Staying up to date with the latest currency news can help you determine the best time to move your money and maximise the returns on your currency transfer.
What’s been happening?
Volatility in the Pound has remained elevated over the past few weeks as the currency was rocked by UK fiscal and political uncertainty.
The market chaos unleashed by Kwasi Kwarteng’s mini-budget ultimately culminated in the resignation of Liz Truss as Prime Minister after prompting weeks of wild swings in Sterling.
The appointment of Rishi Sunak as her successor has since helped restore credibility to the UK government and revived the Pound’s fortunes.
Meanwhile, the US Dollar has given some ground in recent weeks as risk-on mood and repricing of Federal Reserve rate hike expectations dented the appeal of the safe-haven currency.
At the same time, while the Euro has benefitted from a pullback in USD it has also been tempered concerns over an escalation of the war in Ukraine.
EUR exchange rates were also dented in the wake of the European Central Bank’s (ECB) interest rate decision at the end of October. While it raised rates by 75bps as forecast it was non-committal regarding the size of future hikes.
What do you need to look out for?
The UK government’s Autumn Statement will be a key focus for GBP investors. A positive response to the government’s fiscal plans could turbocharge the Pound.
In the meantime, the BoE’s upcoming interest rate decision will be in the spotlight. Could a cautious hike in light of the delay to the government’s fiscal statement weaken Sterling?
The Fed is set to deliver another 75bps rate hike in November. But could lead the US Dollar to weaken if it signals plans to reduce the size of future hikes.
Meanwhile, the Euro could face headwinds as a result of Ukraine uncertainty as well as concerns over European energy security over the winter.
How could this impact Malta’s property market?
With global and local inflationary pressures contributing to Malta’s rising property prices, getting a good deal on your currency transfers is crucial if you plan to invest in Maltese real estate. GBP/EUR has been highly volatile over the last few weeks, meaning timing your transfer could be essential to securing a good deal on your property purchase.
With a leading currency broker like Foremost Currency Group, you’ll likely secure a better exchange rate, while also having access to a range of different services that allow you to mitigate the effects of market volatility.
To find out more about how you could save money and protect your currency transfers contact Jack Wiles at, JSW@FCGWORLD.CO.UK, +44-1442 892 073 or +44-7720088962.
Disclaimer: The information provided in this article is being provided solely for promotional and informational purposes and should not be construed as investment, tax or legal advice.