By Alex Ellis

Earlier morning has seen Sterling lose ground over the Euro and Dollar, losing two cents against the dollar and once cent against the Euro. On a £100,000 transfer this equates to a loss of almost €1000 and a loss of nearly $2000.

This movement has been attributed to U.K. GDP figures that were released yesterday, these figures came out slightly more positive than expected with initial estimates at 0.4%, and the actual figure was 0.3%. Usually data which comes out more positive than expected would cause positive currency market movement, however this data shows that the U.K. is still very much in a recession and therefore this is seen as a negative. The U.K. is the last remaining major country to still remain in a recession, which provides an overall negative outlook for the pound.

It has been announced this morning that the larger banks will have to disclose which employees receive over £1,000,000 per anum under recommendations published by Sir David Walker. The effect this could have is that some financial institutes will move out of the U.K. to protect this information. This in turn will affect the economy and is therefore seen as a negative for Sterling.

In this instance contacting a Currency Broker will help you decide when to conduct a currency transfer in order to ensure that you maximise your savings and receive the maximum amount of currency.