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Chris Canning, currency analyst at First Rate FX, remarked that earlier in the year there were a lot of purchases being made around Europe while the pound was strong against the euro.
He pointed out that demand has now dropped as rates have fallen.
Mr Canning said: "It is a big difference. When you look at what the banks charge for their exchange rates, they look to take anywhere between four and six per cent."
In his opinion, smart investors wait until currency conditions are favourable before going through with a transaction, but he noted that it is impossible to predict with any certainty the future state of the markets.
The First Rate FX representative made his comments in response to the Bank of England stating that the euro was valued at £1.1322 on May 6th.
Posted by Greg Secker
