Sterling has been climbing relatively steadily since the depths of late September and has now surpassed the early autumn dips against the euro and dollar.
It could easily be affected by whatever is decided in the Eccles Building in Washington DC, where the Federal Reserve’s FOMC is deliberating over interest rates today.
Over here, the main conversation seems to have switched from the interest rate to how the government is going to close its £50bn-sized black hole on 17th November. The betting seems to be on delaying as much as possible until after the 2024 election.
So to escape that, if you wish, or whatever other political parties might do to fill the same black hole, you have a window of opportunity to move abroad. To that end, why not attend Your Overseas Home, the international property show we sponsor. It’s all online on Saturday 12th November and your free access is here, although time is starting to run out.
House prices in the UK have begun to fall – actually fall, not just rise less fast – according to the Nationwide yesterday, declining by 0.9% in October. It could of course be an anomaly, but the Halifax also recorded a small drop in their most recent data.
However, the big event of the week is the Bank of England’s interest rate decision tomorrow. Will it be 50 or 75 basis points and will the committee have reached any kind of unanimity on direction after last month’s three-way split? With a 75 point rise taking interest rates to 3% largely priced in, the bigger risk would appear to be on the downside.
Either way, we can expect the volatility to continue. So to lock in your rate with a forward contract – and start planning more exciting things – do call your trader 020 7898 0541.
