The pound rose yesterday on the news that wages are rising faster than inflation, and that unemployment has fallen. The more important data, however, will be the PMI releases on Friday. PMI, the purchasing managers’ index, is widely seen as a good indication of how the economy will be performing in the months ahead.
In the meantime, though, it’s good to see the pound at a level a good 3% above the average since spring 2017. We also heard that the Johnson government is looking to soften its stance on unskilled migration from the EU and abandon the idea that people would not be allowed into the UK to work in jobs paying less than £30,000 per year.
Given that the EU has essentially said that a reciprocal deal will be worked out over freedom of movement, if you’re worried about what you will or won’t be able to do in the EU from 1st February, you can look for clues via what the UK government is offering EU citizens moving to the UK. Essentially, so long as they are living here by 31st December next year they can stay as long as they like and do what they like – work, study, whatever – with full and free access to the health service and benefits just like British residents.
So you should have the same opportunity to get going before 31st December. Those just buying holiday homes – but not planning to live in the EU more than half the year – should be entirely unaffected.
I should apologise, I appreciate that this is all a bit boring if your transfer is for something else entirely! We do ensure our traders are kept well informed of wider developments though, so it is always worth giving your trader a call on 020 8108 5337 to talk through your plans, whatever they are.
You can also read our new Quarterly Forecast, which aggregates the currency forecasts of several leading financial institutions over the next one, three, six and 12 months. I’d like to call it the “wisdom of crowds”, but educated guesswork of crowds is probably more accurate.
Download it here, then why not call your trader on 020 8108 5337?
