By Alex Ellis

Sterling began a late recovery against the Dollar, as investors begin to move out of the Dollar into riskier currencies for greater returns. As a result of this the Dollar slid by nearly 2 cents or 1.2% against the pound, if you were exchanging £200,000 then this would of equated to an increase of $3,900 by the close of the market.

Another cause of the dollar weakening is the rise in the cost of crude oil, some other countries benefit from rising oil prices. One of these countries is Canada, which produces more of its own oil and therefore can benefit from increased revenue if oil prices rise. Therefore if you wish to take advantage of Canadian Dollar exchange rates, ensure you use a currency broker.

The pound began to claw back some ground against the Euro as figures released showed that Unemployment in the Eurozone hit 9.8%. This reiterates how vulnerable the currency market can be to data releases and more so it shows how important it is for clients to stay in contact with an experienced currency broker in order to maximise their savings on their currency purchase. The losses experienced were up to 4 cents in little under a week and a half.

If you are considering bringing your currency back to the U.K. do not fall into the trap of thinking that these favourable exchange rates will last forever, this is a mistake that you could live to regret.