Currency Exchange Concerns

One of the country’s leading economists, and Financial Times Investment Editor John Authers says, -That the chances of a sharp recession have faded considerably … !

Beyond the advantage of our economy and unstable currency it benefits from the low probability of a recession in the United States. Although the market is not stable, several leading economists have suggested that there are signs of a slight improvement. Past times leading to a recession had different signs. In 2000 the ISM has fallen to 41 and a decade earlier to 39.2.

Such credit straits in the banking systems affect our currency exchange rates; and therefore any subsequent foreign purchases.

In trade, such a bad exchange rate means that exports become much more expensive. However, individual clients on a personal level will find that there are two drawbacks when we exchange our money to other currencies.

For those who travel, there is a positive and a negative side. Those traveling to Europe will find the downside to see that their holiday purchases in euros will be drastically reduced when compared to previous years. Those traveling to the US will discover the bright side and their pound will earn them more dollars.

The other negative side is for those individuals who choose to move to Europe this year, especially those countries that have adopted the euro. Imagine for a moment them with  £ 100,000 … In July 2007 they would receive around 142,000 euros; today, however, they will only receive 122,000 euros. It is a difference of 20,000 euros. That of course can be the difference between a second or third room, or a farm and a small apartment.

Forex Brokers have seen an increase in business, naturally, when people find the need to work harder to get the best bang for their buck. Our major commercial banks, although they exchange large amounts of currency, cannot compete with the Foreign Exchange Agents. Lower overhead and fewer staff help lower your costs.

Currency Brokers charge less than 1% as opposed to the considerable 3-4% charged by banks. This may not seem like that much until you consider trading £100,000; That would be a nice “effervescent session of a shareholder’s meeting” at almost £4,000 if you understand my joke.

It is a difficult world we live in, and instead of wasting our hard-earned money, we have to take care of it. If you were buying a £200,000 property in Spain, the commission a bank would charge could be the most expensive part of buying the house. A consideration worth spending a little time and thought …

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