Sterling is falling today (Thursday 10.30 am ) after figures for the UK’s goods trade deficit reached a record high in July. Britain’s total trade deficit, which includes services, also increased sharply to its highest level in nearly five years.
The pound fell 0.5 per cent to $1.5399 against the dollar and was 0.4 per cent weaker at £0.8252 against the euro.
Meanwhile, the euro lost 0.1 per cent to $1.2715 against the dollar as worries over the health of the eurozone financial system persisted.
Derek Halpenny at Bank of Tokyo-Mitsubishi UFJ said that Ireland might well be the next domino to fall in the eurozone financial crisis.
He said “The figures on Ireland’s banking crisis are such that Ireland now appears highly likely to end up tapping the €750bn bail-out fund that the authorities in Europe are still insisting will not need to be utilised.”
“With general confidence ebbing, a fiscal shock from Ireland is a growing possibility that would trigger a fresh bout of euro selling as the EU bail-out fund is forced into action.”
The euro fell 0.5 per cent to Y106.27 against the yen.
Best Currency Exchange Rates – :
If you are planning to exchange large amounts of currency – maybe for a large purchase or just to move some of your savings into another currency – you will usually get the best exchange rates from a specialist currency broker instead of using your own bank.
On paper the rate differences may look insignificant – but on large transactions a difference of just 0.01 in the exchange rate could save you €500 on a €50k exchange. Why let the banks have it?
Currency Solutions is a UK based broker that can carry out conversions of any currencies for you – (amounts over £3000 GBP usually) . They don’t charge commission and the exchange rates are typically better than the high street banks.
Visit their website for a free no obligation quote .
Or you call Currency Solutions on 0044 207 740 0000 – and ask for the Money Guide Ireland dedicated contact – Ernie Enver. He should be able to give you a quick response to any queries.