By Ashley Finill
As the festive period looms and things start to slow down and relax in the business world, the currency market and particularly Sterling currently is as lively as ever and getting into the party spirit as it has gained nicely on both the Euro and US dollar over the past couple of weeks. The pound since the end of November has gained around 2 and a half cents on the euro which when buying a property makes a significant difference on the sterling cost for buyers. For a property purchase worth €150k, the saving made from the pound recent rally would be saving you roughly £2350, couple that with the huge savings our service brings you over the banks you could be having a very merry Christmas saving, and with the peace of mind that your currency has been taken care of and your property is now cheaper than when you first laid down your reservation deposit. Against the dollar, sterling has gained just over 3 cents on the greenback in the last month which again presents a great buying opportunity should you have a USD requirement.
Could Future Interest Rate Cuts Hinder the Pound?
A report posted this morning suggests that the gains for sterling on the majors could be short lived come early 2024 as it is expected that the Bank of England could lead the way in cutting interest rates. Over the past 18 months the Bank of England raised interest rates 15 times in consecutive meetings and halted any further increases at the back end of this year. Raising the interest rate has given a much-needed level of support but as the BoE may be the frontrunners on lower rates before the Fed and ECB, Sterling could see this support removed and the recent gains diminish. As we have seen, over the past 6 months, gains made on both the Euro and Dollar can be reversed in a day with the market becoming volatile. Should you have an upcoming requirement it may be prudent to consider getting your currency booked in ahead of the new year. We have a few options that can help you maximise your saving and get you the best deal helping you save money on your property purchase or other needs for currency. Get in contact with us today to discus your options and for friendly professional guidance.