Sterling collapsed against different currencies

Sterling weakened against numerous currencies after UK GDP figures showed a fall compared to expected figures.

In recent weeks data showed that earnings have now outpaced inflation and unemployment is close to its lowest level since records began, providing a lot of evidence in favour of hiking interest rates although it’s not guaranteed.

Last weeks data was much lower than expected, causing the Pound to fall against Euro resulting in the rate to drop by around 0.5%.

On Wednesday we have the release of first-quarter GDP data for Eurozone as well as the latest unemployment data for Eurozone that will be announced on the same day. This could be the most volatile day of the week for the currencies.

After Sterling collapses from a poor UK GDP data, it will be difficult to see a spike in the rate. Saying that, the Pound is doing well against a weaker Euro but it may not be for long with more data being released mid-week.

If you’re buying a property overseas and need to convert your Sterling to Euros then maybe now is the time to take advantage of it.

Get in touch with your Account Manager to discuss your options to save money on your currency transfer whilst the rate is still high but may not be for long.