Pound touches 16-month highs against Euro
The Pound has hit a stumbling block this week after underwhelming UK inflation data.
This is another surprise for forecasters as many predicted the Pound to see further gains from the latest CPI data.
Before the inflation news, the Pound was choppy vs the Dollar, but against the Euro, we saw the rate hit 16-month highs, beating anything seen in 2023 and the highest so far in 2024.
Following the report…
GBP / USD has seen the biggest impact, dropping to its second-lowest point of 2024.
This week saw positive inflation reports for the US. A double whammy for the Pound.
For GBP / EUR, despite the drop, the rate is still 2% higher than the previous 200-day rate average.
Elsewhere, it’s a similar story, the Pound has seen drops vs NZD, AUD, and CAD after the UK inflation news.
So what next, what should you do?
What’s next? Talk of interest rate cuts by the BoE has ramped up.
Increased pressure on the Pound could be coming in the summer months.
If you would like more market updates or to discuss current trends, a member of the trading team is just a call away on 01872 487 500.
To find out the latest rates, click below.
Benefits of using Key Currency:
- Great exchange rates
- Quick and easy transfers
- No transfer fees
- Expert help and guidance
- Authorised by the FCA
Current rates:
Thursday 15th February 2024 at 11.30
£1.00 GBP = 1.1700 EURO
£1.00 GBP = 1.2555 USD
£1.00 GBP = 1.9325 AUD
£1.00 GBP = 2.0625 NZD
£1.00 GBP = 1.6990 CAD
£1.00 GBP = 1.1085 CHF
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Want to Learn More?
- We have created a selection of Free PDF Guides for you to download covering many aspects of buying property abroad, visit our PDF Guides Page today or download our "Buying A Property in France" Guide PDF document.
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Want to Live in France Post-Brexit? download our "PDF Guide to Living in France Post-Brexit" document.
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Need to Send Money Abroad?
- At Clé France / Key Currency, many of our customers have a need for currency exchange.
- We are pleased to offer our customers favourable exchange rates on international currency transfers.
- As a Clé France website visitor, you qualify for preferential exchange rates when you transact through Key Currency.
How to Save Money on your foreign currency transfers
- Key Currency can save you money by offering more competitive rates of exchange than your bank.
- Clients can typically save you 3-4% of the total transaction value, which can result in significant cost savings.
- All client funds are held in segregated accounts with top-tier banks keeping your money safe and secure.
For everything you need to know about French property visit www.clefrance.co.uk
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Our popular and helpful Property Guides are free for you to download, they are in plain English and ideal for people who want to Buy, Sell, Holiday and of course Live in France Post Brexit.
Get expert advice about the Buying & Selling process in France, Post Brexit rules, Healthcare, Currency Exchange and much more.
Kind regards,
Sharon Evans
Founder of Clé France.
How to minimise currency risk for your French property purchase
What is currency risk?
Geoff Lambourne, Director at Key Currency has shared with us this analogy:
If you walked into a casino with £10,000, would you risk putting it all on red or black?
If you’re not okay with the possibility of losing it all, then currency risk is something to consider when buying a French property.
The exchange rate for Pounds to Euros moves on average 10% in 12 months.
That means; for a £100,000, the price of your dream home overseas could fluctuate as much as £10,000 either way.
So, if you’re not prepared to pay an additional 10% of the property price, perhaps it’s time to speak to a currency specialist?
How can I protect my property budget?
Well, the first step is connecting with a trusted currency specialist. If possible, opt for one with experience helping individuals manage overseas currency transactions.
We recommend Key Currency to all our clients, they have years of experience in foreign exchange and specialise in overseas property.
The first step in protecting your overseas property budget would be to register with Key Currency, it’s free and there’s no obligation to trade.
Register with Key Currency today.
Then, we can schedule a call with your assigned account manager to discuss the best options for you and your budget.
The "forward contract" is possibly Key Currency’s most popular service for overseas property buyers. It’s a legal contract that allows you to lock in an exchange rate for up to 12 months at a time.
This provides peace of mind, knowing that you’ll pay the same price you agreed to pay for your overseas home by the time you complete the transaction.
For example - if you agree to buy a €100,000 property abroad when £1 = €1.15, it will cost you £86,956.
But it’s possible that by the time you come to complete the transaction, £1 only buys you €1.08, so the price has shot up to £93,592, costing you another £5,633, a 'forward contract' can avoid this happening.
Click below for a free quote from Key Currency.
Kind regards,
David Evans
Co-Founder of Cle France.
Cle France / Key Currency
Key Currency is the currency exchange department of Cle France Ltd, 'Cle' being the French word for 'Key', did you see what we did there?
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