Posted by Matthew Andrews on March 19th, 2020.
Currency markets are volatile at the best of times, but in the past few weeks we’ve seen extreme levels of movement as coronavirus panic ripples through financial markets.
The spread of the virus is now sparking fears of a major global recession, bringing economic activity screeching to a halt throughout Europe and other parts of the world.
The pandemonium has triggered a startling collapse in the Pound, which struck a 35-year low against the US Dollar after plummeting 5% in a single day. GBP/USD has now dropped 10% in a month.
The Euro has suffered a similar plunge as the lockdown of most of the Eurozone takes its toll on the bloc’s already fragile economy.
On the other hand, the US Dollar is on a roll, soaring to new multi-year highs against just about every one of its peers as investors and business pile into the world’s reserve currency as they seek to build a cash buffer amidst the crisis.
Moreover, with no end in sight, further currency volatility is likely.
How Can TorFX Help Protect Your Currency Transfer from the Current Volatility?
If you need to move money abroad but are concerned by the heightened volatility, are expert team are on hand to help.
They’ll keep you up to date with the latest market movements and talk you through all the services we offer.
These services include:
Set a target rate and your transfer will occur automatically if the market reaches that level.
Stop Loss Order
Set a worst-case rate and protect your transfer from a sudden crash in the exchange rate.
This allows you to fix an exchange rate for up to two years, protecting a future transfer from any adverse movement in the currency market. This can be particularly useful for anyone planning to purchase a property abroad.
If the current exchange rate is unfavourable and you want to hold out for a better rate you can set a rate alert. Simply set the rate you want to achieve and we’ll notify you by text and email as soon as the market moves to that level.
Get in touch with our team if you would like to find out more about the services we offer.
We’d also like to extend our best wishes to you and your family during this testing time – stay safe.
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