Brits in stampede to snap up euros as pound soars
Sunday 20 May 2012
Currency exchanges have seen a surge in Brits buying euros as the pound rises to a three-and-a-half-year high against the single currency. Travelex for instance has seen online sales of the euro rise by 290 per cent year-on-year since the latest round of eurozone turmoil.
Paul Crombie, a director of exchange ChangeGroup, says his company has seen a massive increase in people buying euros for a variety of reasons: "Some just think that it's a good time to buy and secure their euros for the summer holidays.
"But in our London branches we have seen more sophisticated buyers purchasing several thousand, even tens of thousands, of euros as a bit of speculation, figuring this is a good time to cash in on the rising value of the pound."
Stephen Hughes, a director of Currencies.co.uk, says: "Things could not be better for those looking to exchange sterling. Further strength cannot be ruled out, however. The currency is seemingly now long overdue a sharp correction to avoid a dramatic impact on our export market."
Even a small push back from the euro could be quite lucrative, adds Mr Hughes. "On a £50,000 purchase even a slight decline to a rate of 1.2 against the euro would mean a profit in excess of £2,000."
But financial advisers warn that currency speculation is high risk and the political climate surrounding the euro is very uncertain, which could lead to the pound getting even stronger.
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