The markets have remained active over the last month with massive gains for pound sterling against the majority of its counterparts.
The pound has gained 20% over the past three months with a 9% rise in May the largest seen since 1985 against the US dollar. The rise has been sustained against the euro as well after reaching above 1.16 for the first time in months. An appetite for risk has been put back into the marketplace which has helped the pound as people are turning away from previous safe-havens such as Japan and the USA.
The UK housing market has also started to show signs of recovery which every analyst has been scouring the marketplace for. In the most recent survey UK house sales rose by 2.6% from May compared to April. This coupled with rising interest from potential buyers could lead to a stabilisation in the market according to many surveyors. The UK economy also received an unexpected boost as industrial output rose month-on-month by 0.3%, the first rise since February 2008.
As the market improves people are still losing money on exchange rates by trading with their bank rather than a currency specialist. Remember, we can beat the Bank’s rates of exchange by up to 6% on a single transfer potentially saving thousands!
If you have any questions or queries please feel free to get in touch on +44 (0)1296 339811 or you can send across a quick email to
dominic@escapecurrency.com
