As the second half of the year starts, we look forward to continued growth in the UK economy and look back on the hard work that the pound has done as we’ve stumbled out of a recession and tried to put the worst years behind us.
By Luke Trevail of TorFX
The Europeans are seemingly firefighting the pressures of containing the fallout of their own economy and this problem has many layers to it, with a bigger harder-hitting issue always just around the corner. This threat makes the markets very volatile and while the pound does appear to be recovering, the edge of the cliff gets closer and closer for the Euro with numbers of governments asking for a bailout from the European Central Bank continuing to grow.
The future is of course very hard to predict but those of you that have time to wait on securing exchange rates may do well to be patient as this could be rewarded soon. Unfortunately predicting when this will happen is impossible, and many would argue that the euro should be up at the €1.50+ rates that we enjoyed before the market crash of 2008. Perhaps we won’t see prices like this but €1.20 could be achievable and your patience may well be rewarded soon.