Thursday, October 22, 2009

A bit of good news

The pound rose almost two cents against the dollar to a near six-week high of $1.6622, and almost a cent higher against the euro at €1.1081, the highest level in four weeks. The rise was partly explained by minutes from the Bank of England, which showed the Monetary Policy Committee voted 9-0 in favour of holding interest rates at 0.5pc, and to leave its quantitative easing target unchanged at £175bn.

There is a long way to go before we reach the dizzy heights that the pound held against the Euro previously. I’ve heard of people who bought their property here when the exchange rate was 1.67€ to the pound*. We weren’t so lucky but did see a rate of 1.52€ to the pound when my pension was first transferred to Spain.

Still we mustn't complain, an extra few Euros each month as the rate improves makes all the difference.

* Just imagine what sort of property we could have bought then. Not only was the exchange rate much better than when we bought but prices were a lot lower as well.

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