Hi All,
foreign exchange traders contiune to buy pounds against the US Dollar, Australian Dollar, South African Rand and New Zealand dollar but cant seam to beat the Euro with the Euros to Pound exchange rate stuck in the 0.7900 to 0.8000 zone.
Even the fact that the French EDF have announce their intention to buy British Energy for 12 billion pounds hasnt pushed the euro pounds exchange rate lower. So what is needed? Probably best not to remind anyone of high street bank mergers/failures at this point or housing sales being the lowest on record.
Personally i cant see why the euros to pound exchange rate cant breach the 0.7700 level which is still well above the 0.6580 low of last year. All i can suggest to those of you with a Spanish Mortgage is buckle up 0.8200+ cant be far away as foreign exchange traders live by the motto
if you cant sell it, you might as well buy it and if the Euro to US dollar exchange rate heads back above 1.5000 i cant see it dragging the pound with it.
Exchange rates never do what you want them to do but remeber you never go broke selling pounds
Bye For Now
IMS foreign Exchange
Buying Euros, Buying Australian Dollars visit www.imsfx.co.uk for a free currency quote
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