Tuesday, 29 March 2016

Tuesday, 29 March 2016

Sterling loses ground - what does this mean for you?

Last week was a fairly busy week on the currency markets with GBP/EUR moving around 2% between the high and low. GBP/EUR rates peaked early in the week at 1.2860 before dropping to a low of 1.2587 on Thursday morning. 

Many UK buyers will have well noted the recent uncertainty for the £ with the EU Referendum coming up. Today, we are currently at a 2 year low against the Euro and at a 6 year low against the U.S Dollar. The uncertainty for the result of the Referendum is adding pressure to the £ as instability and uncertainty always creates weakness into a currency and volatility to markets generally.

Almost daily, there are new polls showing increasing numbers backing a "Brexit" including many business leaders who backed the campaign over the weekend. All of the recent polls have put both camps too close together to give a clear front runner but any suggestions that one is pulling ahead could instantly move the currency markets.

Keep a close eye on what exchange rates you require to achieve your goals, to cover the property purchase costs. As agents, we have connections with leading currency dealers who can get you the best exchange rate, but also to ensure that you are working with as much information as possible to make that decision.

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