Saw some more good news from today’s PROPERTY SECRETS about the UK/US Exchange Rate improving.
Sterling reaches four month high on US Dollar
The Pound is continuing to push up on the US Dollar, with another 1.28% gain over the past week taking it up to a rate of 1.621 on the US currency.
The Pound in particular may continue to perform well against the US currency if economic data continues to suggest that the UK economy is coming back out of recession, as data over the past week indicated. Recently, data showing that industrial output grew at its fastest pace in 25 years and that construction activity grew in July has helped to reignite the Pound’s performance.
Against the Euro however, the Pound is continuing to suffer. The Euro picked up heavily two weeks ago when the European Central Bank announced new measures to tackle the Euro-zone debt crisis – the framework of which was approved in Germany’s Constitutional Court last week giving the Euro even more upwards momentum. Sterling is therefore finding itself at around a three month low on the Euro – however this is great news if you have Euros to transfer back into Sterling from any property sales – now would be a good time to book the transfer in.
Going forward, events in the Euro zone and the US are likely to continue to cast the most influence over currency movements. However, some key events in the UK this week may also affect the Pound’s performance. UK inflation figures along with the retail and house price index on Tuesday will cast some influence, followed by the publication of the Bank of England minutes on Wednesday. If the minutes confirm that the outlook for the UK economy is getting brighter, and quantitative easing becoming less likely, the Pound may well receive another boost.
Could be a great time to invest in Florida property!
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