Currency rates in the US improve for property developers

Foreign exchange rates for property developers looking to construct new buildings in the US are at their most favourable for three months.

Reuters Currencies reports sterling rose this morning (July 26th) to its highest point against the dollar since mid-April.

It is thought the position is the result of strong UK economic growth data and an increase in demand for riskier currencies following the European bank stress tests last week.

However, UBS analysts state to the news source: “We maintain our bearish stance on sterling on the view that a combination of fiscal tightening and loose monetary policy should prompt a period of prolonged sterling weakness.”

This could further increase the importance of securing deals and making money transfers abroad at the current foreign exchange rates, with a fall predicted by the experts.

Earlier this month, Terry Hobbs, media manager at PropertyShowrooms.com, said the strengthening of sterling versus the dollar in recent times had resulted in a 12-week high number of searches for US property.

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