By Alex Ellis

GBP/EUR exchange rates have moved fairly dramatically in the last 7 months, currently the difference between the high and low is around 6.7%. Movements of this size will have a considerable effect on any transaction regardless of volume and Thursday 5th August sees the Bank of England announce their interest rate decision for this month.

For the last two months one of the BoE members, Andrew Sentance voted for an interest rate hike, this is the first time for 14 months that any member has voted for a change. If another memeber were to join Sentance then I think that the exchange rates could improve although if he remained the only memember then I would imagine that rates would remain relatively unchanged.

In any event if you are looking at conducting a currency purchase we have a number of tools availible to ensure that you minimise your exposure.