Latest Currency Rates update
pm, May 11th 2010. Latest Currency exchange rates movements.
With the result of the British Leadership election still undecided, Germany’s Chancellor Merkel’s unwillingness to provide further “bailout” funds for the weaker EU states and better-than-predicted US non-farm payrioll news, it seems that we are in for turbulent times in the currency market.
In the UK, the markets haven’t liked the uncertainty surrounding the continuing debate on who will take over as the leading political party.
GBP to USD: The latest news from the USA suggests that they now have a robust economic performance, relative to the UK and Europe. This has led to the Pound sliding against the Dollar. It wasn’t so long ago, that we saw $1.63 to every £1. We are now seeing around 1.47.
EUR to USD: The Euro has taken a battering from the US Dollar. It was only towards the end of last year when you could get a rate of 1.50. It’s now heading down, very close to 1.25. Predictions are that the markets still don’t like the overall weakness of the economies in the Eurozone and this rate may drop further over the next few days.
GBP to EUR: The costly and hastily “cobbled together” aid package for Eurozone economies hasn’t convinced the markets, and the Pound has strengthened slightly against the euro. If economists are to be believed, we may see the Pound strengthening even more, once the political leadership has been decided.
AED to AUD: The AUD has been riding a high against the UAE Dirham. In the last year, we have seen the aussie dollar rise from around 0.3005 aud right up to around 0.3037. That’s around 10% in a year! Is this the time to consider selling Australian Dollars and buying UAE Dirhams? Maybe buy forward with just 10% deposit though us?
With currency rates fluctuating as much as they are at the moment, now may be a good time to buy your currency ahead of time buy using our “forward currency contract” mechanism. This only requires a 10% deposit initially from you.
If you would like to discuss any aspect of currency conversion with one of our experienced currency dealers, please contact us here and we will get back to you.
