This first week of September has seen sterling claw back some of the losses sustained in August. Unfortunately, the pound weakened sharply early last month following an announcement from the BoE (Bank of England) that
In our last report monthly report we mentioned the recession in UK could be W rather than V shaped, which I know is a little technical but this will effect the value of sterling in the currency exchange markets. For example last week
Brazilian footballing hero, Kaka, recently transferred to Real Madrid for an astronomical £56m and there was indecision as to whether this represented a record fee due to the currency exchange market. The pounds strength in the currency exchange market has dropped since the previous record transfer of Zidane.
The strength and weakness of a currency is invariably intrinsically linked to the strength of their property market and recent positive signs surrounding the UK property market has given sterling a boost in the foreign currency exchange markets.
The last time I wrote a currency exchange market commentary there was a vast amount of doom and gloom in the media about how poor the UK economy was. Now we have the reverse and the Governor of the Bank of England, along with other MPC Members, are trying to dampen down expectations that we are seeing signs of a recovery.
It goes without saying that foreign currency fluctuations have had an impact on most markets and the same is true of the previously thriving property investment market in central and eastern Europe. Speaking to experts is the best way to be aware of foreign exchange fluctuations.
The American dollar has long been considered one of the fundamental cornerstones of the foreign currency exchange market but its position has slipped of late and other currencies are beginning to stake their claim to be foreign currency top dog.
April was another roller-coaster month in the currency exchange market where we saw 3 month highs for sterling against both the euro and US dollar following positive economic data from the housing market.
It has been impossible not to notice the comparative strength of the euro in the current foreign currency exchange market. According to a report on This is Money, many Brits owning homes abroad will aim to cash in on the euro’s strength by selling the properties abroad.
Foreign currency is, of course, very much in the public eye at present given the state of the economy on a global scale. Recent suggestions emanating from China for a global currency have been met with a lukewarm reception in foreign currency circles.