Daily Archives: February 24, 2012
Anyone looking at buying sterling is looking at some of the best rates ever with all currencies. Even with the announcement this week that further QE may be possible it looks like the pound is going to at the very least hold its own in the months to come. All the data we have had released has shown improvements including in Manufacturing, Retail Sales and Construction. This should mean we avoid recession and can start to look to the future with confidence.
We won’t actually know if the UK is in recession or not until the 25th April. This is when we will learn of Q1 2012 GDP numbers – a technical recession is two quarters of negative growth. The latest revision for Q4 2011 this morning confirmed we had a -0.2% contraction at the end of last year and is without doubt a cause for concern. But taking into consideration events in Eurozone the Bank of England is I feel with further QE taking the right steps to keep the UK ticking over whilst protecting us from the nightmare scenario of a Eurozone meltdown. Investors seem to feel this too and the pound has found some support today.
I therefore think that if you are holding certain currencies and waiting for the right time to buy sterling you are looking at an excellent opportunity. The Aussie Dollar is at close to an all time high against the pound and with the possibility of an interest rate cut there soon I would be very tempted to lock in the massive recent gains. This is true too for the Kiwi Dollar and the South African Rand. I also feel following the Greek bailout and danger still up ahead for the Eurozone, this is an excellent time to sell the Euro. Indeed a client who contacted me yesterday via this site to check whether he was getting the best deal selling his Euros found himself £4000 better off this morning by listening to me. Whilst I offered a better rate than the competition yesterday because he contacted me direct, I suggested that rather than trading there and then, he should wait to see what today brought because I believed it would be better for him. As expected the market did drop in early morning trading and we tied everything up nicely this morning at the 2 month high selling Euros. I hope he tells all his friends who are selling their villas!
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