Euro foreign exchange transactions soar

The number of people using foreign exchange services to convert their euros to sterling has soared, according to industry experts.

Robin McEwen, finance commentator, recently revealed that sales of the euro have seen a dramatic increase since the pound strengthened last week.

In addition, foreign exchange services have been increasingly used to change sterling to dollars as currency rates for UK expats have become more favourable.

Mr McEwen explained that the majority of exchange transactions have involved entrepreneurs converting sterling in order to purchase overseas investments.

"The pound's recent return to form is positive news for British investors," he said.

"It is a welcome short-term boost and savvy Brit buyers are taking the opportunity to snap up some bargains while the exchange rate is positive."

The pound recently increased against the dollar to be worth $1.64, which is the highest it has been for the last seven months.

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By John Mills.