GBP hits 8 month high against the Euro
7th June 2010
Sterling hits eight month high as Eurozone leaders sacrifice the Euro
Sterling / Euro hit 1.2178 this afternoon on the back of the bland outcome of the G20 and comments from Eurozone leaders reminiscent of Mervyn King at the nadir of Sterling’s fall eight months ago.
John Freeme, currency specialists at HiFX explains “We haven’t seen these levels since November 2008. They present a great opportunity for people out there who have been sitting on GBP waiting for rates to return above the 1.2 level.”
Sterling’s recovery has been fuelled by comments by the French Prime Minister late last week that he was happy with the current Euro weakness and that he would not object to seeing EUR/USD at parity.
Freeme continued: “Francois Fillon’s comments echo those of our own Mervyn King eight months ago. It’s a clear sign that, with so many EU countries looking to cut spending, authorities are happy for the Euro to weaken so that European exports remain favourable for international buyers and ensure the EU region does not slip back into negative growth and therefore recession.”
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For further information please contact:
Mark Bodega
Marketing Director, HiFX
01753 751776
Mark.bodega@hifx.co.uk
Caroline Macleod-Smith / Lauren Hunt-Morgan
Lansons Communications
0207 566 9702 / 0207 566 9729
carolinems@lansons.com / laurenhm@lansons.com
About HiFX
HiFX is the UK's premier provider of foreign exchange and cash deposit services. Established in 1998, it works with over 30,000 private individuals each year and approximately 2000 corporate clients worldwide managing their foreign exchange and currency needs. Last year the group was responsible for managing over £20 billion in foreign exchange receipts on behalf of its customers.
HiFX helps individuals save money on all their international money transfers and protect themselves from foreign exchange risk. Typically this includes overseas property acquisition, migration overseas, salary transfers, international pension transfers and high value asset purchase. As the UK's leading foreign exchange specialists, HiFX’s primary aim is to make the currency aspect of any transaction as simple, cost effective and stress free as possible. In addition to promising that customers will not have to pay commission fees or transfer charges, HiFX guarantees that no client will be charged a receipt fee by a foreign bank with their ‘no hidden charges pledge’.
HiFX has also launched the UK’s first online international money transfers platform with live exchange rates enabling clients to convert up to £70,000 online from wherever they are in the world and benefit from discounted online exchange rates.
HiFX are Founder Members of the Association of International Property Professionals (AIPP) which has been set up to guide and to regulate the international property industry. It gives the buyer of international property confidence in choosing where to spend their money. HiFX have been subject to the membership criteria and have signed up to follow the Code of Conduct established to help the consumer, in buying property overseas with confidence