Volatility continues in currency markets
11 August, 2011
Fluctuations have continued in most exchange rates, as focus continues on debt problems around the world and in the aftermath of the UK riots.
In the last few days US debt has been downgraded for the first time in history on Friday, the ECB reluctantly decided to buy Italian and Spanish bonds at the weekend, and the UK’s international reputation was soured by the scenes in our cities.
The only significant data still due out this week is US retail sales tomorrow, if you still need to make a currency transfer you should be aware of the scale of recent swings in rates.
Against the Pound, we have seen the following fluctuations in the last 7 days:
Euro: +/- 2.7c (difference of €2,700 on a £100,000 transfer)
US Dollar: +/- 3.6c (difference of $3,600 on a £100,000 transfer)
Canadian Dollar: +/- 4.4c (difference of $4,400 on a £100,000 transfer)
Australian Dollar: +/- 7.6c (difference of $7,600 on a £100,000 transfer)
New Zealand Dollar: +/- 9.4c (difference of $9,400 on a £100,000 transfer)
Swiss Franc: +/- 10.2c (difference of CHF 10,200 on a £100,000 transfer)
South African Rand: +/- R0.93 (difference of R93,000 on a £100,000 transfer)
With volatility like this, do alert us if you are looking to take advantage of any moves in your favour, whichever currency you are buying or selling.
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