Yesterday saw the Bank of England slash growth estimates for the UK economy to the lowest in a decade.
While Sterling initially plunged, it recovered strongly on hopes that there may be some progress on Brexit in the coming days.
It clearly shows that Brexit, not the economy, is driving Pound Sterling.
At present, Sterling remains trapped on a Brexit rollercoaster.
The EU keeps reiterating they are unwilling to re-open negotiations. Nevertheless, talks (and hopes) continue.
It’s worth remembering, the EU also has a lot to loose should no deal be agreed. With growing fears the Eurozone could be headed for recession, the timing could not be worse.
As we’ve said many times, the outcome of all this is impossible to predict – and so is the impact on currency markets.
But that doesn’t mean you can’t do anything about it.
British businesses are now being very active in protecting their budgets, and you can too.
For example, while your right to buy a property abroad won’t change under Brexit – your budget could be at risk.
Or if you could like to know current exchange rates, please request a quote below.
Click here for a Free quote.
Thanks For Reading, What Next?
Have a great day, Geoff Lambourne - Direct Dial me on 0044 (0)1872 487 470.
Current rates:
Friday 8th February 2019 at 09:45
£1.00 GBP = 1.1416 EURO
£1.00 GBP = 1.2929 USD
£1.00 GBP = 1.8266 AUD
£1.00 GBP = 1.9158 NZD
£1.00 GBP = 1.7218 CAD
£1.00 GBP = 17.6341 ZAR
One way to protect yourself from any adverse movements or indeed, capitalise on any sharp positive movements is through the use of 'automatic limit orders', a bit like setting a limit when bidding on E-Bay for something you want but only at a certain price.
Put simply, there are three types of limit orders available in the market:
Limit Order:
Target an exchange rate higher than the current rate and we’ll make your transfer automatically if the market reaches that level.
Stop Loss Order:
Control the risk of an exchange rate suddenly falling by setting a 'worst-case' rate.
An OCO Order:
A combination of a limit and a stop order. The first one to hit the target rate triggers the order in its entirety.
If you are concerned about Brexit? download our "PDF Guide to Brexit" document.
For everything you need to know about French property visit www.clefrance.co.uk
