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Home Forex Ask the FXpert Exchanging Euros from farming subsidies
Exchanging Euros from farming subsidies PDF Print E-mail
Written by Editor   
Friday, 30 July 2010 10:49
Dear FXpert

I am a farmer whose subsidy is paid in Euros.

What would your advise be on changing these Euros to Pounds.

The Rural Payments Agency are as usual late in paying the farmers and I have watched the Euro against the Pound drop while waiting(get less Pounds for my Euros).

Should I exchange some of it and wait a little longer

Thank you for your time

Regards

Celia


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Our FXpert responds

Dear Celia

I have a few clients in the farming industry that have needed to change Euros to sterling around this time of year.

Once the Rural Payments Agency pay you the Euros, I would be inclined to change at least some of them into Sterling as quickly as possible.

The UK economic recovery is gathered momentum throughout the second quarter, while the Euro-zone has been crippled by the sovereign debt crisis.

The Pound was trading at an 18 month high of 1.2350 in June and although the single currency has recovered back towards 1.20, we expect the upward trend to resume in the short-to-medium term.

Adam Solomon

Head of Trading at Tor FX

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Last Updated ( Friday, 30 July 2010 10:51 )