2013 has proved to be a volatile year for the currency markets with the UK economy seemingly finally having seen the back of recession while at the same time the Eurozone has continued to struggle and America has seen an improvement in the their economy but that did not prevent their government being shut down for 3 weeks. As a result we have seen a lot of currency movement this year once again highlighting the fact that staying in close contact with your currency broker here at Foreign Currency Direct plc so they can keep you informed of all the relevant movement. As we approach 2014 it seems that we could be in for yet another busy year with the possibility of interest rate hikes for the UK, reduction of Quantitative Easing in the US and UK and possibly some much needed improvements in Europe. However, while I think Sterling could be in for a good year the words of the Bank of England are still ringing in the markets ears – they are concerned about the strength of Sterling and do not want a strong Pound to hamper our exports and therefore our economic growth. So, while the UK economy may continue to go from strength to strength we may not necessarily see the Pound follow suit.
So, if you need to make an international money transfer next year make sure you speak with one of our experienced currency brokers to discuss all the options open to you.
In the meantime we would like to take this opportunity to wish all our clients a very Merry Christmas and a happy, healthy and prosperous 2014.