Sterling finished last week recovering back to the levels of mid-January, well above the past five years’ average and 1.5% stronger than the start of February.
The prompt was the Ukraine emergency, but very strong retail sales data in the UK in January will undoubtedly have helped.
Retail sales leapt by 9.1% last month, well ahead of the expected 7.2%.
Perhaps people are looking for some retail therapy. A report in the papers at the weekend said that 50-somethings the world over are retiring early due to “middle-age burnout”, especially those who spent the lockdown in high pressure jobs while also looking after dependent children and parents.
Perhaps there’s a better way of life, they are asking, such as an early retirement or semi-retirement to a cheaper lifestyle abroad? Maybe a whole new and more fulfilling project in life awaits?
Which leads, of course, onto the “virtual” international property and lifestyle show that Smart sponsors, Your Overseas Home. You can get your free pass to Your Overseas Home here. It has estate agents, property and emigration lawyers, wealth managers and all the experts you need to move abroad, or semi-retire abroad. It all happens online on 26th March, less than five weeks away, but you will need to register first.
Back to this week, later this morning we’ll be seeing a first reading for the Purchase Managers’ Index (PMI), giving a strong hint to business optimism.
It could be a highly volatile week for the currency markets this week, so do give your trader a call on 020 8108 5163 to discuss locking in your rate and motoring ahead with your plans.
We still believe it’s incredibly important not to rely on wishful thinking that rates will move as you expect. That is why forward contracts are so important in making sure you don’t see your budget slipping away from you, especially once committed to a price in euros or dollars.
Lastly, if you know of someone who may have need of Smart’s services, why not take a moment to refer them here? You’ll be credited with £25 if they go on to trade.
