Posted: 20 / 12 / 2024
If you move money internationally, when was the last time your bank proactively helped you time your transfers?
Working with a specialist can save significant amounts—here are the latest currency market highlights:
Pound to euro rates recently reach a 2½-year high. (1.2145 at the central level)
Rates are up nearly 4% compared to August and 2.5% compared to the start of November. This means a €1,000,000 investment is now £38,600 or £20,500 cheaper. If you’re planning to invest in Europe, this could be an excellent time to secure your euros—especially if you budgeted for your investment during the summer.
Pound to US dollar hits a 6-month low before rebounding. (1.265 at the central level)
With the ‘Trump trade’ strengthening the USD, buying dollars has become more expensive. However, if you have investments or businesses generating profits in USD, this is really positive news.
Many expect significant volatility as the world anticipates President Trump’s second term. If you had $1,000,000 to recognise back in Sterling you would currently be getting an additional 6% or £45,00 more compared to the 1st October just 3 months ago.
January considerations if you are planning a transfer internationally…
- Further updates on President Trump’s policies, especially potential tariffs on UK or EU imports.
- Bank of England interest rate decision—currently expecting the first cut at the end of Q1.
- European Central Bank interest rate decision—Forecasts suggests a ‘Goldilocks’ year for Europe, not to hot or too cold.
- Federal Reserve interest rate decision—The US is expected to cut rates faster than others in 2025, potentially impacting global confidence