The first data release of the month suggests we could be potentially looking at quite the opposite as PMI (Purchasing Managers Index) for the U.K came out worse than expected - in fact although analysts had predicted an increase it actually contracted further from last months release.
The same data was also released for the Euro Zone and typically theirs came out better than expected, although this has not had a major effect on the markets it does not get the month off to a great start.
Many analysts are talking about the possibility of parity against the Euro within this quarter, and with the Bank of England and the media seemingly happy to talk the pound down, alongside the Government looking shaky at present.
There are four factors that effect the value of a currency being economic stability, political certainty, acts of terror and acts of god. Obviously there isn't a huge amount we can do about the second two, but looking at our current economic and political situations it is quite clear that Sterling may be in for a rocky ride in the short term.
Obviously a lot can change in the currency markets in a matter of hours let alone weeks or months, so quite clearly this current view may change so be sure to keep a close eye on updates on my blog should you have transactions to make.
This is a brief summary of todays report, should you wish to make a currency enquiry Email Me
I will ensure I get back to you as soon as possible to discuss the options available to you. Click here to read the full report on our main website
If you are buying a property abroad, and want the best exchange rates, just click on the links below to go straight to our main site, or Email Me
Have a great day and thanks for reading!
Daniel Wright
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