Yesterday afternoon sterling shot up to its strongest against the euro since early May, following the news that Russia is severely limiting gas exports to the EU. While such sudden rises and falls are normal, still being so high the following morning is less common.
Hence if you wish to secure that rate – the strongest for close to three months and a good 4% above the five year average – do call your trader on 020 8003 4915.
Sterling’s incredible success was despite the IMF warning that the UK economy will be growing at a slower rate than all the other G7 nations, with a much greater chance of the global economy going into recession.
The problems facing the UK economy and the pound have not gone away. Indeed, Brexit-induced red tape, delays at ports, a wage-price spiral and a chronic shortage of skilled labour may well be becoming endemic. So sterling’s current success cannot be guaranteed to continue.
Also today, the US Federal Reserve is likely to raise interest rates by 0.75%, also potentially shaking up the currency markets.
This is why anyone looking to buy a property abroad – or move abroad – in the autumn, with September just five weeks away, should seriously consider giving their trader a call.
For those yet to open an account, why not do that today?
Finally, our Quarterly Forecast for July to September is still highly relevant, focusing as it does on the fallout from a potential global recession. You can download it here.
