the UK economy is back in recession
After some promising recent data, which had seen Sterling move to 2012 highs against most of the major currencies, today’s preliminary reading of Gross Domestic Product (GDP) revealed that the UK economy has entered a ‘double dip’ recession. Growth in the UK, for Q1 2012, has contracted by -0.2%.
It is widely expected that the Pound will now begin to give up some of its recent gains.
If you are considering buying US property in the near future now would be a very good time to get your US dollars in place. You could also consider a ‘Forward Contract’ and fix your rate whilst you decide on which property you want.
If you need help with this, speak to us and we’ll happily put you in touch with our currency provider.