The last few weeks have seen more interesting developments for the currency markets with credit ratings agency Moodys placing the UK on “negative outlook” as the rumours intensify that the UK are soon to be entering recession. One of the main factors that could lead to recession is our proximity to Europe and our close trade links with the Eurozone. Should the pressure currently on the Eurozone prove too much and lead to Europe falling into recession it would seem that the UK would soon follow suit. Despite this bad news for the UK on a more positive note the rates of exchange have pushed back up close to the highest levels we have seen for some time, in fact, at the time of writing the rates are over 1.20.

The outlook for the markets remains unclear and as such there is a lot of uncertainty about which way the exchange rates will go. If you need to transfer money to France for a property purchase it is more important than ever to speak to a specialist currency broker who can discuss the market outlook for you and the options available to you. These options include a forward contract where, for a small deposit, you can fix the rate of exchange at the current high levels for a period in the future. So, if you have put a deposit down on a French property and are concerned that over the next few months before the balance is due the rates will change a forward contract is an excellent option as it helps clients budget and takes the uncertainty out of the market. If you would like more information about this and the other contract options available speak to one of the experienced team at Foreign Currency Direct plc.
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Foreign Currency Direct plc (FCD) are Sextant Properties preferred currency partner and have been selected due to their award winning exchange rates having topped the exchange rate tables in The Sunday Times for three consecutive years. FCD also offer a number of different contract options for Sextant clients including a forward contract where you can fix a rate of exchange for a period in the future using just a small deposit, perfect to help take the risk out of the currency markets and budget for your French property purchase.

If you would like to discuss your currency requirements and all the options open to you including the forward contracts please contact our preferred currency partners Foreign Currency Direct plc on 01494 725353 or visit their website: www.currencies.co.uk

Tags: Currency Market Review