Euro / Pound
Written by Toby Fischer
In late August Mr Watkins had found a property in Europe for which he had a balance of 150,000 Euros to pay. At this time the Euro reached 1.4900 to the pound, the property would have cost him £100,671.14
When Mr Watkins came to make the final payment in late September, the Euro had dropped back to 1.45, the result of which was a final price of £103.448.28 - an additional cost of a staggering £2,777.14 in four weeks.
Much of this loss could have been prevented by securing the rate with a forward contract. This mechanism is especially useful when market conditions are currently advantageous, but the currency is not actually required until a date in the future.
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Updated 13/01/05
Sterling fell against the dollar and pared early gains against the euro after data on Thursday showed British manufacturing output unexpectedly fell in November.
The 0.1 percent fall in manufacturing output bucked forecasts of a 0.3 percent rise and was the fifth fall in the past six months.
Sterling fell to session lows of $1.8825 after the data from $1.8860beforehand. Against the euro, the pound pared early gains to stand at 1.4245.
The Bank of England will announce its decision on interest rates at 1200 GMT. Analysts expect the bank to leave rates unchanged at 4.75 percent.
To avoid taking a gamble in this fast moving market why not secure a good rate today without full financial commitment have you considered our risk management services, allowing you to lock in impeccable exchange rates for up to 2 years ahead requiring only a 10% DEPOSIT, and no more worry?

Inter-Bank
GBP/EUR – 1.4211
GBP/USD – 1.8829
USD/GBP - 1.8878