Sterling takes a back seat

By Grace Smyth

Compared to the first three months of this year, this month Sterling seems to have taken a back seat against the Euro and Dollar. The fall first came when the UK announced they will be halting the use of the AstraZeneca vaccine due to health concerns and potential curbing the UK’s advantage in the vaccination race. The drop in rates did provide some good opportunities for those looking to repatriate their Euros back to the UK but not so much welcomed news for those looking to send money the opposite way.

This last week has seen rates remain fairly steady with marginal declines here and there. The UK government has now eased their lockdown restrictions with non-essential stores and hospitality now open to the public so could this mean we might see the Pound strengthen back to the levels we saw back in March? It could be argued that we have had a successful vaccine rollout so far and now that we are able to socialise more and enjoy other amenities, the economy will naturally begin to recover and as lovely as that would be, we need to be aware that unfortunately the currency market is a fickle one and we really have to hope this move out of lockdown does not follow with another rise of covid cases as a result of more people being able to mix and socialise. It we start to see the data turn we could well see the rates follow.

If you have any transfers due in the coming weeks and months then do get in touch with us here at A Place in the Sun Currency well in advance. Our friendly team can monitor rates on your behalf and keep you well informed of any rate movements which can affect your costs.