According to some currency dealers, the technical levels for exchange rates have finally attained 1.20 Euros per pound, the strongest position of the pound against the Euro for 18 months.
This is still only the technical level for large commercial level currency transactions, but it remains the highest level since 2008, and results from the recently weakening Euro and a few days of volatile currency rates. The Euro is currently at its lowest rate against the US dollar since April 2006.
The 1.20 €/£ rate is expected to trigger a flood of property transactions from purchasers who have secured the exchange rate through a "forward contract", although the rate has not yet passed down to all but the most expensive property transactions. However, given the volatility of the markets over the past weeks, this level may come or go rapidly. If you are considering purchasing French property, it would be wise to contact a currency dealer to discuss securing an exchange rate and to discuss the prospects for the currency market.
We are happy to independently recommend currency dealers if you require assistance.
John Kitching French Law Solicitor www.frenchlawconsultancy.com info@frenchlawconsultancy.com
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