The pound stabilised against both the euro and US dollar yesterday, following a drop on Monday that will have worried anyone with a GBP/EUR or GBP/USD trade coming up without the protection of a forward contract.
Of course, sterling remains at around its highest level in recent years even after the recent dip, but it is only natural to fret about the 0.5% you’ve lost compared to last week, rather than the 5 or 6% better off you are than this time last year.
You can expect to see some market movement over the next two days, with the most eagerly-awaited Bank of England interest rate decision for years. There may be nuances, such as leaving rates where they are but cutting quantitative easing, but equally there could be fireworks.
Do call your trader on 020 8003 4915 if you would like to lock in your rate and limit any exposure to a sharp fall in the value of your currency.
We will hear the decision tomorrow at 1pm.
This morning the Nationwide report UK house prices rising by 9.9% year on year, and accelerating to a 0.7% rise in October. I’m not sure that was predicted after the stamp duty holiday ended at the start of the month, but it does mean that a £250,000 property is worth £30,000 more than before the pandemic began.
If you would like to take some of those gains and invest them in a property abroad, may I recommend Your Overseas Home? It’s an all-online international property show we sponsor, where you can find all the experts you need to help you buy a property in the sunshine (the warm sunshine, that is, as I look out on the first frosty morning of the season in West London).
See you there on Saturday 13th November, get your free e-ticket here.
