Sterling starts the week half a cent down against the euro compared to this time last week, but a similar amount stronger compared to the US dollar.
As we reach the middle of August and five months since the lockdown began, many of us are bound to be looking to the future and wondering where we’re going this autumn, literally and figuratively.
While for a small minority it has been a tragic time and for others (especially the younger part of the community) a period of boredom and lost opportunities, many others have spent the past five months saving money and planning for a brighter future.
Our partners at Property Guides surveyed their readers this month on whether the coronavirus lockdown and its effect on their finances and lifestyle had made them more or less likely to buy a property abroad in the future. For an incredible 30% it had increased the likelihood of buying abroad, for 5% it had decreased and for 65% it made no difference at all.
On the currency markets risks remain. Sterling’s relatively positive performance in August – bearing in mind that in August 2017 sterling weakened to below €1.08 and in August 2019 to below €1.065 – may not last the summer.
This week we have the resumption of Brexit talks on Tuesday – look out for the official report on the talks on Friday, but hints on progress before that – and the best measure of business mood, the Purchasing Managers’ Index (PMI) for the Eurozone and UK, also at the end of the week.
Your trader will be standing by waiting to chat through your plans on 020 8108 5337, and do think seriously about locking in this excellent rate for the year until next August with a forward contract.
