Sterling reaching its best exchange rate since 21st August
31 August, 2018
Earlier this week, people looking to buy a property overseas were worried as UK markets were closed on Monday and all other markets took chance to further sell down the Pound against Euro, finding the Pound at 11-month lows against the Euro.
Since then we’ve gained just over a cent on GBPEUR rate and 1.5 cents on GBPUSD rate as Chief EU Negotiator Michel Barnier announced that “The EU is preparing to offer a partnership with Britain such has never been with any third country”.
The pound was seen hitting the best rate across the board since early last week on further indications of high-level EU manoeuvres to secure a Brexit deal. The pound is holding strong but may not be for long depending on which way Brexit goes in upcoming weeks.
It’s worth considering securing your cost for an overseas property purchase by taking advantage of the current rate. Contact us today to get information on options that best suit you. A forward option is a great way to ensure you secure a rate ahead of purchase by paying 10% of the full amount of currency you need and the outstanding on completion.
You can lock the rate in for settlement anything up to 2 years away. This will help you avoid the risk of rate falling and know exactly what it will cost you on completion. The Euro Zone CPI and unemployment rate is released at 9 am. There is not much scheduled next week that could push up the pound so what you’ll see is the best rate you will get hence why it’s worth taking advantage of the possible short-lived spike.
Get in touch today and one of our experienced CI team will assist and guide you in the right direction to help you save money on your currency transfer.
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