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Posted On: 18/10/2009
In the beginning last week the Pound was in the Doldrums, having hit a new low against the Euro and suffered some pretty severe losses against the Tukish Lira, Canadian solar, the US dollar, and the Norwegian Crown.
At the time leading Forex trader Moneycorp was forecasting that the Pound would stay weak against the Euro, because the Bank of England and English economists want a weak Pound so that our businesses can compete overseas, and hopefully gain permanent footholds that will survive a strengthening Pound.
They also said the Turkish Lira would stay strong because it is a high yielding currency, which makes it ever popular with the brave investor.
Since then however, the Pound has strengthened, the only reason we could find for this was the Department for Communities and Local Government revealing that house prices rose in August on Wednesday last week -- a rise of 0.5% on the month and 2.7% in three months.
The Pound is currently worth 2.39 Turkish Lira, up from 2.30 just 4 days ago (wrote the article mentioning it on Wednesday). That is quite a leap even for a high yielding currency like the Turkish Lira.
Sterling also enjoyed a small rise in value against the Euro, up from 1.07 on Wednesday to 1.097 today. And a bigger leap was made in the US dollar/Sterling chart, which climbed from 1.00GBP/1.58USD on Wednesday to 1.00GBP/1.636USD today.
Of the three it is the Turkish Lira that is most worthy of watching from an overseas property investors point of view. The Lira is volatile, but stabilising as time goes on. It used to go from 1.00GBP/2.20TYR to 1.00GBP/2.75TYR in a matter of days. Now it tends to take a while for it to move any real distance, and the range is smaller from 1.00GBP/2.30TYR to 1.00GBP/2.55TYR. However the long term average is 2.35-2.40.
As the Pound is currently strengthening against the Lira, potential property investors should be looking for it to go up to 2.50 and above to get instant equity in their purchase.
Turkey property for sale
cheap property abroad
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