On 27 August the Office for National Statistics published its first revision to the performance of Britain’s gross domestic product (GDP) for the second quarter of the year. The initial estimate of 1.1% growth had looked pretty good.
During most of the first half of 2010 the cut and thrust of sterling against the euro had a political origin of one sort or another. It was also sterling that did most of the cutting and thrusting:
.According to foreign exchange and international money transfer specialist Moneycorp, prospects are poor for the British real estate market, as 25% of potential first-time buyers
If the advent of a coalition government has brought a sea of change for British politics it has also brought one for the pound.
Sterling still in limbo after indecisive election. US stock market volatility spreads to currencies. Latest EU rescue package broadens the safety net beyond Greece and allegedly wins German support.
Sterling’s year got off to less of a bang than that which attended 2009’s new-year party. Instead of picking up ten cents in the first ten days, as it did a year earlier, it was not until almost two weeks into January that the pound began to build up steam.
Having spent the previous month heading south the pound continued lower during the first half of October.
As predicted, the pound has strengthened over the last few weeks – it is now more than 10 percent higher than it was at the start of the year. Combined with low interest rates and the slower property market here in France, that means it now is a really good time to buy in France!