money compared to using your bank.