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Buying Euros

The currency markets, notorious for their sheer size and volatility, have become more and more volatile since the UK General Election as concerns over debt levels in the Eurozone continue. With the volatility there are opportunities for buyers and sellers but also risk.

On the 6^th May 2010, the Sterling v Euro exchange rate hit an 11-month high of £/€ 1.1862, only to fall to £/€ 1.1356 on the 7^th May, a difference of over 5 cents in less than 24 hours.

If you are buying Euro’s, the volatility can make the decision when to buy your currency almost impossible. If you bought Euro’s during the afternoon of the 6^th May you would have bought €118,000 for £100,000 at a rate of £/€ 1.18 compared to only €113,000 at a rate of £/€ 1.13 on the morning of 7^th May.

That is a difference of €5,000 in a little over 12 hours but how do you decide when is the right time to buy Euros? When the markets are this volatile many people would have waited to see if the rate improved further only to find that they were have been €5,000 better off by buying their Euro’s at £/€ 1.18 the day before.

At SAT Worldwide, your experienced account manager will act as your eye’s and ear’s in the market, advising you of market movements and market trends so that you can make the most informed decision about when to trade your currency. When the time is right, you will receive an excellent exchange rate at no cost to save you money compared to transferring money through a UK bank.

For more hints and tips on getting the most out of buying Euros, see Buying Euros Advice.

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