Market Report of QROPS by Gerardassociates
Market Report of QROPS by Gerardassociates
Continuing our daily look at factors affecting currencies allows some insight into market conditions affecting exchange rates. Cash and income timing for UK Pensions and QROPS should be considered to maximise the Pension, QROPS and investment income and benefits taken.
Investment market volatility and currency exchange remains a challenge. Things are still very volatile and we are in unique global influencing territory. In conjunction with investment returns, currency exchange continues to concern many expats with UK Pensions, QROPS and now QNUPS.
Sterling rose more than 1% on Monday against the US dollar to hit a one month, supported by lower UK public borrowing forecasts, positive comments from policymakers and slight return of risk appetite.
The recently set up Office for Budget Responsibility, a new idea of the Conservative-Liberal
Democrat government forecast state borrowing would fall a little faster than originally thought, partly due to higher tax receipts.
Further support came from comments overnight and in the media at the weekend by Bank of
England policymakers warning of rising inflation and highlighting the possibility of UK interest rates rising later this year.
The dollar came under selling pressure as world stocks headed for a fourth successive day of gains, prompting investors to trim short positions in higher risk currencies. Commodity
Futures Trading Commission data showed speculators increased sterling short positions in the week to June 8.
At 2.30pm in London, sterling was up 1.5% against the dollar at $1.4747, having earlier hit a high of $1.4788 after traders said stop losses were triggered beyond $1.4760 but it stopped short ahead of the key resistance level of $1.4800.
The euro fell 0.3% against the pound to 1.2054, while sterling's trade-weighted index rose 0.4 points from Friday's close to 80.7.
The euro pared gains against the US dollar after Moody's Investors Service downgraded
Greece's credit rating, re-sparking fears about excessive debt levels in several euro zone countries. The euro fell to $1.2238 from around $1.2264 before the announcement. It was last at $1.2246, still up 1.1% on the day
In the UK, there was some caution, as the fiscal watchdog downgraded its forecasts for economic growth from 2011, and some analysts said worries about fiscal austerity choking the UK economic recovery could pressure sterling further in the future. The forecasts came ahead of next week's budget presentation by Finance Minister George Osborne.
Inflation figures released later today are expected to show the annual CPI rate dipping to
3.5% in May but still staying well above the Bank of England's 2.0% target.
BoE Chief Economist Spencer Dale said inflation risked staying higher for longer. Although policymakers have said they expect inflation to ease in the coming months, it has so far proved more difficult to control than previously thought.
Gerard Associates Ltd advises expats and people considering living abroad on the technical and currency options available for Pensions, QROPS, QNUPS and investments in a clear format allowing all customers to make an informed choice. Our service encompasses Pensions, investments, currency exchange and guidance on taxation in most popular sunnier' climates. This with the re-assurance and security of UK authorised and regulated advice essential tools to avoid the offshore casino.
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