Time to buy your Currency?

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Summer is just around the corner and so many of us Brits will be looking forward to taking some time off and heading for the airports, but when is the best time to buy your currency?

In truth, nobody actually knows for certain as markets are continually moving, but the Great British Pound against the Euro is the highest it’s been since 2007. At €1.40 the rate is much higher than it was last year when we saw €1.20 to the £1.00. Over the last few months the Euro has been weakening against the Great British Pound due to concerns in the euro economy such as low interest rates and deflation.

The Great British Pound (GBP) has also been seen to weaken against the US Dollar (USD) since its July 2014 peak however, since the beginning of April, the GBP has strengthened against the USD. The GBP against the USD ultimately remains vulnerable to political risk and the pair may find resistance at current prices until the election picture begins to clear up.

Please Note All currency quotes mentioned above refer to the wholesale market. Your bank or currency dealer will affix a discretionary spread and so the rate you get for your pound will be less than those quoted above. Shopping around is always the best advice when you’re looking for the best rate.

Want to know more about Simply Financial Advice? Check out our website www.simplyfa.uk

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