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Posted April 11th, 2012 by Charles Purdy

Tracking the pound against key currencies

The arrival of Spring has certainly marked a new lease of life for the pound as the start of April saw a hike in its value against all major currencies. More specifically, its trade weighted index, or “effective exchange rate, hit a 13-month high.

Anyone who held out till April before making a £/€ transfer will have received a welcome treat over Easter. The pound made solid gains in the first week of this month, as it hovered around highs not seen since the beginning of September 2010, likely to be the result of continuing unease against the euro zone debt crisis and in particular concerns about Spain’s economy.

At the same time, at the start of the month the pound hit a four-and-a-half-month high against the dollar, making those discounted properties in Florida  even more tempting for anyone in the market for a second home near Disney.

Against the New Zealand and Canadian dollar the pound also gained value but it was against the Australian dollar that it performed the strongest – the AUS$ was more than four per cent cheaper at the end of the month than the start for Sterling buyers.

So what of the pound going forward? It’s easy to paint a bleak outlook and much anticipated growth figures for the first quarter of 2012 due out at the end of the month will cause movement in the currency markets, however a spate of recent data suggests the UK should avoid slipping back into the red. Furthermore, data released in March showed that UK house prices declined at their slowest rate since June 2010, another promising sign for the pound.

For more information on how the pound might be affected by upcoming events, speak to the Smart Currency Exchange team today by calling 0808 163 0102.

See below to see how the pound has performed against key currencies over the past month:

  $ AUS$ NZD$ CAN$
March 13 1.197 1.562 1.489 1.907 1.55
March 27 1.196  1.595 1.517 1.938 1.583
April 11 1.209 1.586 1.541 1.94  1.583

Based on central bank/ IMF rates   

If you’re moving or buying property overseas, there are ways to minimise your exposure to currency fluctuations. To find out more, download our free guide entitled ‘Why overseas property buyers lose money… and how you can avoid it’ by clicking here
http://www.smartcurrencyexchange.com/freereport1.aspx

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Posted April 4th, 2012 by Charles Purdy

Currency specialists – what they can do for you

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