The Pound tumbled to a new low against the Euro last week; it is now at it’s lowest since the Euro was introduced in 1999. Concerns over the British economy will continue to grow as additional interest rate cuts are likely to weaken the pound further.
Managing Director of No1 Currency, Mark McElney said “We live in a Global Village and few companies these days are truly isolated from the volatilities of the foreign exchange market. Tough times lie ahead for Scottish businesses involved in international trade, as the pound falls to its lowest ever value against the euro.”
“The weak value of the pound will make a significant impact on business profits, especially for those small and medium-sized enterprises (SMEs) with typically low profit margins.”
“In times like this it has never been so imperative to find the best rate of currency exchange,” warned Mark McElney, “it could mean the difference between profit and loss.”
“I would seriously urge anyone who is looking to make a currency transfer at the moment, to take fifteen minutes to compare the market place.” Mark McElney continued, “Banks are notorious for providing poor exchange rates and high transaction fees, the best rate are often to be found with specialist currency traders, such as No1 Currency.”
“Whether our clients are looking to make business transfers, purchase a forward contract or simply use our No1 Currency Bureau de Change services,” Mark McElney explains, “we offer fast and secure transactions, professional guidance, and the most competitive exchange rates in the marketplace with 0% commission and no transaction charges”
