Smart Currency Exchange, which have offices in Portugal, explained this week that while sterling has recently been trading poorly against the US dollar, falling further from its recent post-election highs, the British currency has had a comparatively positive week against the euro - surging to the highest level seen since the recent multi-year highs reached in early March.
This was preceded by news that the euro reached a one-month low against the US dollar, thanks to a combination of Greece being no closer to coming to a debt repayment agreement and positive US data showing that durable goods orders rose for two months in a row now for both March and April, boosting the economic outlook for the US.
“Athens has warned that it is likely that the country will be unable to make a €305 million payment to the International Monetary Fund (IMF) due on 5 June if a deal with its lenders is not reached by then”, the currency exchange warned this week.
Smart Currency Exchange, with offices in the UK, Spain and the Algarve, is dedicated to the overseas property industry - partnering with market-leading companies like Rightmove Overseas, A Place in the Sun and the Overseas Guides Company. This allows them to help clients through every stage of the property buying and selling process in Portugal, with the company transferring over £1 billion each year on behalf of its clients.
It also is one of only a small number of companies to receive full authorisation as a payment institution by the Financial Conduct Authority (FCA).
For more information about currency, you can visit the Smart Currency Exchange team at their Algarve office: Avenida Cerro da villa, Edificio Vilamarina, Lojo 50, 8125-403, Vilamoura, or at www. smartcurrencyexchange.com/PTnews