Expectations for 0.2% growth for the U.K economy in latest U.K Gross Domestic Product figures were widely missed this morning when the actual figure released came out at -0.7%.
If you don’t already know I have my own forecasting sites at www.poundsterlingforecast.com www.Eurorateforecast.com and www.australiandollarforecast.com and thought today could be the day for a setback.
This essentially means that the U.K is still well and truly deep into recession and although of course the problems within Eurozone countries are far larger and will be much harder to cope with it is a clear sign that the U.K is slowly getting pulled down as well, you have to remember a large proportion of our trade is in Europe and this is clearly starting to damage us, not to mention a vast exposure to the banking problems too.
This morning has seen the Pound lose ground against all majors inclusive of the Euro and I would hope this is not the start of rates starting to turn around again but only the next few working days will show just how much force this data will have.
If you have a foreign currency to sell then this could be the opportunity you have been looking for, certainly against the Euro as the mere mention of the two words Spain and bailout could send the GBP/EUR rate back up again.
If you have not used me before yet have a currency transfer to carry out it may be prudent to consider your options and ensure that you have a proactive currency broker on your side. If you currently do not use a currency broker or you feel you could get a better price or level of service than you are currently getting then by all means feel free to email me directly and I will be happy to personally help you for any currency transfer. firstname.lastname@example.org and i look forward to hearing from you.