Sterling starts the week 2% down against the euro compared to this time last week and close to that far down against the US dollar.
Indeed, against the dollar it is 5% weaker than its highest point this month on 21 February, which feels like a whole world away now, and at its lowest since early November 2020.
There must now be a very real fear that GBP/EUR could return closer to its five year average of below €1.14, and all this just when many people are making decisions about buying property abroad and heading off on viewing trips.
So the good news is that GBP/EUR remains a very good rate, if you would like to lock it in for the year ahead with a call to your trader on 020 8108 5163.
This is a busy week for currencies, with the Bank of England’s interest rate decision on Thursday. That will be preceded by unemployment data tomorrow.
There was good news on Friday, with January’s GDP at 0.8%, well above expectations of 0.3% and compared to a small drop the previous month.
The view in the City is that interest rates are sure to rise on Thursday, with inflation still a beast that needs to be tamed, but with the backdrop of the war in Ukraine that could damage the economy longer term.
We’re getting very close to the international property show we sponsor, all online, Your Overseas Home on Saturday 26 March, so do get your e-pass.
Lastly, of course, if you have any friends or family who might want to protect themselves from currency risk, do refer them to us here, we would be delighted to help in any way we can.
