Brits abroad worried about weak Sterling
Monday, 20 April 2009 12:30 PM
Brits living on the continent were offered a glimmer of hope as the sterling improved against the euro last month, yet potential émigrés to New Zealand are being put off by currency volatility.
The HiFX Global Currency Moves report found the sterling strengthened against the euro, and the New Zealand dollar was ranked the most volatile currency in the period, putting off potential movers to the country.
HiFX found while sterling continued to underperform against most major currencies, for Brits living in euro countries such as France and Spain their money went a little further during March. At its monthly peak, £1 was worth ?1.12 compared to the low of just ?1.049 to the pound.
Mark Bodega, director of currency specialists HiFX, said: "Our monthly global currency moves report clearly shows that with the world's economies in turmoil, the potential effect of currency moves on individuals can make a massive difference to individuals needing to transfer or spend money abroad.
"While the pound rallied slightly against the euro it is still too soon predict a full recovery and anyone spending sterling on the continent will need to continue to watch the pennies for a while yet."
The huge swings in the value of the NZ dollar meant anyone transferring £200,000 in March risked losing as much as NZ$80,020. HiFX said New Zealand remains a popular destination for émigrés, so anyone thinking about a move there should see a currency specialist to ensure they lose as little money as possible.
Mr Bodega added: "Anyone planning to emigrate, particularly to New Zealand, needs to seek advice about how to mitigate the huge volatility that the currency is suffering or risk starting out their new life with less money than they'd hoped."
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