Currency Report 26/11 - Do I buy my €uro's or U$D now or do I wait.
 

Sterling has fallen over the last 12 hours, both against the USD and the Euro. Both for the same reasons as UK Mortgage Approvals dropped surprisingly last month. It resulted in GBP-USD rates falling at their fastest rate in over 2 weeks and GBP-EUR rates dropping from a near year high.

Do I buy now or wait?

These are both questions I have already been asked a number of times this morning so I thought I would mention them in today’s report. I personally agree with a majority of currency forecasters that there is little data on the horizon that could shoot GBP-EUR rates back over the magical 1.20 level. The central banks don’t normally make any significant change to policy on the month of December so it draws to the conclusion that these current GBP-EUR rates are probably at the top end of the range expected for the rest of the year.

Yes we may see rates slightly higher but equally I expect the average level for the next 6 week to be lower than where we are currently at. As a result I would recommend buying Euros if I need them this side of the Festive period or at the very least deploying tools to limit your exposure with the likes of Automatic Rate Alerts, Spike Notifications and Limit Orders.

If you wanted to take some risk and fancied a gamble to see how things move this week, tomorrow and Thursday are key as we have GDP figures tomorrow and Inflation figures on Thursday. Next week however when the new month starts the amount of economic reports will be significantly larger. In either case if you are looking to make any type of currency exchange and would like more information and to discuss your options feel free to contact me.
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Excel Currencies typical clients buying exchange rates are from €1.1725 - €1.1935 on amounts ranging from £100 - £100,000+. Why not ask yourself how does this compare to what I'm receiving now? Not sure, then why not run a live comparison. Simply find out what exchange rate your provider is giving today then get in contact with us straight away to see how much you can save.

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