If you’re like me at all, then one of the things you notice about the media now is that there is SO much information out there.
You open a web page and BAM:
You’re bombarded not just with the answer to the question you had in mind, but ads about:
Or you turn on the TV and BAM:
There’s a movie playing, with advert breaks every 5 minutes, and the film itself is loaded with product placements and sponsors.
If you sometimes feel the urge to give it all up and go live in a cave, I certainly don’t blame you.
I might even join you.
But In Foreign Exchange, A Little Information Can Take You A Long Way
Imagine a young professional has been told she must give a presentation to several important prospects.
She has to prepare a powerpoint, a speech and the whole caboodle to get these potential clients on board.
The deals, she knows, could be worth tens if not hundreds of thousands of pounds.
Get this right, and she’s looking at a big promotion and a pay rise.
So what does our young professional tell herself?
“Well - I had better get prepared!”
She needs to prep, and find out everything she can about these leads to help her seal the deal.
That means she needs information.
In Foreign Exchange Too, Preparation Is Key
The foreign exchange market is more than a little like a roller coaster.
If one afternoon the City of London is beset for no good reason by a plague of locusts (go with me on this…) that would not just cause people on the streets to go screaming for cover.
It would cause sterling to tumble on the market!
Or if (more realistically) the prime minister of Spain announces he cannot mean his deficit reduction targets, and needs to borrow €150bn from the Germans, that would prompt people to sell the euro.
Of course if you’re planning a foreign exchange transaction, this is just the kind of information you need to know!
It is one all-mighty reason to take out a subscription to the broadsheets.
It could mean the difference between, say, knowing that sterling has taken a fall because of disappointing British growth figures, and so leaving things a week, or being oblivious because you haven’t been keeping track.
That, in turn, can mean thousands of pounds won or lost.
To find out what is affecting the markets right now and get expert guidance about the rates, visit us at foreign exchange specialists Pure FX. You can also call us on +44 (0) 1494 671800 or email [email protected]. Get in touch for the best advice!