It was tough sledding again last week for the pound, which ended proceedings roughly where it began against the euro. That’s been the theme for several months, giving overseas buyers and investors alike a prolonged headache.
Part of this can be explained by the bad economic news that keeps flooding in. It wasn’t quite Storm Amy, but for Chancellor Rachel Reeves and her upcoming budget, it felt very much like a case of when it rains it pours. The Treasury is expecting a damaging downgrade to growth forecasts, which could blow a hole of over £10 billion in public finances.
Much like the weather, there really is no telling exactly where the pound will move this week. So-called experts can make forecasts, but those predictions aren’t much help when the heavens open.
The way to protect your money is to be serious about risk and to take steps to manage it. That’s why we always advise you lock in today’s rate to protect your budget, regardless of where markets move this week. Just call 020 8003 4915 and our team will help you through this process.
We can expect things to have a political slant this time around. The US government shutdown has now entered a second week, and it doesn’t look like either party is desperate to make a deal. Meanwhile, peace talks between Israel and Hamas might go a long way toward determining if the mood remains gloomy or if markets leave on Friday with a spring in their spring.
The data calendar looks lighter with the absence of labour figures from the US. Halifax will provide its latest update on British house prices tomorrow, following a surprise upgrade in a rival survey.
Finally, we’d like to say a big thank you to the thousands of people who attended Saturday’s virtual event, hosted by our sister company Your Overseas Home. If you missed out, don’t worry! You can sign up to all the upcoming webinars (as well as peruse its all-new website and property portal) by clicking here.
