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Act now to benefit from strong pound, investors told
From "Press Release" on 16 April 2007
With the pound now at 2 USD level for first time in 15 years, British investors planning to buy property in countries where the dollar is the currency of choice should seek advice on how best to take advantage of the exchange rate
This is the view of HiFX, which said that emerging hotspots, such as Malaysia and Brazil, are set benefit from the strong pound when it comes to property investment. Sterling is now at its highest level against the US dollar since September 1992 and is currently about 20 per cent above its 20-year average of 1.65 USD. Mark Bodega, marketing director at HiFX, said: "People looking to buy property in the USA, Caribbean, China Malaysia, Belize and a whole host of other emerging markets, should also look at financing their purchase now. "For those planning to take the plunge and buy in a dollar country, now is a fantastic time to get the most for your money."
However, he urged property investors to consider securing their currency by locking the rate in a forward contract. In effect, this means buying the currency now and paying for it later. This is particularly handy if the property purchase takes two or three months to complete, during which the currency could fluctuate, he added. Although the pound hit 2 USD in 1992, it was only for a short period. The last time the pound traded consistently above 2 USD was in 1975.
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