In a communication release today, Moneycorp Scotland said:
Chamber FX Update
"We are seeing extreme volatility in currency markets at the moment and have had reports that some banks are not providing prices meaning clients cannot buy or sell currency. As a Chamber member you have access to Chamber FX, which is managed by us here in Moneycorp Scotland.
"Navigating FX in volatile market conditions can be daunting. It can also be area that is overlooked – see below why you should, if possible, focus some attention on it (I know there are a lot of other priorities at the moment).
"The Moneycorp Scotland office is on standby if any member wishes to chat through anything Foreign Exchange related – buying and selling, hedging, international payments etc. You do not have to set an account up with us. The Chamber FX benefit is open to all Chamber members regardless of whether or not you trade with us. It is also open to individuals or Chamber businesses who are transferring personal international cash at this time.
An example of current volatility:
GBPEUR spot from 1.2047 peak to 1.0746 (yesterday)
For importers who sell GBP/buy EUR
If you needed €500k in February (the recent peak), this would have cost the business £415,039 at prevailing market rates
If you need to buy €500k, it will now cost the business £465,289
£50,250 more due to market movements/no fault of the business
(opportunity is if you are a buyer of GBP, normally an exporter – you would be receiving £50k more)
GBPUSD from 1.3388 peak to 1.1550 (yesterday)
If you needed $500k in December (The previous 6 month peak), this would have cost the business £373,500 (market rates)
If you need to $500k today, it will now cost the business £432,900
A staggering £59,400 more due to market movements/no fault of the business
(opportunity – you are a buyer of GBP/exporter – you would be receiving £59k more)
Please feel free to call the office on 0131 322 6558 or email scotlandfx@moneycorp.com if you want to discuss.